Global E-Commerce Market to Reach US$ 70.9 Trillion by 2028, Bolstered by Increasing Internet Penetration

October 20, 2020

According to the latest report by IMARC Group, titled “E-Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global e-commerce market size reached US$ 16.6 Trillion in 2022. E-commerce, also known as electronic commerce, refers to the commercial transaction of goods and services conducted electronically through the internet. It involves buying and selling services and goods, online ticketing, online auctions, payment gateways and internet banking. It offers numerous benefits over conventional retail solutions, such as reduced inventory costs, higher profit margins, various discounts, and enhanced delivery of goods and services. As a result, e-commerce platforms are extensively utilized across diverse industries, including retail, travel and leisure, media streaming, and financial services.

Global E-Commerce Market Trends:

The rising internet penetration, and the increasing usage of smart devices, such as smartphones, laptops, and tablets, represent one of the primary factors driving the market growth. Moreover, the market is propelled by the shifting consumer preferences toward online shopping. This can be attributed to the growing popularity of online retail channels among individuals as they provide a hassle-free shopping experience while displaying a wide variety of products at affordable prices. Additionally, due to the spread of coronavirus disease (COVID-19), consumers are rapidly shifting toward online platforms to acquire daily essentials, including food, clothing, and electronics, amid lockdown and social distancing measures. Besides this, the emergence of private-label and direct-to-consumer-based business models is also contributing to the market growth. Furthermore, rapid urbanization, growing consumer awareness towards numerous benefits of e-commerce platforms, and the rising integration of e-commerce platforms with various advanced technologies, such as artificial intelligence, machine learning and cloud computing, are some of the other factors anticipated to propel the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 70.9 Trillion by 2028, exhibiting a CAGR of 27.43% during 2023-2028.

Market Summary:

  • On the basis of the type, the market has been divided into home appliances, apparel, footwear and accessories, 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 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.
  • The competitive landscape of the market has been examined in the report, with some of these players being Alibaba Group Holding Limited, Amazon.com Inc., Apple Inc., B2W Companhia Digital (Lojas Americanas S.A.), eBay Inc., Groupon, Inc., Rakuten Group, Walmart Inc., and Zalando SE.
     

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global E-Commerce Market to Reach US$ 70.9 Trillion by 2028, Bolstered by Increasing Internet Penetration
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