This paper examines the relationship between geographical expansion and e-commerce company revenues, using data from Deloitte's Global Power of Retailing report for the period from 2010 to 2023. The aim of the study is to determine whether the number of countries in which a company operates influences its revenue and whether this effect varies across regions. The analysis employs a linear regression model, with the logarithm of revenue as the dependent variable and the number of countries in which a company operates as the independent variable. The results show that geographical expansion has a negative effect on revenues when observing the entire sample of companies, which may be explained by expansion costs and the complexity of managing operations across multiple markets. However, the regional analysis reveals significant differences. In the United States and Asia, the effect was not significant, while in Europe, a positive and statistically significant effect was observed. This result can be explained by the fragmented nature of the European market, where individual countries tend to have smaller markets compared to other regions. These findings emphasize the importance of adapting geographical expansion strategies to the specific characteristics of individual regions to optimize e-commerce company revenue growth.

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