REDDING, Calif., April 7, 2021 /PRNewswire/ -- According to a new market research report titled, "E-commerce Market by Business Model, Browsing Medium, Payment Mode (Card Payment, Bank Transfer, Digital Wallet), Offering (Travel, Electronics, Beauty & Fashion, Household, Pharmaceuticals, Food & Beverages), and Region - Global Forecast to 2027", the e-commerce market is expected to grow at a CAGR of 22.9% from 2020 to reach $16,215.6 billion by 2027.
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E-commerce refers to the buying or selling of goods and services through electronic mediums, mostly through the Internet. This market is majorly driven by 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.
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 physical shops 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. 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 roughly five years. The physical store retailers will need to pivot more rapidly to omnichannel fulfillment capabilities to remain competitive in the new business environment.
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Based on business model, the horizontal e-commerce models segment commanded the largest share of the overall e-commerce market in 2020. The large share of this segment is mainly attributed to this model's ability that allows marketers to mitigate the market fluctuation and maintain a consistent supply of products. The growing popularity of dedicated e-commerce portals is expected to drive the vertical e-commerce model's market growth.
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.
Based on payment mode, the card payment segment commanded the largest share of the overall 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.
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Based on offering category, the beauty & fashion products segment accounted for the largest share of the overall 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.
Geographically, the Asia-Pacific region commanded 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 several products of customer preferences with multiple offers on purchasing. Additionally, growing number of retailers shifting to an omnichannel business model is expected to drive the fastest regional growth in the forecast period.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2018-2021). The e-commerce market has witnessed several agreements, collaborations, and partnerships in recent years. For instance, in May 2020, B2W partnered with Petrobras Distribuidora SA (Brazil), a distributor and marketer of biofuels and petroleum derivatives in Brazil, to sell Petrobras' products through B2W's online platforms. This helped in minimizing the impact of COVID-19 by enabling customers to access their products online.
The global e-commerce market is consolidated and dominated by few major players, namely 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.
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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-based
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 Geography
- 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
- The Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
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