eCommerce: The Future is Already Here
The E-Commerce Market is expected to reach USD 16,215.6 billion by 2027, at a CAGR of 22.9% during the forecast period of 2020 to 2027. This market is majorly driven by factors such as rising penetration of the Internet and smartphones, growing dependency on social media to promote e-commerce platforms, growing omni-channel business models, and the advent of new payment modes. In addition, e-commerce automation offers immense growth opportunities for players operating in the e-commerce market. However, online frauds and cybersecurity issues are some factors restraining the market growth. Moreover, local laws and regulations for international e-commerce and trust deficit due to touch and feel experience are the major challenging factors for the overall market growth.
Impact of COVID-19 on the E-Commerce Market
The outbreak of COVID-19 has immensely impacted e-commerce firms on different levels. E-commerce businesses faced several key challenges, such as disrupted supply chains, limited operations due to the lockdown, managing inventory, and overall lack of employees. Governments worldwide have enforced social distancing measures, instituted lockdowns or temporarily closed non-essential businesses, and other measures in response to the COVID-19 pandemic that has led consumers to ramp up online shopping. This has resulted in spikes in e-commerce sales. The pandemic has augmented the adoption of e-commerce.
The COVID-19 pandemic has changed consumer lifestyles and buying patterns, enabling them to switch from purchasing goods and services from traditional retail stores to online portals. This, in turn, forced marketers to acclimatize to the new reality and revise their existing strategies. Changes in consumer behavior are anticipated to be long-lasting. These shifts in consumption habits have been supplemented by a rapid acceptance of cashless payment methods. E-commerce is also pouring greater use of cashless payments. The overall card and digital wallet transactions grew during the pandemic. According to IBM’s U.S. Retail Index, the COVID-19 pandemic has accelerated the shift from physical stores to online shopping by almost five years. The physical store retailers will need to pivot more rapidly to omni-channel fulfillment capabilities to remain competitive in the new business environment.
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Significant rise in the Internet and smartphone penetration
The exponential growth of e-commerce is primarily attributed to the proliferation of the Internet, particularly in developing and underdeveloped countries. Due to the easy accessibility of the Internet, many people are benefitting from online services, including e-commerce. Growing smartphone penetration, rising government initiatives to digitalize various aspects of its society, and lower and affordable network services attract consumers to opt for internet subscriptions. According to the statistics published by Internetworldstats.com, approximately 5.05 billion people have access to some form of internet. With the consistent proliferation of the Internet, growing awareness about e-commerce, and improving consumer spending capacity in developing and underdeveloped countries, e-commerce sectors are witnessing huge growth.
Furthermore, growing smartphone penetration is another major factor driving the e-commerce market growth. The ease of shopping from a remote location through smartphones, growing automation, and advancements in technologies associated with a smartphone simplifies the shopping experience. Thus, most internet users are gradually shifting from desktop/laptop to smartphones for basic internet usage.
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Key Findings in the Global E-commerce Market Study:
The horizontal e-commerce model dominated the global e-commerce market in 2020.
Based on business model, the e-commerce market is segmented into horizontal and vertical e-commerce models. The horizontal e-commerce models segment accounted for the largest share of the overall e-commerce market in 2020. The vertical e-commerce models segment is expected to grow at the highest CAGR during the forecast period. The growing popularity of dedicated e-commerce portals, less time required for shopping from vertical e-commerce, and personalized merchandising are some of the key driving factors promoting the growth of the segment.
The mobile/tablet segment to grow at the highest CAGR during the forecast period.
Based on browsing medium, the desktop/laptop segment accounted for the largest share of the overall e-commerce market in 2020. The desktop/laptop seems habitual to consumers as the large screens allow them to make better shopping decisions. However, the mobile/tablet is poised to grow with the highest CAGR owing to the rising sale of mobile/tablet compared to laptop/desktop and growing internet penetration that allows consumers to shop online seamlessly.
The card payment segment commanded the largest share of the market in 2020.
Based on payment mode, the card payment segment commanded the largest share of the e-commerce market in 2020. Increasing adoption of credit, debit, and pre-paid cards that provide convenience and security to users fostered the largest share for the card payment segment in the e-commerce market. The rise in the sale of mobiles and tablets that features seamless integration of digital wallet applications and extensive promotion of digital wallets are factors anticipated to drive the digital wallet segment.
The beauty & fashion products segment commanded the largest share of the market in 2020.
Based on offering, the beauty & fashion products segment accounted for the largest share of the global e-commerce market in 2020. This segment’s large share is mainly attributed to rapidly changing customer preferences towards online shopping and the high demand for cosmetics and clothing. Besides, the incorporation of advanced technologies in online platforms and various beauty & fashion goods available for comparison on e-commerce platforms further augment this segment’s growth in the forecast period.
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Asia-Pacific: The fastest-growing Regional Market
Geographically, the Asia-Pacific region commanded the largest share of the overall e-commerce market in 2020. The large share of this region is primarily attributed to the presence of major e-commerce companies and their focus on enhancing e-commerce technology. In addition, this region is expected to grow significantly with high CAGR in the forecast period due to rising smartphone and internet penetration, increasing awareness among consumers regarding the benefits of online shopping with advanced payment modes, and growing focus of upcoming retailers to offer their goods services online to the customers.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the e-commerce industry over the last four years (2018–2021). The key players profiled in the global e-commerce market are Amazon.com, Inc. (U.S.), Alibaba Group Holding Limited (China), Walmart, Inc. (U.S.) The Home Depot, Inc. (U.S.), JD.com, Inc. (China), Rakuten, Inc. (Japan), Otto GmbH & Co KG (Germany), Zalando SE (Germany), Priceline.com (U.S.), B2W Digital (Brazil), Groupon, Inc. (U.S.), Inter Ikea Systems B.V. (Netherlands), Costco Wholesale Corporation (U.S.), Shopify, Inc. (U.S.), Wayfair, Inc. (U.S.), Suning.Com Co., Ltd. (China), Best Buy Co., Inc. (U.S.), and Tesco Plc (U.K.), among others.
Scope of the report
E-commerce Market, by Business Model
- Horizontal e-commerce
- Vertical e-commerce
E-commerce Market, by Browsing Medium
- Desktop/Laptop
- Mobile/Tablet
- Application-based
- Browser
E-commerce Market, by Payment Mode
- Card Payments
- Bank Transfers
- Digital Wallets
- Cash Payments
- Other Payment Modes
E-commerce Market, by Offering
- Beauty & Fashion Products
- Travel & Tourism
- Electronic Products
- Household Products
- Pharmaceutical Products
- Food & Beverages
- Others (Sports, Agriculture, and Automotive, among others)
E-commerce Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Netherlands
- Norway
- Russia
- Rest of Europe (ROE)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Indonesia
- Vietnam
- Malaysia
- Rest of Asia-Pacific (ROAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
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Key questions answered in the report-
- What is the historical market for e-commerce across the globe?
- What are the market forecasts and estimates from the period of 2020–2027?
- How is the COVID-19 pandemic impacting the growth of the e-commerce market?
- What are the key market dynamics affecting the growth of the e-commerce market?
- What are the recent developments in the global e-commerce market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global e-commerce market, and how do they compete with the other players?
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