E-Commerce Global Market Report 2024 - By Report, Size, Share, Drivers, Forecast To 2033

The e-commerce market size has grown rapidly in recent years. It will grow from $3774.71 billion in 2023 to $4223.44 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to internet penetration, evolving consumer behavior, secure payment solutions, mobile adoption and apps, globalization and cross-border trade.

The e-commerce market size is expected to see rapid growth in the next few years. It will grow to $6656.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to marketplace diversification, subscription economy growth, evolving payment solutions, sustainable and ethical consumerism, expansion of ar and vr integration. Major trends in the forecast period include social commerce integration, mobile commerce dominance, personalized shopping experiences, subscription-based models, omnichannel retailing.

Market Overview -
The e-commerce market consists of sales of merchandise such as apparel, electronics, furniture, books, cosmetics, and other products through online channels. This industry includes e-commerce and m-commerce companies that offer home delivery services. The sales transaction between the retailers and their customers is typically done through the use of information technology, including the telephone and the internet, and the delivery of merchandise is typically done through the mail or couriers. The e-commerce industry also includes direct mailers who are selling their merchandise and retail through online websites.

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Surging Internet Penetration And Smartphone Adoption Fueling Explosive Growth In The E-Commerce Sector
Rising internet penetration and the growing use of smartphones are predicted to contribute to the growth of the e-commerce market. The growing usage of the internet and smartphones is shifting consumer preferences towards online shopping. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Moreover, 95% of the 68.3 million UK population, which is 65 million individuals, are expected to own a smartphone by 2025.

Competitive Landscape -
Major companies operating in the e-commerce market report are Walmart Inc., Amazon.com Inc., Apple Inc., Google LLC, JD.com Inc., Target Brands Inc., Dell Technologies Inc., PayPal Holdings Inc., Macy's Inc., Pinduoduo Inc., Vipshop Holdings Ltd., Carvana Co., Wayfair LLC, Zalando SE, MercadoLibre Inc., Suning Commerce Group Co. Ltd., eBay Inc., Chewy Inc., Flipkart Private Limited, Shopify Inc., Etsy Inc., Best Buy Canada Ltd., Gome Electrical Appliances Holding Ltd., Farfetch Limited, Otto Group, Myntra Fashion Technologies Private Limited, BigCommerce Pty. Ltd., Lenskart Solutions Private Limited, Alibaba Group, Snapdeal Limited, VTEX Commerce, Magento Commerce Inc., PrestaShop S.A., Big Cartel LLC, Volusion LLC, Squarespace Inc., Weebly Inc., Shift4Shop Inc., Miva Inc.

Government And Corporate Initiatives Drive E-Commerce Expansion With Ondc Pilot Launch In India
Increasing government and companies' initiatives to promote e-commerce sales is a leading trend in the e-commerce market. According to Entracker's news published in April 2022, Indian government launched pilot phase of Open network for digital commerce (ONDC) to democratize e-commerce sector to facilitate e-commerce of small retailers, which is projected to boost the sector's growth in the country.

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Key Segments -
The e-commerce market covered in this report is segmented -
1) By Model Type: Business to Business (B2B), Business to Consumer (B2C)
2) By Payment Mode: Card Payments, Bank Transfers, Digital Wallets, Cash Payments, Other Payment Modes
3) By Application: Home Appliances, Clothing and footwear, Books, Cosmetics, Baby Goods, Groceries, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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