Consumer Electronics E-Commerce Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast

"The Business Research Company recently released a comprehensive report on the Global Consumer Electronics E-Commerce Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The consumer electronics e-commerce market size has grown rapidly in recent years. It will grow from $614.98 billion in 2023 to $701.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to online shopping convenience, product variety, competitive pricing, mobile shopping.

The consumer electronics e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1154.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to technological advancements, ai and personalization, e-commerce marketplaces, mobile payments. Major trends in the forecast period include virtual try-on, ai-powered recommendations, omnichannel retail, sustainability and eco-friendly products.

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Market Drivers and Trends:

Consumers are shifting from offline to online shopping, and this factor is the key driving factor in the consumer electronics e-commerce market. Globally, nearly 53% of the global population (more than 4 billion people) is connected to the internet, and nearly all of them (92.6%) go online using their mobile devices. Internet connectivity has presented an opportunity for hassle-free shopping anytime, anywhere. Internet accessibility, mobile technology, and digital innovations are changing consumers' shopping experiences. With customers' trust in buying high-value products, including electronics, on the Internet, the number of online shoppers is skyrocketing. Therefore, with the increased penetration of online shopping in consumers' lives, the value of the electronics e-commerce market is expected to only rise but not slow down.

Augmented reality (AR) technology enhances the online shopping experience. Online shoppersty (AR) technology enhances the online shopping experience. Online shoppers' uncertainty about a product they wish to purchase online is solved with AR technology. AR solutions allow customers to visualize products in real-time, from the comfort of their homes. The 3D visualizations via AR provide an opportunity for customers to see how products could look in their space before they commit to purchasing them. They can try different options and choose the best product. It reduces the inconvenience due to the return or exchange of products and saves time and the cost of returns. AR helps online retailers significantly reduce returns by providing a 'try-before-you-buy' digital experience. For example, Augment is an augmented reality tool that allows customers to view a product in real-time. Augment helps customers to rotate and see products so that they can be visualized in a natural setting. Also, customers can change the product colors and finishes.

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Major Key Players of the Market:

Alibaba Group Holding Limited, Amazon.com Inc., JD.com Inc., eBay Inc., Shopify Inc., Rakuten Inc., Walmart Inc., Newegg Inc., Target Corporation, Flipkart Internet Private Limited, Best Buy Co. Inc., Apple Inc., B&H Foto & Electronics Corp., Crutchfield Corporation, GameStop Corp., P.C. Richard & Son Inc., Adorama Inc., Abt Electronics Inc., Overstock.com Inc., CDW Corporation, BuyDig.com LLC, HSN Inc., QVC Inc., Monoprice Inc.

Consumer Electronics E-Commerce Market 2024 Key Insights:

• The consumer electronics e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1154.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Rise Of Online Shopping Drives The Consumer Electronics E-Commerce Market
• Transforming Online Shopping With Augmented Reality
• North America was the largest region in the consumer electronics e-commerce market in 2023

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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.