Global E-commerce Market Forecast Report by Product Categories (Food and Beverage, Apparel and Accessories, Health and Personal Care and Beauty, Computer and Consumer Electronics, Office Equipment and Supplies, Toys and Hobby, Furniture and Home Furnishing, Books/Music/Video, Other) Payment Methods (Digital Wallet, Credit Card, Debit Card, Account-to-Account (A2A), Buy Now, Pay Later (BNPL), Cash on Delivery, Prepay, Other - Incl. Cryptocurrency) Countries and Company Analysis, 2024-2032

Growth Factors in the Retail E-commerce Industry

Growing Need for Voice Recognition and Artificial Reality to Improve Customer Experience

It is projected that during the forecast period, market growth will be driven by the growing need for speech recognition to enhance the customer experience. American consumers are placing more and more online orders through smart speakers since voice-activated ordering enhances search engine rankings. With artificial reality, internet buying has undergone a major transformation that has greatly reduced the uncertainty gap. It makes it easier for internet buyers to see the goods—whether furniture or apparel—that they are interested in. Customers can see how an item would look on them after wearing it or how a piece of furniture would look in their house. By implementing digital transformation, companies can optimize their usage of developing technologies by strengthening customer interactions, enhancing their brand presence, and connecting with their target audiences.

Furthermore, as technology develops, consumer expectations and behavior have increasingly changed, especially in the retail e-commerce industry. The newest trend in the market is speech interface. It makes it easier for users to communicate with voice-activated apps, such as voice assistants. voice interfaces are powered by machine learning (ML) and natural language processing (NLP) technologies, which can mimic human voice, understand consumer requests, and evaluate interactions to collect behavioral, demographic, and emotional data.

Market to be driven by Internet Users' and Digital Buyers' Rapid Growth

The transition of mobile phones from basic communication devices to multifunctional gadgets has spurred the expansion of e-commerce and the number of people using the Internet. Many online services, as well as a practical means of contact and information exchange, have been made possible by the Internet. Users may now access the Internet while on the go thanks to the growing popularity of smartphones and other mobile devices. More than 50% of people worldwide possess a smartphone, and based on their age, gender, and other demographic details, they may install a range of personal and work-related apps on it. Over the course of the projection period, there will be a rise in demand for retail e-commerce as smartphones and other mobile devices get quicker and smarter and communication gets easier and more efficient. The retail e-commerce sector is expected to be driven by the growing trend of consumers switching from desktops to smartphones.

The sharp rise in smartphone usage will expose more people to online ads and persuade more people to think about shopping online. The percentage of people who use the Internet or own a smartphone is still high in established economies, while it is still rising in emerging nations.

North America E-commerce Market Overview:

In 2023, North America accounted for the greatest portion of the retail e-commerce market. It is anticipated that the market would be impacted by things like changing customer knowledge, safe online transactions, and changing purchasing habits. Due to the high rate of adoption of smartphones and other mobile computing devices in the area, customers can easily browse e-commerce websites, search for products, and make purchases even when they are in remote areas. Furthermore, the ease of purchasing online is improved by advances in logistics, which include expanded coverage areas, quicker delivery times, and creative possibilities like same-day delivery.

In the United States, the retail e-commerce market is expanding rapidly.  The high disposable income of the nation's population as well as the growing demand for easy-to-use purchasing platforms that fit the hectic schedules of many American consumers have an impact on the U.S. market. Customers may easily browse, compare, and buy things from the comfort of their homes or while they're on the go with mobile devices thanks to e-commerce platforms.

E-commerce Market Company Overview

Some of the industry leaders seen in the Global E-commerce Market Includes Rakuten, Amazon.com Inc., Alibaba Group Holding Limited, eBay Inc., Walmart Inc., Zalando SE, Otto Group, JD.com Inc.

E-commerce Market News

In March 2024, Within the next three years, Alibaba Group Holding Limited plans to invest USD 1.1 billion in South Korea. The establishment of a logistics center and the expansion of commercial operations will be the main goals of this investment. Alibaba intends to set aside USD 100 million to support the worldwide sales of small and medium-sized South Korean businesses and USD 200 million for the establishment of a logistics hub in 2024. Additionally, the business intends to spend roughly USD 74.67 million to improve South Korea's consumer protection laws.

In January 2024, the successful acquisition of Farfetch Holdings plc's assets, a global online luxury company, was announced by Coupang, Inc. With this transaction, Farfetch gains access to USD 500 million in finance, allowing it to continue providing outstanding services to its boutique partners and more than four million clients worldwide. Farfetch is ideally positioned to take use of Coupang's creative logistical skills and operational competence in order to drive steady expansion.

In July 2023, eBay Inc. purchased Certilogo S.p., an Italian startup that offers digital IDs and authenticity for clothing and fashion items driven by artificial intelligence. The acquisition contributed to eBay's reputation as a reliable online store for pre-owned clothing and accessories. Customers can use the Certilogo platform to verify a product's authenticity and obtain trustworthy product information.

Product Categories – Market breakup in 8 viewpoints:

1. Food and Beverage
2. Apparel and Accessories
3. Health and Personal Care and Beauty
4. Computer and Consumer Electronics
5. Office Equipment and Supplies
6. Toys and Hobby
7. Furniture and Home Furnishing
8. Books/Music/Video
9. Other

Payment Methods– Market breakup in 8 viewpoints:

1. Digital Wallet
2. Credit Card
3. Debit Card
4. Account-to-Account (A2A)
5. Buy Now, Pay Later (BNPL)
6. Cash on Delivery
7. Prepay
8. Other - Incl. Cryptocurrency

Country – Market breakup in 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• the Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

• Overview
• Recent Development & Strategies
• Product Portfolio
• Financial Insights

Company Analysis:

1. Rakuten
2. com Inc.
3. Alibaba Group Holding Limited
4. eBay Inc.
5. Walmart Inc.
6. Zalando SE
7. Otto Group
8. com, Inc

Company Analysis:

1. Rakuten
2. com Inc.
3. Alibaba Group Holding Limited
4. eBay Inc.
5. Walmart Inc.
6. Zalando SE
7. Otto Group
8. com, Inc

Report Details: