DUBLIN--(BUSINESS WIRE)--The "Global E-Commerce Market: Analysis By Product Categories, By Model Type (Business to Business and Business to Consumers, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global e-commerce market in 2021 was valued at US$14.30 trillion, and is likely to reach US$52.06 trillion by 2027. In the past few years, the sale via e-commerce platforms has been increasingly very rapidly. E-commerce has evolved dramatically throughout the years.
The advancement of both tech hardware and the internet over the last decade has had a direct association with e-commerce. E-commerce has developed to rival traditional shopping in many respects, much as the internet has become the preferred medium for marketing, advertising, and purchase of products, goods, and services.
E-commerce is a platform for buyers and sellers to engage in order to buy or sell goods and services online. The online platforms are accessible over the internet and can be accessed via a mobile phone, laptop, or computer. The ongoing rise of e-commerce is inevitable, driven by the proliferation of mobile and ubiquitous internet.
Traditional brick-and-mortar categories are seeing a rapid shift to online. The global e-commerce market is projected to grow at a CAGR of 26.55% during the forecast period of 2022-2027.
Impact Analysis of COVID-19 and Way Forward:
The global e-commerce market was impacted in many ways by the COVID-19 pandemic. The COVID-19 brought in many changes in the world, digital transformation of economic activities was seen taking place rapidly, in addition to this the world witnessed limiting shopping (but purchase of only essential goods or services), growing startups entering online business, major jump in its purchases in hardware and sporting goods, and greater reliance on real-time and digital payments. The changes brought in by COVID-19, such as rapid shift to online, mobile first, omnichannel, etc., are looked to have long term impact in the post COVID era.
Competitive Landscape and Recent Developments:
When compared to a past few years ago, today's e-commerce world is nearly unrecognizable. Due to the pandemic, online retail has risen to prominence and become a requirement for many companies. As a result, the market is considered as fragmented, and strong rivalry is likely in the upcoming years. Many companies are employing various techniques to maintain their position in the e-commerce market.
Market Dynamics
Growth Driver
- Increasing Internet Connectivity
- Surging Gen Z and Millennial Population
- Rising Penetration of Smartphones
- Increasing Adoption of M-Commerce
- Rapid Urbanization
- Growing Acceptance of Digital Transactions
- Expansion in Regional Localization of Internet Content
- Elevating Shopping experience
Challenges
- Rising Malware Applications
- Ambiguity with Cross Border Trade
- Asymmetry in Information (Virtual vs Reality)
Market Trends
- Increase in Mobile 5G Subscriptions
- Growing Influence of social media
- Expansion of E-commerce Share in Total Retail Sales
- Escalating Use of Search Engine Optimization
- Rising Popularity of Self-Service Platforms
- Rising Adoption of Omnichannel Platforms
- Growing Trend of Green Consumerism
- Technological Innovations
- Integrating Augmented Reality and Virtual Reality in E-commerce Industry
Companies Mentioned
- Walmart Inc.
- The Home Depot, Inc.
- Zalando SE
- Rakuten Group, Inc.
- Shopify Inc.
- Wayfair Inc.
- Amazon.com, Inc.
- Alibaba Group Holding Limited
- eBay Inc.
- JD.com, Inc.
- Apple Inc.
- Meituan
For more information about this report visit https://www.researchandmarkets.com/r/2qikb1
