Online Retail Market Size 2023 - Industry Growth, Share, Trends, Top Players, Key Application and Forecast 2030 | Amazon Inc., Alibaba Group, eBay Inc.

Market Overview:

The online retail market involves buying and selling of various consumer goods through the internet. Products include apparel, consumer electronics, food and beverages, personal care, home furnishings and others. This has enabled consumers to purchase goods from the comfort of their home.

Market Dynamics:

The online retail market is expected to witness significant growth owing to increasing e-commerce penetration globally. Rapid growth of smartphones and internet connectivity has made online shopping more convenient. Moreover, availability of attractive deals and discounts by online retailers is also driving more customers to shop online. Changing consumer preference towards convenience and comfort of online shopping as compared to visiting physical stores has boosted the online retail sales. Furthermore, product reviews and recommendations available online help buyers in informed decision making which has increased the trust of customers in online platforms.

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Major market players included in this report are:

★ Amazon Inc.
★ Alibaba Group
★ eBay Inc.
★ Otto GmbH & Co KG
★ JD.com Inc.
★ Groupon Inc.
★ Shopify Inc.
★ Flipkart
★ Rakuten Inc.
★ Zalando S.E.

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type, the market is primarily segmented into:

★ Fashion
★ Media & Entertainment
★ Beauty & Personal Care
★ Furniture
★ Food & Beverages
★ Sports & Recreation
★ Electronics
★ Toys
★ Others

By Applications, the market is segmented into:

★ B2B (Business to Business)
★ B2C (Business to Consumer)

Regional Analysis:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✦ Increasing Internet Penetration is Driving Growth in the Online Retail Market

The growing penetration of the Internet around the world has been one of the key drivers of growth for the online retail market. As access to high-speed Internet connections becomes more widespread through both fixed and mobile networks, a larger proportion of the global population is able to shop online. Between 2010 and 2020, global Internet users increased from around 2 billion to over 4.5 billion currently according to data from the International Telecommunications Union. This growing pool of potential online customers has allowed ecommerce retailers to significantly expand their addressable markets over the past decade. Younger generations who have grown up with the Internet are also much more likely to start their product searches and purchases digitally rather than in physical stores. Sustained double-digit annual growth rates in the number of global Internet users is expected to continue propelling online retail spending upwards in the coming years.

✦ Rising Smartphone and Mobile Commerce Adoption is Driving Growth in the Online Retail Market

Closely linked to increased Internet access is the proliferation of smartphones around the world. More than 60% of the global population now owns a smartphone according to Statista, up from just 35% in 2015. This surge in mobile connectivity has had a transformational impact on online shopping behaviors with customers now more readily able to browse products and complete purchases on the go via mobile apps and retailer websites formatted for smaller screens. With over 75% of all online visits in some countries now occurring via mobile devices, retailers have had to optimize their digital shopping experiences for this channel. The transition towards mobile commerce continues to open up new avenues of growth for online retailers and has become integral to their strategies to reach customers wherever and whenever it is most convenient for purchases to be made. Advances in mobile payment technologies have only served to further accelerate this shift towards retail being mediated via smartphones.

✦ High Fulfillment Costs Pose a Challenge for the Online Retail Market

While online retail offers advantages to both customers and merchants in terms of convenience and access to vast product assortments, the logistics and fulfillment costs associated with ecommerce present a lingering challenge. Processing, packing and shipping individual orders requires substantial warehousing and transportation infrastructure that incurs fixed costs whether sales volumes are high or low. These fulfillment expenditures have historically exceeded margins on many smaller online orders, necessitating high overall order volumes and economies of scale to reach profitability. For retailers without scale or optimized logistics networks, fulfillment can consume much if not all of the theoretical margin on an online transaction. Rising consumer expectations around delivery speeds have also put cost pressures on retailers needing to rapid fulfill and dispatch orders from numerous stock-keeping units spread across different fulfillment centers. Maintaining efficient fulfillment operations poses an ongoing strategic challenge for online retailers looking to minimize costs and keep prices competitive.

✦ Growing Adoption of Online Grocery Shopping Present an Opportunity for Expansion

While some of the largest opportunities for online retail growth have centered around apparel, consumer electronics and books for many years, grocery has emerged as one of the segments most ripe for further expansion. Traditional brick-and-mortar supermarkets and hypermarkets have long had difficulty replicating their physical shopping experiences for online and delivery models. However, pure-play online grocery retailers as well as click-and-collect programs from stores are seeing increasing success penetrating the market. Consumers have become more comfortable with the idea of having perishable, frozen or fresh food items delivered to their homes as delivery capabilities from retailers have improved. According to eMarketer, worldwide online grocery sales are expected to grow 23.5% annually through 2024 to surpass $250 billion that year. Younger demographics that have come to expect one-day or same-day delivery of a wide variety of items view grocery as very much an online shopping category. The growing opportunity for retailers and new startups means continued improvement and experimentation with online grocery business models.

✦ Advancements in AI Technologies Will Shape Future Trends in Online Retailing

Artificial intelligence and machine learning capabilities continue to rapidly progress and will significantly influence how online retail business are run and shape the shopping experiences of the future. Personalization engines powered by AI will gain nuanced understandings of individual customers to provide hyper-relevant and targeted product recommendations, personalized pricing, and customized content. Sophisticated predictive analytics and forecasting algorithms will optimize inventory management,

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Key Questions

• How much revenue will the global Online Retail Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Online Retail Market?

• What are the indicators expected to drive the global Online Retail Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Online Retail Market to expand their geographical presence?

• What are the major advancements witnessed in the global Online Retail Market?

• This report answers these questions and more about the global Online Retail Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Online Retail Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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