Home Shopping: Market Shifts and Future Trends in 2024

The Business Research Company recently released a comprehensive report on the Global Home Shopping 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 home shopping market size has grown rapidly in recent years. It will grow from $4,344.28 billion in 2023 to $5,003.96 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to rise of television shopping channels, before the internet era, the growth of e-commerce platforms, the proliferation of smartphones, increasing disposable income, and the development of direct marketing strategies.

The home shopping market size is expected to see rapid growth in the next few years. It will grow to $8,886.95 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to growing consumer awareness of sustainability, integration of shopping features into social media platforms, increasing spend on social media advertisements, rising urbanization, and increasing in the number of internet users. Major trends in the forecast period include the integration of technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR), increasing artificial intelligence (AI)-driven personalization, rapid digitalization, and high adoption of online shopping, technological developments, and adopting safe payment systems.

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Market Drivers and Trends:

The increasing e-commerce activities are expected to propel the growth of the home shopping market going forward. E-commerce, also known as electronic commerce, refers to the buying and selling goods and services over the internet. The increasing e-commerce activities are due to the widespread availability of high-speed internet, improved logistics and shipping solutions, and increasing secure and efficient online payment gateways. E-commerce platforms can offer a superior and convenient shopping experience, attract a broader customer base, and optimize their operations for growth and efficiency. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total e-commerce sales were $1,118.7 billion in 2023, an increase of 7.6% (±1.2%) from 2022. Therefore, the increasing e-commerce activities drive the home shopping market

Major companies operating in the home shopping market are focused on technological advancements, such as immersive digital shopping experiences, to explore and buy products from the comfort of their homes. An immersive digital shopping experience is a multi-sensory experience that combines various interactions to create intuitive and emotional value for the user. This type of experience can be presented through different interfaces, including flat screens, natural interfaces (voice, spatial, gesture-based, auditory, or olfactory), and extended reality (3D, augmented, virtual, or mixed reality) technologies. For instance, in May 2024, Walmart, a US-based retail corporation operating a hypermarket chain, launched Walmart Realm, an immersive digital shopping platform. It lets customers explore virtual environments themed around various styles and product categories. Walmart Realm includes influencer-led virtual shops, gamification elements such as mini-games and collectible rewards, and partnerships with content designers and platform providers such as Sawhorse and Emperia.

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Major Key Players of the Market:

Walmart Inc., Amazon.com Inc., JD.com Inc., Alibaba Group Holding Limited, Majid Al Futtaim, eBay Inc., Flipkart Private Limted, HSE Home Shopping GmbH, Croma, Vaibhav Global Limited, Meesho, Naaptol Company, Shop LC, Hammacher Schlemmer, American Swan, ShopHQ, HomeShop18, Ubuy, Koovs PLC, Tata Cliq, Planet Shopping, Sears, Roebuck and Co.

Home Shopping Market 2024 Key Insights:

• The home shopping market size is expected to see rapid growth in the next few years. It will grow to $8,886.95 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• The Role Of Increasing E-Commerce Activities In Propelling The Home Shopping Market
• Technological Advancements In Home Shopping With Immersive Digital Shopping Experience
• Asia-Pacific was the largest region in the home shopping market in 2023

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This release was published on openPR.