According to Stratistics MRC, the global eCommerce market accounted for U.S. $3.69 trillion in 2018 and is expected to reach $18.89 trillion by 2027, growing at a compound annual growth rate of 19.9% during the forecast period.
Some of the key players in e-commerce market include Apple, eBay, Groupon, 360buy.com, Microsoft, Alibaba, Amazon.com, Google, PayPal, Sony store, iTunes, Amway, Wal-Mart, Snapdeal, Symantec, Barnes & Noble, Flipkart, Jabong, Lenskart, and Myntra.
Stratistics MRC says some of the key factors propelling the market growth include women preferring online shopping, increased influence of social networking platforms on the society, customer interaction & marketing forces and multimedia convergence. However, risk of e-commerce frauds and imprecise return policies are the restraining factors for the growth of the market, notes the research group.
eCommerce can be defined as electronically conducted commercial transactions via the internet, pertaining to the buying and selling of goods and services. Data exchange, informational and monetary related, is also included a part of e-commerce. It allows companies to conduct business without having physical presence, thus reducing infrastructure, communication and other related overhead costs and speeding up the transactions by eliminating many unnecessary intermediaries.
Stratistics MRC says that, by application, the home appliances sector is anticipated to grow at the significant rate during the forecast period, due to increasing credibility of the brands online and the frequent tendency of consumers to upgrade their homes. The segment includes consumer electronics, houseware, and other kitchen appliances. What’s more, the growing trend towards recycling and the use of smart energy in consumer electronics will be a major factor in augmenting the growth prospects for this segment in the coming years, adds Stratistics MRC.
The accompanying graphic is courtesy of X-Cart.