Global Online Retail Market to Attain a Significant CAGR on the Back of Rising Sales of Smartphones & a Surge in the Number of Online Transactions Globally by 2027
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global online retail market is anticipated to grow at a significant CAGR over the forecast period (2020-2027), owing to increasing sales of smartphones and access to internet becoming simpler, including growing usage of debit cards by the general population for conducting cashless transactions and the improved investments observed in logistics and warehouses. Growing focus by organizations to scale up order fulfillment systems with proper responses received, including expanding their operations to cover their target customers not only domestically, but from across all regions in many ways, such as entering into partnerships with international companies for improving their sales prospects is anticipated to aid the growth of the market over the forecast period.
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The growth in the number of smartphone users across the globe accompanied by penetration of internet that has managed to cover even the remotely located areas across almost all regions have acted as major factors that have contributed to the growth of the market. Other factors such as shift in the consumers buying behaviour who have begun to opt for transacting online for their purchases and sales through the internet, owing to the speed at which goods can be selected and purchased online which is also delivered at the doorsteps of the consumer and the convenience provided to the user who can conduct these transactions from their smartphones within minutes, thus saving time and efforts are anticipated to drive the growth of the market over the forecast period.
However, the growth of the online retail market is not free from limitations such as lack of complete trust among the population towards online transactions which requires considerable time and effort to be made by online retailers to convince their customers to overcome their suspicions about transacting online and to explain the benefits that accrue to a consumer by transacting online. Moreover, personal interaction is very limited with the consumers while transacting online. All of these factors may operate as major restraints to the growth of the market over the forecast period.
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The global online retail market consists of two segments which are segmented by product and by distribution channel. Apparel forming part of product segment is predicted to occupy the largest market share, owing to a surge in sales of apparel observed across the globe. The market in Asia Pacific region had observed significant progress in their clothing exports, with China maintaining the leading position as exporters of clothing as of 2018 and India improving its export revenues considerably to stay among the top ten countries with improvement in their export sales of clothing globally.
This report also provides the existing competitive scenario of some of the key players of the global online retail market which includes company profiling of Amazon.com, Inc. (NASDAQ: AMZN), JD.com, Inc. (NASDAQ: JD), Alibaba Group Holding Ltd. (NYSE: BABA), Suning.Com Co. Ltd. (SHE: 002024), Walmart, Inc. (NYSE:WMT), Dell Technologies, Inc., (NYSE:DELL), Vipshop Holdings (NYSE: VIPS), Gome Retail Holdings Ltd. (HKG: 0493), Macy’s Inc. (NYSE:M) and Apple, Inc. (NASDAQ: AAPL). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global online retail market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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