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
London, Sept. 15, 2021 (GLOBE NEWSWIRE) -- 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 Geography - Global Forecast to 2027”, published by Meticulous Research®, the e-commerce market is expected to reach $16,215.6 billion by 2027, at a CAGR of 22.9% during the forecast period of 2020 to 2027.
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E-commerce refers to the buying or selling goods and services through an electronic medium, largely through the Internet. The business transactions in e-commerce often occur either as business-to-consumer (B2C), business-to-business (B2B), consumer-to-business or consumer-to-consumer. The wide availability of goods and services for the customers, around-the-clock availability, easy accessibility, and international reach are some of the key benefits of e-commerce.
The growth of the e-commerce market is primarily attributed to the growth in the omnichannel business models, consistently growing use of social media, rising adoption of internet services & smartphone penetration, and advancements in the new payment modes. Growing adoption of advanced technologies, such as AR/VR and on-site customization for personalized shopping experiences, are observed as key trends contributing to the market growth. Additionally, the automation and expansion of e-commerce across different countries are anticipated to offer key growth opportunities for stakeholders and marketers in the global e-commerce market. However, online frauds and cybersecurity issues are key factors restraining the market growth to some extent.
The Impact of COVID-19 on the E-Commerce Market
The outbreak of COVID-19 has immensely affected e-commerce firms on different levels. The overall e-commerce ecosystem faced several key challenges in terms of fulfilling the consumer demand for products, disrupted supply chains, limited operations due to the lockdown imposed by governments, inventory management, and overall lack of employees. Strict measures imposed by governments, such as temporary closure of non-essential businesses, social distancing, lockdowns, and other measures in response to the COVID-19 pandemic, had led consumers to ramp up online shopping. This has resulted in spikes in e-commerce sales and thus, augmented the adoption of e-commerce.
The COVID-19 pandemic has changed consumers' lifestyles and buying patterns, enabling them to switch from purchasing goods and services from traditional retail stores to online portals. This forced marketers to get accustomed to the new reality and revise their business strategies. Furthermore, consistently changing consumer behavior has led e-commerce companies to focus on different payment modes and promote cashless payment methods to a considerable extent. Thus, companies offering digital platforms for cashless payments also recorded high customer engagement during the pandemic.
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However, most governments from affected regions have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments have started investing in the promotion of various digital platforms to protect businesses and individual incomes. Thus, government support is also poised to play a key role in shaping the positive future of the e-commerce industry at the global level.
Rising reliance on the Internet and growing smartphone penetration to drive the growth of this market
The significant growth of e-commerce is attributed to the proliferation of the Internet, particularly in developing and underdeveloped countries. The growing affordability of internet services has benefitted a large number of people through online services, including e-commerce. According to the statistics published by Internetworldstats.com, approximately 5.05 billion people have access to some form of internet. With the consistent proliferation of the Internet, growing awareness about the Internet and e-commerce, and improving consumers' spending capacity in developing and underdeveloped countries, e-commerce sectors are witnessing huge growth.
Furthermore, growing smartphone penetration at affordable prices is further fueling the growth of e-commerce at the global level. Growing automation in technologies associated with smartphones and ease in shopping from a remote location through smartphones further simplify the shopping experience, contributing to the e-commerce market growth. Thus, most internet users are gradually shifting from desktop/laptop to smartphone for basic internet usage. Due to this, the growth of the e-commerce sector operated through smartphones is witnessing a significant spike.
To provide efficient analysis, Meticulous Research® has segmented this market based on the business model (horizontal and vertical), /laptop), payment mode (card payment, bank transfer, digital wallet, cash on delivery, other payment modes), browsing medium (mobile/tablet, desktop offering category (travel & tourism, electronics products, beauty & fashion products, household products, pharmaceuticals products, small and medium-sized farms, food and beverages, others), and geography.
Based on business model, the e-commerce market is mainly segmented into horizontal and vertical business models. In 2021, the horizontal e-commerce segment is estimated to account for the largest share of the overall e-commerce market due to features of this model, such as better supply chain optimization and high competition on the platform results in better prices and discounts for consumers. However, the vertical e-commerce segment is expected to grow at the highest CAGR owing to the growing popularity of dedicated e-commerce portals and less time required for shopping from vertical e-commerce.
Based on browsing medium, the e-commerce market is segmented into mobile/tablet and desktop/laptop segments. In 2021, the desktop/laptop segment is estimated to account for the largest share of the global e-commerce market. The large share of this segment is primarily attributed to the growing demand for desktops & laptops during the COVID-19 pandemic due to work-from-home culture. Besides, the mobile/tablet segment is expected to grow with the highest CAGR owing to growing internet penetration across the globe, which has boosted the sale of mobiles and tablets.
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Based on payment mode, the e-commerce market is segmented into card payments, bank transfers, digital wallets, cash payments, and other payment modes. In 2021, the card payment segment is estimated to account for the largest share of the overall e-commerce market. The large share of this segment is mainly attributed to its extensive adoption and popularity in developed and developing countries owing to its security, convenience, and offers and rewards extended by e-commerce platforms for card payments. However, the digital wallets segment is bound to offer significant growth opportunities in the next few years due to the e-commerce portal's encouragement to use digital wallets coupled with convenience and security factors.
Based on offering, the e-commerce market is segmented into travel & tourism, electronic products, beauty & fashion products, household products, pharmaceutical products, food & beverage, and other products. In 2021, the beauty & fashion products segment is estimated to account for the largest share of the overall e-commerce market. High demand for cosmetics and clothing and rapid change in customer behavior and buying preferences are some of the major factors driving the growth of this segment. Moreover, the increasing usage of smartphones and the growing number of small and mid-cap companies offering their products on digital platforms are further estimated to drive the segment with the fastest growth rate in the forecast period.
Geographically, the global e-commerce market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, the Asia-Pacific region is estimated to account for the largest share of the global e-commerce market. The large share of this region is primarily attributed to the increasing number of retailers focusing on an omni-channel business model and the growing adoption of smartphones and internet services at affordable prices in developing countries. This region is also estimated to grow with the highest CAGR owing to growing awareness regarding the usage of internet services, increasing number of start-ups engaged with e-commerce platforms to offer their products, and rising government initiatives in up-bringing and protecting the non-digitalized businesses by engaging them with several other digital platforms.
The key players operating in the global e-commerce market are 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
E-commerce Market, by Browsing Medium
E-commerce Market, by Payment Mode
Other Payment Mode
E-commerce Market, by Offering Category
Travel & Tourism
Beauty & Fashion Products
Small & Medium-sized Farms
Food & Beverages
Others (Sports, Agriculture, and Automotive)
E-commerce Market, by Region
Rest of Europe (ROE)
Australia & New Zealand
Rest of Asia-Pacific (ROAPAC)
The Middle East & Africa
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