Artificial Intelligence
Global e-Commerce Market to Hit Sales of $58.74 Trillion By 2028 | E-commerce Market Has Come a Long Way, Still Need to Overcome Some Challenges
Westford, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) — The rapidly expanding e-commerce market is a major force in the global economy, with growth rates consistently outpacing those of traditional retail. The industry is expected to grow even more quickly in the coming years, as more consumers shift their purchases online. This growth has been helped in part by the advent of mobile technology, which has made online shopping more convenient for customers. Continued innovation and development in e-commerce platforms will continue to drive growth in this sector.
It is no surprise then, that online marketplaces such as Amazon, eBay, Flipkart, Walmart, and Alibaba have achieved impressive scale and continue to grow at an even more rapid pace.
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What does this mean for businesses operating in the e-commerce space? Simply put, there are now hundreds, if not thousands, of ways for customers to purchase products and services online. This diversity creates significant opportunities for companies of all sizes and shapes to participate in this growing e-commerce market. Furthermore, the proliferation of mobile devices and apps has made it possible for shoppers to buy products anytime and anywhere they want – whether they are seated at home or on a bus ride across town.
The rapidly expanding e-commerce market is expected to grow even more in the coming years, as businesses strive to take advantage of the many benefits it provides. These benefits include lower costs and faster turnarounds, making it a popular choice for small and medium businesses. E-commerce stores are highly scalable, allowing them to grow quickly as demand grows. This makes them well suited for businesses that need to expand quickly but don’t want to invest a lot of money up front. Additionally, e-commerce platforms are often easier and cheaper to maintain than traditional storefronts.
As per SkyQuest study, large companies benefit the most from the e-commerce market because they can quickly test new products and markets without risking large investments. Small businesses can also benefit from e-commerce platforms, as they can start selling products immediately without having to invest in any equipment or inventory.
No Doubt E-commerce Market Has Come a Long Way, Still Need to Overcome Some Challenges
SkyQuest has recently released a study on the e-commerce industry. The report identifies some key challenges and opportunities for the sector.
Some of the main challenges identified in the report include that global growth is slower than expected, there is a lack of trust among consumers, and payments are still a challenge. On the other hand, opportunities include growing demand from developing countries, increasing global participation by small businesses, and increased innovation in e-commerce.
One way in which global growth of the e-commerce could be accelerated is if more countries started to adopt digital infrastructure. This would facilitate faster online transactions and improve access to goods and services across borders. Increased global participation by small businesses also has potential benefits for the sector as they can help to increase competition and drive innovation. In addition, advancements in technology could make it easier for shoppers to buy items impulsively, which could lead to increased sales volumes.
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Thus far, digital commerce has had a largely positive impact on business operations throughout the world. However, there are some potential challenges that businesses must be aware of. For example, cyber-attacks are becoming increasingly sophisticated and can compromise customer data as well as company assets. In addition, globalization continues to increase complexity within the e-commerce landscape, which could lead to disruptions if not managed effectively. Nevertheless, these challenges pale in comparison to the promise that digital commerce holds for both retailers and their customers alike.
Additionally, data security concerns are making consumers cautious about using online platforms for their shopping needs. Governments around world are also taking steps to support innovation in the sector through policies like e-commerce marketplaces (e-marketplaces) tax breaks
The report also highlights some key barriers to growth in the e-commerce industry, including increased competition from traditional retail channels and concerns about counterfeiting and cybercrime. However, according to the SkyQuest, these challenges can be overcome if policymakers take steps to promote innovation and investment in e-commerce infrastructure and support innovative business models.
Shifting Trend to Online Shopping: More than 50% sales Come From North America
According to SkyQuest, the e-commerce market is expected to grow at a CAGR of over 26.55% and reach market valuation of $58.74 trillion by 2028. The number of online shoppers is, unsurprisingly, rising rapidly. In 2021, there were 2.14 billion online shoppers, which was up from 1.32 billion in 2014 and 1.52 billion in 2016 – that’s a 28% increase over just five years! This growth will be sustained as more consumers turn to the internet for their purchasing needs. Interestingly, though e-commerce represents a significant chunk of overall retail spending (27% in 2021), it’s not growing as quickly as traditional retail sales (32%).
This discrepancy may be because many people still prefer brick-and-mortar stores, but it’s also likely attributable to different consumer motivations: while people shopping for clothes and household items are often searching for deals, those looking for products such as electronics or books tend to shop online first because they can compare prices more easily and get shipping speedier than in a physical store. Moreover, e-commerce market has begun investing in artificial intelligence (AI) technologies in order to personalize their content offerings and recommend similar items based on a customer’s past buying behavior. Brands that successfully implement AI strategies are seeing increased engagement rates on their social media platforms, helping them attracts new customers as well as keep current ones coming back.
The United States leads the pack in terms of online retail spending, with nearly 50% of total sales coming from this country. China comes second with 17%. These two countries are expected to continue to dominate the market over the next few years, as they continue to develop and grow their respective ecommerce industries.
Online shoppers are increasingly choosing to purchase items from multiple retailers instead of just one – 78% now do so, up from 66% back in 2013! This indicates that there is a lot of potential for growth in the market place for companies who can appeal to customers on multiple levels.
Given the popularity and growth of e-commerce market, it’s no wonder that many businesses are devoting resources to building their online presence. However, not all companies are successful in achieving this goal. In fact, SkyQuest found that only a small minority (approximately 10%) of retailers achieve an “excellent” or “above-average” digital customer experience. This suggests that there are plenty of opportunities for companies to improve their digital marketing strategies and increase their customer base through better customer experiences.
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Top Players in Global E-Commerce Market
- Amazon.com, Inc.
- JD.com, Inc.
- Apple, Inc.
- Alibaba Group Holding Limited
- Flipkart Private Limited
- Walmart, Inc.
- eBay, Inc.
- Best Buy
- The Home Depot
- Otto GmbH & Co KG
- Priceline.com
- B2W Digital
- Groupon, Inc.
- Inter Ikea Systems B.V.
- Costco Wholesale Corporation
- Shopify, Inc.
- Wayfair, Inc.
- Suning.Com Co., Ltd.
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