Ottawa, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The global E-commerce market size is predicted to increase from USD 16.29 trillion in 2023 to approximately USD 67.05 trillion by 2033, According to Precedence Research. The e-commerce market is driven by increasing usage of electronic equipment and new mergers & acquisitions.
The e-commerce market refers to the global industry encompassing the buying and selling of goods and services through electronic platforms, primarily the internet. It includes a wide range of business models, technologies, and applications that enable consumers and businesses to transact online. The purchasing and selling of products and services via the internet using computers, tablets, and smartphones is known as electronic commerce, or e-commerce.
Books, music, airline tickets, and financial services like online banking and stock trading are just a few of the many goods and services it provides. E-commerce is fiercely competitive and can take the place of physical storefronts, however some companies want to have both. Business-to-business, business-to-consumer, consumer-to-consumer, and consumer-to-business are some of the market categories in which it works.
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E-commerce Market Highlights
- Asia-Pacific dominated the e-commerce market with the largest market share of 57.14% in 2023.
- North America is expected to hold a prominent share during the forecast period.
- By model type, the business to business (B2B) segment contributed more than 65% of market share in 2023.
- By application, appliances segment dominated the market in 2023.
- By application, the fashion products segment is expected to grow at the fastest rate during the forecast period.
E-commerce Market Regional Outlook
Asia-Pacific led the e-commerce market with the highest market share of 57.14% in 2023.
The Asia Pacific E-commerce market size reached USD 9.31 trillion in 2023 and is expected to surpass around USD 39.22 trillion by 2033, registering a double-digit CAGR of 15.5% from 2024 to 2033.
E-commerce has spread worldwide due to better internet connectivity and effective product delivery. The retail industry has gone digital to keep up with the digitization of the Asia-Pacific region. Online shopping is becoming more popular in the region due to the expanding middle class and discretionary money in the area, which also increased internet access and smartphone ownership. The e-commerce industry has grown from social media platforms, or "social commerce," which allow customers to purchase online and provide direct access to online merchants. Additionally, mobile commerce has grown, making up more than half of all e-commerce purchases in the area.
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North America is expected to hold prominent share of the e-commerce market during the forecast period. The need for easy shopping options, particularly home delivery, is driving the growth of the e-commerce industry in North America. Online retailers face high standards from industry titans like Uber Technologies, Netflix, Amazon, and Deliveroo. Businesses that have innovated to improve accessibility and streamline the shopping experience include PayPal and eBay. The expansion of e-commerce in North America is also being fueled by industry mergers and acquisitions, with businesses like Pinterest and Lineage Logistics purchasing businesses like The Yes and Perishable Shipping Solutions.
- For instance, in July 2024, Within the first 100 days of the NDA government, the Government e-Marketplace (GeM) of the Indian government, which is expected to reach ₹6 lakh crore in sales volume in 2024–25, aims to introduce two new features: an online bidding mechanism for civil works and employment possibilities for 5,000 'GeM SAHAYAKs'.
- In July 2024, to promote local products and grow worldwide operations, JKTPO, the District Administration of Srinagar, and e-Commerce companies conducted an e-Commerce onboarding campaign at Banquet Hall Srinagar.
E-commerce Market Coverage
| Report Attribute | Key Statistics |
| E-commerce Market Size in 2024 | USD 18.77 Trillion |
| E-commerce Market Size by 2033 | USD 67.05 Trillion |
| Growth Rate from 2024 to 2033 | CAGR of 15.2% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Largest Market | Asia Pacific |
| Segments Covered | Model Type, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
E-commerce Market Segments Outlook
Model Type Outlook
The business to business (B2B) segment dominated the e-commerce market in 2023. Businesses can benefit from wholesale eCommerce platforms' increased productivity, round-the-clock availability, better customer service, tailored experiences, lower operating costs, better order and inventory control, wider global reach, customization, scalability, ERP system integration, flexibility in responding to market fluctuations, reporting, and data-driven insights.
Order fulfillment, inventory control, accounting, and other automated activities may all be combined into a single platform because of scalability, which enables companies to make big changes without having to completely rebuild their operations. Businesses can remain competitive and adjust to shifting market conditions with the use of data-driven insights.
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Application Outlook
The appliances segment dominated the e-commerce market in 2023. Since electronic gadgets are necessary for daily living, e-commerce in the consumer electronics sector has grown because of digitalization. To improve client experiences, increase profitability, and stay up to date with emerging trends, major electronics businesses are using digital selling methods that are nimble, resilient, scalable, and customer focused. Businesses may better serve customers, adapt to changing demands, and gain a competitive edge thanks to e-commerce. Businesses may remain competitive by adopting strong, adaptable, and customer-focused strategies and by responding to changing customer requirements.
The fashion products segment is expected to grow at the fastest rate during the forecast period. Buying and selling personalized fashion boxes for clothes and accessories goods online, mostly via eCommerce sites, is known as fashion eCommerce. Because of its advantages, this business has grown in popularity among retailers, manufacturers, designers, and sellers. The epidemic has brought attention to the significance of e-commerce, which Myntra projects will reach $30 billion in India in five years and account for approximately one-third of all fashion sales. Today, 10–12% of fashion firms come from eCommerce.
- For instance, in July 2024, Twid and Myntra have teamed together to enhance the shopping experience by enabling users to make purchases with their reward points. Customers may utilize loyalty and reward points from several banks and brands at checkout during Myntra's End of Reason Sale, increasing their purchasing power and offering additional savings.
E-commerce Market Dynamics
Drivers:
Quick & Easy Checkout
Quick and easy checkout features are a key driving factor for the growth of the e-commerce market. For a multi-vendor e-commerce website to provide a user-friendly experience, a checkout page is essential. Consumers want simple, fast checkout procedures, thus allowing guests to check out can increase revenue by removing the need for lengthy forms and waiting a few seconds for the payment page to load.
Discount Coupons
By drawing visitors to your shop over rivals' and persuading them to make purchases they may not have otherwise, discounts and coupon codes can dramatically increase sales on e-commerce websites. This will eventually raise the average order value of your online business.
Restraint:
Security threats
Maintaining security is a major challenge in the e-commerce market. Financial fraud is the practice of hackers obtaining client data, reselling it on the dark web, and utilizing credit card details that have been obtained for fraudulent transactions. Phishing schemes get personal information by sending phony emails. Malware infiltrates people through spam, and it also spreads to administrators and consumers.
Malicious bots collect pricing and inventory, sabotage sales, and fabricate refunds and phony returns. Hackers can listen in on user conversations and get usernames, passwords, and personal information using man-in-the-middle attacks.
Browse More Insights:
- Generative AI in E-Commerce Market: The global generative AI in e-commerce market size was USD 721.31 million in 2023, calculated at USD 833.11 million in 2024, and is expected to reach around USD 3,519.84 million by 2034. The market is expanding at a solid CAGR of 15.5% over the forecast period 2024 to 2034.
- Artificial Intelligence in E-commerce Market: The global artificial intelligence in e-commerce market size was reached at USD 5.81 billion in 2022 and it is projected to hit around USD 22.60 billion by 2032, registering a CAGR of 14.60% during the forecast period 2023 to 2032.
- Business-to-Business E-commerce Market: The global business-to-business e-commerce market size reached USD 9.74 trillion in 2023 and is expected to hit around USD 44.88 trillion by 2032, poised to grow at a CAGR of 18.50% during the forecast period from 2023 to 2032.
- Metaverse in E-commerce Market: The global metaverse in e-commerce market size reached USD 34.65 billion in 2023 and is projected to hit around USD 936.28 billion by 2033, expanding at a CAGR of 39.1% from 2024 to 2033.
- B2C E Commerce Market: The global B2C e-commerce market size was valued at US$ 3.86 trillion in 2021 and expected to hit US$ 7.45 trillion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.6% from 2022 to 2030.
- Digital Commerce Market: The global digital commerce market size was estimated at USD 4.5 trillion in 2022 and it is expected to reach around USD 19.43 trillion by 2032, poised to grow at a compound annual growth rate (CAGR) of 15.8% from 2023 to 2032.
- Social Commerce Market: The global social commerce market size accounted for USD 2.2 billion in 2022 and it is projected to surpass around USD 12.1 billion by 2032, registering a CAGR of 18.58% during the forecast period 2023 to 2032.
- Business-to-Business E-commerce Market: The global business-to-business e-commerce market size reached USD 9.74 trillion in 2023 and is expected to hit around USD 44.88 trillion by 2032, poised to grow at a CAGR of 18.50% during the forecast period from 2023 to 2032.
- E-Commerce Apparel Market: The global e-commerce apparel market size was reached at USD 600.11 billion in 2022 and it is expected to hit around USD 1,427.17 billion by 2032, poised to grow at a CAGR of 9.1% during the forecast period 2023 to 2032.
- E-Commerce Packaging Market: The global e-commerce packaging market size was reached at USD 70.27 billion in 2022 and it is expected to hit around USD 341.27 billion by 2032, poised to grow at a CAGR of 17.12% during the forecast period from 2023 to 2032.
Opportunity:
Augmented Reality and Virtual Reality (AR/VR)
To improve consumer pleasure, brand recognition, and sales process efficiency, retail organizations are progressively combining immersive technologies like Augmented Reality and Virtual Reality (AR/VR) with e-commerce market. Thanks to their ability to increase awareness, convenience, and cost savings, AR and VR are revolutionizing the e-commerce sector.
Retailers may also give virtual landscapes of projects and virtual showrooms by letting customers examine things from the comfort of their own homes. By enabling clients to see things before they buy, they also save money by empowering them to make better-informed purchases. Additionally, real-life simulation is provided via AR and VR, enabling users to visually browse items and get around physical constraints, which increases conversion rates.
- In February 2024, the first mixed-reality headset from Apple, the Vision Pro, was released along with 600 new games and applications. Large retailers have also added virtual and augmented reality to their products to provide customers with more engaging eCommerce experiences. The retail sector is changing due to this change.
Top Companies in the E-commerce Market
- Apple Inc.
- Amazon.com Inc.
- Flipkart Internet Pvt. Ltd.
- Costco Wholesale Corp.
- Ebates Performance Marketing Inc.
- eBay Inc.
- Best Buy Co. Inc.
- Groupon Inc.
- Inter IKEA Systems B.V.
- JD.com Inc.
- Otto GmbH & Co. KG
- Lojas Americanas S.A.
- priceline.com LLC
- Shopify Inc.
- The Home Depot Inc.
Recent Developments:
- In July 2024, a GOAT (Greatest of All Time) sale will be held by Flipkart, where customers can save up to 80% on a variety of gadgets, cellphones, TVs, air conditioners, and lifestyle items.
- In July 2024, the 4th E-commerce and Digital Natives Summit 2024 will be held in Bengaluru on September 4-5, hosted by ETRetail. Leaders in the e-commerce and direct-to-consumer industries will come together for the two-day conference to engage in deep conversations, strategic planning, and networking. Professionals in the sector should expect a fully immersive experience from the event.
- In July 2024, the well-known online retailer Etsy, which specializes in vintage and handcrafted goods, is adding mass-produced goods to its list of product categories. With this change, the platform may continue to offer its prior narrow focus while providing a greater selection of original and imaginative products.
Market Segmentation
By Model Type
- Business to Business (B2B)
- Business to Consumer (B2C)
By Application
- Home Appliances
- Fashion Products
- Groceries
- Books
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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