Fashion became the largest revenue-generating segment of the e-commerce industry, amassing sales of $871.2bn, according to Statista.

E-commerce was worth a total of $3,590bn in 2020, with sales of fashion items accounting for close to a quarter (24%) of revenue generated from online shopping, with electronics making up $767.5bn in revenues (21%).

Electronics had been the most lucrative sector for online retailers, but the category saw a drop of 17% in sales year-on-year from $923.2bn in 2021, while fashion fell just 2% ($892.4bn).

Revenue from e-commerce fell last year, however, following massive growth during the depths of Covid-19, with 2022 marking the first year of contraction for the industry, although it is expected to recover in 2023.

Fashion is projected to remain the top value-generating category and outgrow the electronics segments even further in the coming years.

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The share of revenue from electronics segment is expected to decline from 28.1% in 2017 to just 20.5% in 2025, while the share of fashion segment is forecast to remain steady at 23.4% between 2017 and 2025.

(Pic: Getty Images)