Global E-Commerce Market 2023-2030

Global E-Commerce Market 2023-2030

Global e-commerce market is anticipated to grow at a considerable CAGR of 12.9% during the forecast period. The market growth is driven by the strong and steady growth of internet users and rising awareness related to online shopping, increasing online product launching, low price due to bulk purchases, and so on. In addition, an increasing number of exclusive products in the market and lower prices of goods due to the direct distribution channel and economies of scale further contribute to the growth of the global e-commerce market.

E-commerce includes buying and selling raw materials, products, services, or any kind of goods and services through an electronic medium (internet) by the consumer, retailer, and business. Whereas, e-commerce retail is the exchange of goods and services between an online retail company and consumers (generally end-users). The e-commerce transaction can be of different types such as business to Business or B2B (Cisco, Alibaba), Business to Consumer or B2C (Amazon, Walmart), and Consumer to Consumer or C2C (eBay). E-commerce sales for businesses have been steadily increasing, and with the migration of virtually all transactions to digital due to the COVID Pandemic, global sales through e-commerce sales channels such as websites and online marketplaces increased overall in 2020.

Segmental Outlook

The global e-commerce industry report is segmented based on products including Electronics, Apparel, Beauty and Personal Care, Pharmaceuticals, Nutritional Products, and others. Based on the model type, the market is segmented into B2B and B2C markets. According to Trade.gov, retail B2C e-commerce is considered as most dynamic segment and is projected to grow with over a 1% annual growth rate. It had an 18% share of the total global retail sales for 2020 and is forecast to achieve a nearly 22% share of total global retail sales by 2024.

Regional Outlooks

The global e-commerce market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). Among these regions, the Asia-Pacific region is anticipated to account for a significant share of the e-commerce market during the forecast period. The growth of the e-commerce market in the region is primarily driven by factors such as the growing penetration of e-commerce companies, and the presence of advanced infrastructure.

Market Players Outlook

The major companies serving the global e-commerce market include Alibaba Group Holding Ltd., Qoo10 Pte. Ltd., JD.com, Walmart Inc., Shopify, and Rakuten Group. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.