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The COVID-19 pandemic accelerated a trend of customers opting for online shopping rather than retail. Amid a general stagnation of online shopping growth, one small subset of e-commerce has far outperformed the broader online marketplace . Industry Trends: The overall e-commerce industry has seen mixed signals in 2024, according to a report filed by Similarweb.
Overall growth in desktop and mobile e-commerce visits grew by 1.4% year-over-year. Visits dropped previously dropped by 3% in 2022.
The effects of inflation have acted as substantial headwinds for e-commerce sales. As prices have risen, customers have cut spending in some discretionary categories. A notable exception is in luxury and jewelry, which remain popular among higher-income consumers less affected by inflation.
Ultra-cheap online marketplace Temu , owned by PDD Holdings Inc PDD , has become immensely popular among consumers given inflationary pressures. Amazon.com Inc AMZN recently announced an initiative to challenge Temu in the “fast fashion,” “bargain site” industry.
Korean Cosmetic Boom: Korean beauty and cosmetics product revenues grew 127% year-over-year on Amazon, higher than the broader beauty category. Korean culture has become increasingly popular worldwide, largely driven by musical group BTS and Korean movies and television. Additionally, Korean products have been touted by social media influencers concentrated in skincare.
Korean fashion retailer Musinsa, financially.