Explore E-Commerce Market revenue will reach $5 Trillion by 2024
Planet Market Reports, the global E-Commerce market is worth around USD 22.1 trillion in 2016, comprising of business to business B2B revenue and business to consumer B2C revenue.
Market Overview
The e-commerce market is growing at a healthy clip, although the online retail market is still battling a slowdown in overall growth. Global eCommerce market has grown dramatically over the past few decade, and the good news for eCommerce businesses is that there doesn’t look like there will be a slowdown anytime soon.
E-commerce industry adopt multiple promotional plans, for instance, prime loyalty programme of Amazon makes three-fold jump in orders from members while its arch-rival Flipkart has less promoted loyalty programme called Flipkart First. Flipkart, E-commerce marketplace has hired one of the big four audit firms to prepare for its initial public offering IPO on the Nasdaq and Flipkart has acquired AdIQuity, a leading mobile ad network company in Bangalore keeping M&A as a key focus.
By Company Type
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By Geography
Growth Drivers and Challenges
Combination of rising internet penetration, a drop in data access costs, a shift to smartphones, and a flow of credit to consumers and micro enterprises are enhancing the eCommerce market. In addition, inflexion in online shopping among consumers, product localization, continued growth in SaaS systems, increased backing in technical solutions are the major drivers of eCommerce market.
Varying compliance procedures around the world, amidst devaluations, funding crunch, demonetization like government policies, lack of technological infrastructure in emerging markets, fraud and credit risk, content development in local languages, less internet penetration in developing economies restricts the customers from making an online purchase are the factors that tend to hinder the eCommerce market.
Market Size and Forecast 2016-2024
In 2016, eCommerce retail sales account for 15% of all retails sales globally. This accumulates to a total of USD 2.24 trillion revenue in 2016, up from USD 1.99 trillion in 2015.
It is predicted that this growth will continue to increase with an estimated revenue value of USD 5 trillion by 2024 in global retail eCommerce market.
China has the largest eCommerce market i.e. USD 1.01 trillion in 2016 and with the considerable growth rate tends to reach the valuation of USD 3 trillion by 2024 owing to increase in online buyers.
eCommerce driver in China is Alibaba. United States is the second largest market for eCommerce with valuation of USD 390 billion in 2016, followed by The UK USD 165 billion , Japan USD119 billion , Germany USD 105.7 billion , France USD 71.5 billion , South Korea USD 36 billion , Canada USD 21 billion , Russia USD 16 billion , Brazil USD 15 billion with India USD 14.45 billion , Poland USD 6.2 billion and Middle East USD 30 million as the emerging markets of eCommerce industry.
Business Strategies
As Amazon operates in India through its Indian arm Amazon.in, Alibaba has bought significant stakes in digital wallet Paytm and e-commerce portal Snapdeal. Alibaba’s largest shareholder, Softbank, also recently picked up a stake in Flipkart.
Opportunities
Creating different brands and expanding into manufacturing and taking a chance on creating your own products and efforts to establish and enhance the core business and expand to global eCommerce markets would help in sustaining the growth.
53% of global internet users have made an online purchase in 2016, i.e. approx 1 billion users and 65% of the consumers would purchase globally rather than locally if price is offered right.
In 2016, traffic sources that drive sales globally showed that a staggering 25% leads come from email and organic traffic remained the top lead generator at 24% while cost-per-click CPC is third at 20% and 60% of customers prefer to receive coupons, promotion and discount via email.
Content is important if you want to hit it big. Video content has proven to leave the biggest and positive impression on the consumer.
Customer service, better price, mobile responsiveness, email marketing, quick order fulfillment are the other keys to hit the market.
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Key Market Players
Market Synopsis
Market Segmentation
Global E-Commerce Market is segmented as follows:
Market Dynamics: Growth Drivers, Restraints and Opportunities
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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