The E-Commerce Year 2024

In recent weeks, both Svensk Handel and PostNord have released reports on how e-commerce evolved in 2024. Our e-commerce expert, Martin Smolka, shares his thoughts and insights on the past year.

After two years of decline, e-commerce returned to growth in 2024. With an increase of 11%* compared to the previous year, the market is beginning to stabilize, even though developments vary across different industries. At the same time, new trends and challenges have emerged – from AI-driven innovations to the growing influence of low-cost players and circular business models.

Martin Smolka

Senior E-commerce Strategist

martin.smolka@consid.se

Back on the Growth Track

The e-commerce year 2024 can be described as a period of recovery. After a couple of tough years, marked by economic uncertainty and shifting consumption patterns, revenue growth reached 5%. Interest rate cuts and a slowly improving purchasing power contributed to a positive trend, but developments differed between segments. The pharmacy and beauty & health industries were clear winners, while the home improvement sector continued to struggle.

At the same time, e-commerce from foreign players increased by more than 50% in 2024 to SEK 18.1 billion*, with platforms like Temu and Shein leading the way. This raises the question: is Swedish e-commerce truly growing, or are low-cost players from China gaining market share?

E-commerce in transformation – consumers who want it all

2024 was the year when consumer behavior became more contradictory than ever. While sustainability and circular business models were widely discussed, low-cost giants continued to gain ground. Re-commerce became more or less a hygiene factor, yet consumers were still drawn to the cheapest options – a challenge for Swedish e-retailers.

AI and automation – from experiment to standard

If 2023 was the year when AI hype began to take off, 2024 was the year when the technology became increasingly integrated into daily operations and started delivering business value. AI was used to optimize everything from product descriptions to customer support and inventory management. For many e-retailers, automation became a key factor in finding margins in a time when profitability was crucial.

Looking ahead – what happens in 2025?

With a strong end to the year, the future looks brighter for e-commerce. Interest rate cuts and a more stable economy provide conditions for continued growth, but competition is intensifying. Swedish e-retailers must continue to develop their business models, manage AI in a smart way, and find a balance between sustainability and profitability to stay on the growth track.

2024 was the year when e-commerce recovered – 2025 will be the year when the winners take shape.

Source: E-handelsindikatorn helår 2024

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