Review of e-commerce in the 2nd quarter of 2024: growth of 8.4% and the impact of the fall in inflation

E-commerce in France continued to grow in the 2nd quarter of 2024, despite a context of slowing inflation. The sector generated 42.7 billion euros, an increase of 8.4% compared to the previous year. This growth is supported by an increase in product sales (+5%) and a continued strong momentum for services (+10.5%).

Key figures for the 2nd quarter of 2024:

• E-commerce (products and services) grew by 8.4% over one year, reaching 42.7 billion euros.
• Product sales increased by 5%, marking a return to higher orders.
• 625 million transactions were completed, an increase of 9.3% compared to 2023.
• The average basket was 68 euros, down slightly by 0.9%.
• The number of new retail sites increased by 9% in one year, or 13,000 new sites.

Effects of falling inflation on product sales

The slowdown in inflation allowed the volume of product sales to rise again, in addition to the traditional increase in prices. Indeed, the number of transactions jumped by 9.3%, reaching 625 million, against 572 million in the 2nd quarter of 2023. This shows a return to growth based on more orders, not just higher prices.

Services continued to do well, with an increase of 10.5% compared to the previous year, while product sales accelerated with an increase of 5%. The average basket, although down by 1%, remained stable at 68 euros.

Growth of commercial sites

The number of active retail sites increased sharply (+9%), with 13,000 new sites compared to 2023. This expansion reflects the growing appeal of online commerce, despite the decline in the average transaction value.

Performance of major e-commerce sites

According to data from the iCE 100 panel, which tracks the sales of the main e-commerce players, FMCG sales grew by 1.2% in the 2nd quarter of 2024. Non-food sales, although in decline, are slowing their fall thanks to the fall in inflation in the food sector.

The beauty sector remains a growth driver with an increase of 8%. The fashion, textile and technical products (household appliances) sectors are showing some resistance, with only -1% compared to 2023. The furniture and decoration sector, for its part, continues to suffer from consumers' budgetary choices, after a strong boom during the health crisis.

The travel sector, after several quarters of post-Covid growth, stabilized at 0%, while sales to professionals in the iCE B2B panel fell by 1%, affected by the deterioration of the economic situation and the drop in business investments.

Source: Fevad