E-commerce Market Global Forecast Report by Product Categories Payment Methods Countries and Company Analysis, 2024-2032

E-commerce Market Analysis

Global E-commerce Market was valued at US$ 6.11 Billion in 2023 and is projected to reach US$ 12.35 Billion by the year 2032 and a compound annual growth rate of around 8.13 percent during 2024 to 2032. There has been a rise in the ownership of smartphones and fast and efficient internet connection hence influencing the market.

E-commerce Market Overview

E-commerce can be defined as the use of the internet to carry out buying and selling of goods and services is also known as electronic commerce. It includes different activities related to buying and selling of products via Internet including purchase of clothes through the internet as well as online Service deliveries, electronic buys of music, films, books and many others as well as internet banking among others. E-commerce makes it possible for businesses of whatever size to be able to deal with customers all over the world, customers can shop at any time 24/7, and may get customized services.

Globally, e-commerce has shifted the way consumers purchase products and the ways companies conduct business. Evolutions in consumers' buying behavior; have hugely promoted growth of the e-commerce field tremendously. It has emerged from being a relatively new business model into a global market worth trillions of dollars that has revolutionized the conventional physical retail trade. Ease of use together with convenience offered by e-commerce platforms and a wide presence unlimited products and services offered have made many customers to be attracted by the platforms changing the ways people and businesses interact when conducting their shopping. The evolution of the e-commerce is relatively fast which due to changes in payment systems, delivery, customer interface, and data management.

Growth Factors in the E-commerce Industry

Expanding Internet and Smartphone Penetration

The availability of internet and usage of smart phones is the major factor behind the growth of e-commerce market. Due to the development of internet facilities throughout the world more and more people are connected with the internet borne shopping facilities. This is especially so in developing markets where the take-up of smart phones is rapidly increasing - thus enabling millions of new online shoppers. The flexibility of use of a mobile app and website also makes the consumer to go through the offers, prices, and buy a product with ease. This change in customers' habits due to the global connection and education has caused an increase in the e-business industry because firms access larger and technologically-connected customers. For instance, the Internet in India Report 2022 shows that 759 million internet active users are present in India and are supposed to be around 900 million by 2025. Out of 759 million, about 399 million are from rural areas and 360 million from urban regions.

Growth of Digital Payment Solutions

The e-commerce market enjoys a considerable lift with the help of the continuously expanding and developing secure and convenient methods of digital payments. With portable work, contactless deliveries and receives, the customers seem to pay easier and easily through mobile wallets, contactless payments or the buy-now-pay-later arrangements. Hence, these solutions remove the use of cash and enhance the prospect and reliability of online shopping. Additional payment security tools such as MFA and encryption add to the necessary level of trust by the consumer. Consumers are adopting the digital payment ecosystems because as they advance and become more convenient and less cumbersome to use, they lead to increased rate of e-commerce because shoppers have convenient payments for checkouts. Thus, for mobile consumer electronics, approximately one third of the global population, or 1. 2 billion connections, will be passed by 5G networks by 2025.

Rising Preference for Convenience and Variety

Consumers' desire to save time and have access to a great number of products contributes to the development of e-commerce. Online shopping can help choose and buy from a wide variety of products, brands and services not constrained by geographical location as well as shopping hours. Convenience features available with e-commerce platforms include; product suggestions, quick delivery options, and returns policies which make shopping easier. Also, prices' comparison and reading reviews help make the consumer more knowledgeable. This focus on convenience and the vast number of products available online are moving consumers away from physical stores, ensuring continued growth for the market.

Asia E-commerce Market Overview:

Urbanization and growing per capita income are some factors that drive the Asia Pacific market. The middle-class expenditure in several APAC countries has improved due to the economic growth in these regions and thus has experienced significant growth in online shopping. Consumers are demanding convenience, variety, and affordable products from e-commerce stores, which has grown the online retail sector. Countries in Asia-Pacific region including China, India, and Japan have reinforced various strategies aimed at encouraging organizations and citizens to embrace digital media technologies. The increasing number of government activities is expected to provide a good scope for the growth of the market in the forecasted period. For instance, India's Union Ministry came up with the Indian e-commerce copy of Alibaba known as Bharat Craft. To increase the consumption of locally produced goods and enhance business, multiple Asian governments are encouraging the use of online services. So, given that the concentration is on the cyber regulations by the government authorities, it is quite clear that the market has further growth prospects.

E-commerce Market Company Overview

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

E-commerce Market News

In March 2024, Alibaba Group plans to invest $1.1 billion in South Korea within the next three years. The investment will be focused on establishing a logistics center, expanding commercial operations, supporting the sales of small and medium-sized South Korean businesses worldwide, and improving South Korea's consumer protection laws.

In January 2024, Coupang, Inc. acquired the assets of Farfetch Holdings plc, a global online luxury company. This acquisition provides Farfetch with access to significant financing, benefiting its boutique partners and over four million clients worldwide. Farfetch is well-positioned to utilize Coupang's logistical expertise and operational capabilities to support its continued growth.

In July 2023, eBay Inc. bought Certilogo S.p., an Italian startup specializing in digital IDs and authenticity for fashion items using artificial intelligence. This acquisition enhances eBay's credibility as a trusted online secondhand clothing and accessories destination. Customers can utilize Certilogo's platform to authenticate products and access reliable information about them.

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. Amazon.com Inc.

3. Alibaba Group Holding Limited

4. eBay Inc.

5. Walmart Inc.

6. Zalando SE

7. Otto Group

8. JD.com, Inc