Meticulous Research® – a leading global market research company published a 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”.
According to this latest publication from Meticulous Research®, the global e-commerce market is expected to grow at a CAGR of 22.9% from 2020 to 2027 to reach USD 16,215.6 billion by 2027. This market is majorly driven by factors such as 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 global e-commerce market study presents historical market data in terms of value (2018 and 2020), estimated current data (2020), and forecasts for 2027. The market is segmented based on business model, browsing medium, payment mode, offering category, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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 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.
Based on offering category, the beauty & fashion products segment accounted for the largest share of the global 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.
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Geographically, the Asia-Pacific region commanded the largest share of the overall e-commerce market in 2020. The large share of this region is primarily attributed to the presence of major e-commerce companies and their focus on enhancing e-commerce technology. In addition, this region is expected to grow significantly with high CAGR in the forecast period due to rising smartphone and internet penetration, increasing awareness among consumers regarding the benefits of online shopping with advanced payment modes, and growing focus of upcoming retailers to offer their goods services online to the customers.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the E-commerce industry over the last three years (2019–2021). The key players profiled 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.
Key questions answered in the report-
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