PUBLISHER: Grand View Research | PRODUCT CODE: 1512052
PUBLISHER: Grand View Research | PRODUCT CODE: 1512052
Retail E-Commerce Market Growth & Tends
The global retail e-commerce market size is estimated to reach USD 12,349.94 billion by 2030 and growing at a CAGR of 11.6% from 2024 to 2030, According to the recent reports of Grand View Research, Inc. The demand for retail e-commerce is expected to increase over the forecast period as mobile devices become faster and smarter and communication becomes more convenient and efficient. The growing transition from desktops to smartphones is particularly expected to drive the retail e-commerce market growth.
The rapid increase in the number of smartphone users implies that more individuals would be exposed to online ads and prompted to consider online shopping. While the number of individuals owning a smartphone or using the internet remains high in developed economies, it is continuously growing in emerging economies. The growing number of internet users, particularly in the emerging economies of Asia Pacific, Latin America, and Middle East, is expected to contribute to the growth of the market.
Retail e-commerce businesses have been rapidly implementing technologies such as chatbots, artificial intelligence, and machine learning to increase revenue and foster client loyalty. AI and ML provide e-retailers with smart product recommendations and personalized guidance, enabling them to understand client demand better and leverage the maximum benefits of these technologies. Apps are integrated with AI and chatbot voice assistants to facilitate real-time conversation while shopping. Virtual trials of clothing, frames, and accessories that imitate the appearance of products purchased online have been made possible by AI technology, helping businesses increase the number of conversations they have with customers.
In brick-and-mortar shopping, in-store associates provide product recommendations and guidance based on the requests or needs of shoppers. However, in retail e-commerce, this aspect is replaced by AI and ML, enabling newer ways to improve personalization and customer service. Retail businesses are expected to make huge investments in this development to gain a competitive edge in the market.
AI and ML capabilities can be used to enable chatbots that can serve the role of a brick-and-mortar salesperson. Chatbots allow shops to connect with customers while providing them with personal attention and helpful recommendations based on their responses. For instance, in March 2024, Unicommerce eSolutions Limited, an integrated e-commerce platform provider, launched UniGPT, a generative AI platform. This platform empowers e-commerce sellers by providing answers to their questions about online sales. UniGPT provides answers to common questions, drawing from resources such as tech support pages, industry reports, and product guides.