According to IMARC Group’s latest report, titled “E-Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global e-commerce market reached a value of US$ 13 Trillion in 2021. Looking forward, IMARC Group expects the market to reach US$ 55.6 Trillion by 2027, exhibiting at a CAGR of 27.4% during 2022-2027.
E-commerce (electronic commerce) refers to the business model that allows commercial transactions to be conducted electronically through the internet. It involves buying and selling of services and goods via an online portal. Categorized on the basis of numerous business models, it also deals with customer support, online ticketing, online auctions, payment gateways and internet banking. The use of e-commerce has facilitated several businesses to establish a wider market presence by offering more efficient and affordable distribution channels for their products and services. It has aided them in expanding their global reach with higher profit margins by providing quick delivery and direct communication between the parties involved.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global E-Commerce Market Trends:
The market is primarily driven by the increasing penetration of smart devices and the significant improvements in the network infrastructure across the globe. The development of 4G and 5G technology has enabled users to seamlessly access e-commerce platforms. This, along with globalization and rapid urbanization, especially in developing economies, is increasing the exposure to online portals among the masses. Moreover, there has been a significant shift in the purchasing habits of individuals. The use of e-commerce platforms not only offers a vast array of products at competitive prices, but also provides flexible payment and return/exchange policies to users. This has aided in boosting the buyers’ confidence regarding online services, thereby providing a thrust to the market growth. Numerous new entrants are also venturing into the market since e-commerce businesses enable enterprises to conduct business without maintaining a physical presence, which allows them to reduce the infrastructure, communication and overhead costs significantly. Coupled with this, the advent of private-label and direct to consumer-based business models is acting as another major growth-inducing factor. The market is further driven by the increasing adoption of online shopping by the majority of the population amid the coronavirus disease (COVID-19) pandemic. The rapid outbreak of the pandemic has resulted in mandatory lockdown across various countries, thereby resulting in the closure of brick and mortar businesses on the global level. This has impelled the masses to use e-commerce platforms for acquiring daily essentials, including food, clothing, and electronics.
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Market Summary:
- On the basis of the product type, the market has been divided into home appliances, clothing and footwear, books, cosmetics, groceries, and others.
- Based on the transaction, the market has been classified into business-to-consumer, consumer-to-consumer, business-to-business and others.
- On the basis of the service type, the market has been categorized into financial, digital content, travel and leisure and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the top e-commerce companies being Alibaba Group Holding Limited, Amazon.com Inc., Apple Inc., B2W Companhia Digital (Lojas Americanas S/A), Ebay Inc., Groupon Inc., Rakuten, Walmart Inc., Zalando SE, etc.
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