The E-commerce Market is forecasted to achieve a value of $21,168.6 billion by 2030, with a compound annual growth rate (CAGR) of 16.9% during the period from 2023 to 2030. The market's growth is primarily fueled by the increasing Internet and smartphone penetration, the rising use of social media and social commerce, and advancements in multiple payment methods. However, the market's expansion may be hindered by concerns related to online fraud and cybersecurity issues.
Moreover, the E-commerce market presents significant growth opportunities through the automation of E-commerce operations and the expansion of cross-border E-commerce. However, the lack of a tactile shopping experience may pose challenges in establishing trust with customers, potentially impeding market growth.
E-commerce players recognize the need for automation due to the continuous operation of E-commerce websites, making it impractical to handle all operations manually. As a result, they are increasingly focusing on E-commerce automation, leveraging technologies such as big data, machine learning, artificial intelligence, and chatbots to enhance sales, increase staff productivity, and ensure round-the-clock availability.
According to RetailTouchPoint, E-commerce automation can boost team productivity by 45% and result in a revenue increase of up to 49%. Additionally, E-commerce automation offers benefits such as reduced workloads, improved customer satisfaction, and better resource management, driving E-commerce players to adopt automated solutions. Oro Commerce research indicates that 85% of B2B E-commerce players recognize the untapped potential of automation and are willing to integrate E-commerce automation into their business models. Some of the key types of E-commerce automation include:
• Workflow Automation
o RFQ and quote automation
o Checkout automation
o Order processing automation
o Product catalog automation
• Sales Automation
o Email notification automation
o Sales opportunity automation
o Customer service automation
• Fulfillment Automation
o Inventory management automation
o Warehouse management automation
o Returns automation
Owing to the multiple benefits and features extended by automation, E-commerce players eye it as one of the most prominent opportunities in the E-commerce market.
Key Findings from the E-commerce Market Study:
The Vertical E-commerce Segment to Exhibit the Strongest Growth Rate Throughout the Forecast Period
In terms of business models, the vertical E-commerce segment is projected to achieve the highest compound annual growth rate (CAGR) during the forecast period. The segment's growth is driven by factors such as the increasing popularity of dedicated E-commerce portals, the time-saving nature of vertical E-commerce shopping, and personalized merchandising. This business model allows companies to provide customers with a specialized and customized shopping experience within a specific product category or industry. By focusing on a particular niche, businesses can differentiate themselves from larger, more generalized E-commerce platforms and establish a strong brand identity.
The Desktop/Laptop Segment Expected to Dominate the E-commerce Market in 2023
In terms of browsing mediums, the desktop/laptop segment is expected to hold the larger market share of the E-commerce market in 2023. This dominance can be attributed to the increased demand during the COVID-19 pandemic and the work-from-home culture, which have positively impacted desktop/laptop sales. Additionally, customer preference for high-quality visualization, providing a better shopping experience and detailed product information, has contributed to the growth of E-commerce sales via desktop/laptop devices.
The Digital Wallets Segment to Exhibit the Strongest Growth Rate Throughout the Forecast Period
In terms of payment modes, the digital wallets segment is projected to achieve the highest CAGR during the forecast period. The segment's growth is fueled by the convenience and security factors associated with digital wallets, as well as the encouragement from E-commerce portals to use such payment methods.
The Omni-Channel E-commerce Segment Expected to Dominate the E-commerce Market in 2023
In terms of operational channels, the omni-channel E-commerce segment is expected to hold the larger market share of the E-commerce market in 2023. This dominance can be attributed to the improved customer experience, increased sales, and enhanced customer loyalty and data collection for optimized customer and resource management.
Asia-Pacific to Exhibit the Strongest Growth Rate Throughout the Forecast Period
Asia-Pacific is projected to achieve the highest CAGR during the forecast period. The region's growth is driven by its large consumer base, increasing smartphone and Internet penetration, and rising disposable income. These factors have propelled Asia-Pacific to become the largest E-commerce market and experience the fastest growth rate.
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the E-commerce market study are Amazon.com, Inc. (U.S.), Alibaba Group Holding Limited (China), eBay Inc. (U.S.), JD.com, Inc. (Jingdong) (China), Rakuten, Inc. (Japan), The Home Depot, Inc. (U.S.), Zalando SE (Germany), Otto GmbH & Co KG (Germany), Priceline.com (U.S.), B2W Digital Company (Brazil), Groupon, Inc. (U.S.), Walmart Inc. (U.S.), Inter IKEA Systems B.V. (Netherlands), Costco Wholesale Corporation (U.S.), Shopify Inc. (Canada), Wayfair Inc. (U.S.), Suning.com Co., Ltd. (Suning Commerce Group Co., Ltd.) (China), Best Buy Co., Inc. (U.S.), and Tesco plc (U.K.).
Scope of the Report:
E-commerce Market Assessment, by Business Model
• Horizontal E-commerce
• Vertical E-commerce
E-commerce Market Assessment, by Browsing Medium
• Desktop / Laptop
• Mobile / Tablet
E-commerce Market Assessment, by Payment Mode
• Card Payments
• Digital Wallets
• Bank Transfers
• Cash Payments
• Other Payment Modes
E-commerce Market Assessment, by Operational Channel
• Pure Play E-commerce
• Omni-channel E-commerce
E-commerce Market Assessment, by Offering
• Beauty & Fashion Products
• Travel & Tourism
• Electronic Products
• Household Products
• Pharmaceutical Products
• Food & Beverage
• Other Products
E-commerce Market Assessment, by Geography
• North America
o Rest of Europe
o South Korea
o Australia & New Zealand
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East
Table and Figures
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Covered Key Topics
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Company Market Share
Market Size and Growth Rate
Market Trend and Technological