Electronic commerce refers to the buying or selling of goods and services through electronic media, primarily through the Internet. This market is primarily driven by the growing penetration of the internet and smartphones, the growing reliance on social media to promote e-commerce platforms, the growth of omnichannel business models, and the advent of new payment methods. Moreover, the automation of e-commerce offers immense growth opportunities for the players operating in the e-commerce market. However, online frauds and cybersecurity issues are factors which are holding back the growth of the market. Moreover, the local laws and regulations for international e-commerce and the trust deficit due to the touch experience are the major challenge factors for the overall growth of the market.
The COVID-19 outbreak has had a huge impact on e-commerce businesses at different levels. Ecommerce businesses have faced several key challenges, such as disrupted supply chains, limited operations due to foreclosure, inventory management, and the general lack of employees. Governments around the world have implemented 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 increase their online shopping. This has resulted in spikes in e-commerce sales. The pandemic has increased the adoption of e-commerce.
The COVID-19 pandemic has changed the lifestyles and purchasing habits of consumers, allowing them to shift from buying goods and services from physical stores to online portals. This, in turn, has forced marketers to acclimate to the new reality and revise their existing strategies. Changes in consumer behavior should be sustainable. These changes in consumption habits have been complemented by a rapid acceptance of cashless means of payment. Global card and digital wallet transactions have increased during the pandemic. According to IBM’s US Retail Index, the COVID-19 pandemic has accelerated the shift from physical stores to online shopping by about five years. Brick-and-mortar retailers will need to move more quickly to omnichannel fulfillment capabilities to remain competitive in the new business environment.
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Based on the business model, the horizontal e-commerce models segment held the largest share of the overall e-commerce market in 2020. The large share of this segment is mainly attributed to the capacity of this model which enables marketers to mitigate market fluctuations and maintain a constant supply of products. The growing popularity of dedicated e-commerce portals is expected to drive the growth of the vertical e-commerce model market.
On the basis of browsing support, the desktop / laptop segment accounted for the largest share of the overall e-commerce market in 2020. Desktop / laptop computer seems usual for consumers as large screens allow them. to make better purchasing decisions. However, mobile / tablet is set to grow with the highest CAGR due to rising sales of mobiles / tablets compared to laptops / desktops and increasing internet penetration which enables consumers to shop seamlessly online.
On the basis of payment method, card payments segment held the largest share of the overall e-commerce market in 2020. The growing adoption of credit, debit and prepaid cards that provide convenience and security to users has promoted most of the payment by card. e-commerce market segment. The increase in the sale of mobile phones and tablets that offers seamless integration of digital wallet applications and wide promotion of digital wallets are factors that are expected to boost the digital wallet segment.
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Based on the offering category, the beauty and fashion segment accounted for the largest share of the overall e-commerce market in 2020. The large share of this segment is mainly attributed to the rapidly changing preferences of consumers. customers towards online shopping and the high demand for cosmetics and clothing. In addition, the incorporation of advanced technologies in online platforms and various beauty and fashion products available for comparison on e-commerce platforms further increase the growth of this segment during the forecast period. .
Geographically, the Asia Pacific region held the largest share of the global e-commerce market in 2020. The large share of this region is mainly attributed to the presence of the global e-commerce leaders offering multiple customer preference products with multiple buying offers. Additionally, the increasing number of retailers switching to an omnichannel business model is expected to generate the fastest regional growth during the forecast period.
The report also includes an in-depth assessment of key strategic developments adopted by key industry market players over the past four years (2018-2021). The e-commerce market has seen several agreements, collaborations and partnerships in recent years. For example, in May 2020, B2W has joined forces with Petrobras Distribuidora SA (Brazil), distributor and marketer of biofuels and petroleum derivatives in Brazil, to sell Petrobras products via B2W’s online platforms. This has helped minimize the impact of COVID-19 by allowing customers to access their products online.
The global e-commerce market is consolidated and dominated by a few major players namely Amazon.com, Inc. (US), Alibaba Group Holding Limited (China), Walmart, Inc. (United States) The Home Depot, Inc. (United States), JD.com, Inc. (China), Rakuten, Inc. (Japan), Otto GmbH & Co KG (Germany), Zalando SE (Germany), Priceline.com (United States), B2W Digital (Brazil), Groupon, Inc. (US), Inter Ikea Systems BV (Netherlands), Costco Wholesale Corporation (US), Shopify, Inc. (US), Wayfair, Inc. (US), Suning.Com Co., Ltd. (China), Best Buy Co., Inc. (US) and Tesco Plc (UK), among others.
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Scope of the report
E-commerce market, by business model
- Horizontal e-commerce
- Vertical e-commerce
E-commerce market, by navigation medium
- Desktop / laptop computer
- Mobile / Tablet
- Browser based
E-commerce market, by payment method
- Card payments
- Bank transfers
- Digital wallets
- Cash payment
- Other payment methods
E-commerce market, by offer
- Beauty and fashion products
- Travel and tourism
- Electronic products
- Household products
- Pharmaceutical products
- Food and drinks
- Others (sports, agriculture and automotive, among others)
E-commerce market, by geography
- North America
- Rest of Europe (DEER)
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific (ROAPAC)
- Latin America
- Rest of Latin America
- The Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of the MEA
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