E-Commerce Market size was valued at USD 24029.23 billion in 2022 and is poised to grow from USD 26673.64 billion in 2023 to USD 62415.2 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
Rapidly increasing internet penetration and evolving consumer preferences are projected to be key factors promoting the demand for e-commerce around the world. Increasing digitization of the retail industry is also expected to favour the demand for e-commerce platforms over the coming years. Moreover, an increasing number of e-commerce companies around the world are also expected to create new business opportunities going forward.
E-commerce companies should focus on expanding their business scope through the launch of new services and products. With the presence of key names such as Alibaba and Amazon in this industry, the competition is quite tough. However, innovative marketing and attractive discounts and offers are expected to play a crucial role in creating new opportunities for incoming e-commerce companies. Developing and underdeveloped countries are forecasted to be the most opportune markets for e-commerce companies in the long run as disposable income of people is increasing.
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Launching New Products to Stay Competitive – Key Strategy for e-Commerce Providers
e-Commerce companies should focus on collaborations and partnerships to expand their business scope and offer more products and services. Providing great discounts will also be a key focus of many e-commerce companies looking to increase their revenue generation potential in the future. Integration of advanced payment options and providing buy now pay later services will also help e-commerce companies expand their revenue generation potential in the long run. Quick commerce is also a key trend that e-commerce companies can capitalize on going forward.
- In February 2024, Energy Efficiency Services Limited (EESL) an Indian state-owned organization announced the launch of its new e-commerce platform in its beta version. The company intends to maximize its sales and offer customers affordable energy products to its users through this new move.
- In August 2024, Chanel, a renowned fashion house based out of the United Kingdom announced the launch of its e-commerce platform in India. Chanel’s fragrance, beauty and eyewear offerings were made available to the Indian consumers via this platform launch and intended to capitalize on the e-commerce boom in the country.
- In October 2024, Kerala State Beverages Corporation (BEVCO) revealed its plans of launching a new e-commerce application for liquor sales. The application will not allow home delivery of liquor but allow users to choose a pickup time and location. The move is intended to reduce queues at liquor stores and modernize the liquor industry as well.
- In August 2024, Seagate Technology plc., a renowned provider of storage solutions announced the launch of its new e-commerce website in Canada to provide better shopping experience for its customers. This launch came after a successful one in the United States previously this year.
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This report covers the following segments:
- A. Business Model
- Vertical e-commerce
- Horizontal e-commerce
- B. Product Offering
- Home Appliances
- Apparel, Footwear
- Accessories
- Books
- Beauty & Cosmetics
- Groceries
- Others
- C. Browsing Medium
- Desktop/Laptop
- Mobile/Tablet
- D. Business Transaction
- Business-to-Business
- Business-to-Consumer
- Consumer-to-Consumer
This report covers the following players:
- Amazon.com Inc.
- Alibaba Group Holding Limited
- Walmart Inc.
- JD.com Inc.
- eBay Inc.
- Rakuten Inc.
- Zalando SE
- Shopify Inc.
- MercadoLibre Inc.
- Etsy Inc.
- Pinduoduo Inc.
- Flipkart Internet Private Limited
- Wayfair Inc.
- Otto GmbH & Co KG
- Groupon Inc.
- Vipshop Holdings Limited
- Overstock.com Inc.
- ASOS Plc
- Qurate Retail Group, Inc.
- Chewy, Inc.
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Standing out in the e-commerce business could be a tough feat to achieve. Choosing the right strategies and markets will be crucial in determining the success of any e-commerce company going forward. Targeting domestic and local markets should be a priority for new as well as established e-commerce companies across the study period and beyond.
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