The global e-commerce market exhibited strong growth during 2015-2020. E-commerce, or electronic commerce, refers to the commercial transactions that are conducted electronically through the internet. It involves buying and selling consumer products, marketplace services and customer support, along with other activities, such as online auctions, payment gateways, online ticketing and internet banking. E-commerce is usually classified based on numerous business models, which include Business to Business (B2B), Business to Customer (B2C), Customer to Business (C2B) and Customer to Customer (C2C). It offers various benefits to the seller, such as a global reach, minimal transaction costs, higher margins of profit, direct communication between the parties involved and quick delivery of goods and services.
Rapid urbanization across the globe is one of the key factors driving the growth of the market. Furthermore, increasing internet penetration and usage of devices, such as smartphones, laptops and tablets to access e-commerce portals, is also providing a boost to the market growth. E-commerce enables organizations to conduct business without maintaining a physical presence, thereby minimizing the infrastructure, communication and overhead costs. The market is further driven by the increasing preference for online shopping, especially among women, and the growing influence of social networking platforms on shopping habits. Online retail channels provide a hassle-free shopping experience to the consumers while displaying a wide variety of products to choose from, at affordable price-points. Additionally, the advent of private-label and direct to consumer-based business models is also creating a positive outlook for the market growth. This enables the organizations to collect and use consumer data and provide personalized products and experiences to the consumer. The spread of the coronavirus disease (COVID-19) has provided a further push to e-commerce activities as customers shift toward online platforms for ordering essential items amid lockdown and social distancing measures. Looking forward, IMARC Group expects the global e-commerce market to grow at a CAGR of around 16% during 2021-2026.
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The report has also analysed the competitive landscape of the market with some of the key players 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.
The global e-commerce market was valued at US$ 4.20 Trillion in 2020.
According to the estimates by IMARC Group, the global e-commerce market is expected to witness a CAGR of 16% from 2021 to 2026.
The rising internet penetration, along with the increasing usage of devices, such as smartphones, laptops and tablets to access e-commerce portals, is currently driving the global e-commerce market.
The growing consumer inclination towards hassle-free shopping experience, including secured payment gateways, doorstep delivery, numerous cashbacks and discount offers, offered by e-commerce platforms will continue to catalyze the market growth.
Sudden outbreak of the COVID-19 pandemic has led to a rapid shift from brick-and-mortar distribution channels towards online retail stores to mitigate the risk of coronavirus infection upon human interaction, thereby propelling the overall market growth.
On the basis of the product type, the market has been bifurcated into home appliances, clothing and footwear, books, cosmetics, groceries, and others. Amongst these, home appliances hold the majority of the total market share.
On the basis of the transaction, the market has been classified into business-to-consumer, consumer-to-consumer, business-to-business, and others. At present, business-to-business transaction type exhibit a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global e-commerce market are 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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