The E-commerce Market is projected to reach $21,168.6 billion by 2030, at a CAGR of 16.9% from 2023 to 2030. The growth of the E-commerce market is driven by the rising penetration of the Internet and smartphones, growing usage of social media and social commerce, and advancement of multiple payment modes. However, online fraud and cybersecurity issues may restrain the market's growth.
Furthermore, Ecommerce automation and the expansion of cross-border Ecommerce are expected to offer significant growth opportunities for the Ecommerce market. However, trust deficit due to lack of touch and feel experience may hinder the growth of this market.
E-commerce Automation to Offer Growth Opportunities for the E-commerce Market
E-commerce websites operate 24/7, and physically managing all operations is not practical. Hence, E-commerce players are paying keen attention to E-commerce automation. E-commerce automation uses the latest technologies like big data, machine learning, artificial intelligence, and chatbots to enhance sales, improve staff productivity, and round-the-clock availability.
According to RetailTouchPoint, ecommerce automation can boost team productivity by 45%, and the resultant revenue can rise to 49%. Besides, features such as reduced workload, higher consumer satisfaction, and better resource management also encourage ecommerce players to automate their existing set-up. According to Oro Commerce research, 85% of B2B E-commerce players realize automation is an underutilized opportunity in the sector and are willing to incorporate E-commerce automation into their business models. Some of the most prominent types of ecommerce automation include:
- Workflow Automation
- RFQ and quote automation
- Checkout automation
- Order processing automation
- Product catalog automation
- Sales Automation
- Email notification automation
- Sales opportunity automation
- Customer service automation
- Fulfillment Automation
- Inventory management automation
- Warehouse management automation
- Returns automation
Owing to the multiple benefits and features extended by automation, E-commerce players eye it as one of the most prominent opportunities in the E-commerce market.
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Key Findings in the E-commerce Market Study:
The Vertical E-commerce Segment to Register the Highest CAGR During the Forecast Period
Based on business model, the vertical E-commerce segment is slated to register the highest CAGR during the forecast period. The growing popularity of dedicated E-commerce portals, less time required for shopping from vertical ecommerce, and personalized merchandising are some of the key driving factors promoting the segment's growth. The vertical ecommerce model allows businesses to offer customers a specialized and tailored shopping experience within a specific product category or industry. By focusing on a specific niche, businesses can differentiate themselves from larger, more generalized e-commerce platforms and establish a strong brand identity.
In 2023, the Desktop/Laptop Segment is Expected to Dominate the E-commerce Market
Based on browsing medium, in 2023, the desktop/laptop segment is expected to account for the larger share of the E-commerce market. The large market share of this segment is attributed to the growing demand during the COVID-19 pandemic, and the work-from-home culture has positively impacted desktop/laptop sales. Besides, customer preference for high-quality visualization, which gives a better shopping experience and detailed product information, has increased the E-commerce sale via desktop/laptop.
The Digital Wallets Segment to Register the Highest CAGR During the Forecast Period
Based on payment mode, the digital wallets segment is slated to register the highest CAGR during the forecast period. Convenience and security factors, along with the ecommerce portal's encouragement to use digital wallets, are helping the segment grow faster.
In 2023, the Omni-Channel E-Commerce Segment is Expected to Dominate the E-commerce Market
Based on operational channel, in 2023, the omni-channel E-commerce segment is expected to account for the larger share of the E-commerce market. The large market share of this segment is attributed to the increased customer experience, increased sales, and consumer traffic, boosting customer loyalty, and better data collection for optimum customer and resource management.
Asia-Pacific to Register the Highest CAGR During the Forecast Period
Asia-Pacific is slated to register the highest CAGR during the forecast period. Large consumer groups, growing penetration of smartphones and the Internet, and rising disposable income have helped the region emerge as the largest E-commerce market and prompted the fastest growth rate.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the E-commerce market study are Amazon.com, Inc. (U.S.), Alibaba Group Holding Limited (China), eBay Inc. (U.S.), JD.com, Inc. (Jingdong) (China), Rakuten, Inc. (Japan), The Home Depot, Inc. (U.S.), Zalando SE (Germany), Otto GmbH & Co KG (Germany), Priceline.com (U.S.), B2W Digital Company (Brazil), Groupon, Inc. (U.S.), Walmart Inc. (U.S.), Inter IKEA Systems B.V. (Netherlands), Costco Wholesale Corporation (U.S.), Shopify Inc. (Canada), Wayfair Inc. (U.S.), Suning.com Co., Ltd. (Suning Commerce Group Co., Ltd.) (China), Best Buy Co., Inc. (U.S.), and Tesco plc (U.K.).
Scope of the Report:
E-commerce Market Assessment, by Business Model
- Horizontal E-commerce
- Vertical E-commerce
E-commerce Market Assessment, by Browsing Medium
- Desktop / Laptop
- Mobile / Tablet
- Application-based
- Browser-based
E-commerce Market Assessment, by Payment Mode
- Card Payments
- Digital Wallets
- Bank Transfers
- Cash Payments
- Other Payment Modes
E-commerce Market Assessment, by Operational Channel
- Pure Play E-commerce
- Omni-channel E-commerce
E-commerce Market Assessment, by Offering
- Beauty & Fashion Products
- Travel & Tourism
- Electronic Products
- Household Products
- Pharmaceutical Products
- Food & Beverage
- Other Products
E-commerce Market Assessment, by Geography
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Russia
- Sweden
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Indonesia
- Thailand
- Vietnam
- Singapore
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Saudi Arabia
- South Africa
- Rest of Middle East
Key questions answered in the report:
