Retail E-Commerce Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Retail 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 retail e-commerce market size has grown rapidly in recent years. It will grow from $6.23 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to consumer convenience, expanding Internet access, changing consumer preferences, globalization of markets, promotional strategies.

The retail e-commerce market size is expected to see rapid growth in the next few years. It will grow to $10.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to mobile commerce growth, personalized shopping experiences, sustainable practices, supply chain optimization, economic trends. Major trends in the forecast period include live commerce and shoppable livestreams, personalization through AI and machine learning, contactless payment solutions, localization and hyper-local e-commerce, ephemeral content and limited-time offers.

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Market Drivers and Trends:

The increase in the usage of smartphones is significantly contributing to the growth of the retail e-commerce market going forward. Smartphone refers to a cellular telephone with an integrated computer and other features such as an operating system, the ability to run software applications, and web browsing. Smartphones help retail e-commerce by facilitating buying and selling goods and services through this wireless handheld device. For instance, according to Oberlo, a Germany-based drop shipping company, in 2022, the number of global smartphone users were estimated at 6.6 billion, marking a 4.9% annual increase. Therefore, increase in the usage of smartphones is driving the retail e-commerce market.

Technological advancement is a key trend gaining popularity in the retail e-commerce market. Major companies operating in retail e-commerce are focusing on using the latest technologies like augmented reality, virtual reality, artificial intelligence, and machine learning to enhance user experience and gain a competitive edge in the market. For instance, Avataar, an India-based 3D and augmented reality company launched its single-click integration solution for online retailers. To provide consumers with an engaging 3D augmented reality (AR) purchasing experience, the company's out-of-the-box product will link with e-commerce platforms like Shopify and BigCommerce. Supernova, Avataar's computer vision, and AI-powered 3D content creation platform, powers the turnkey solution, allowing retailers to swiftly produce 3D product catalogs at scale. Within hours, the proprietary technology scans a merchant's existing product inventory and produces a photorealistic, life-size 3D enhancement. Avataar's platform also provides end-to-end workflow management, which includes quality checks and lives hosting.

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Major Key Players of the Market:

Walmart Inc., Amazon.com Inc., Apple Inc., Costco Wholesale Corporation, The Home Depot Inc., The Kroger Co, Alibaba Group Holding Ltd., Meta Platforms Inc., Target Corporation, Dell Technologies Inc., Albertsons Companies Inc, Best Buy Co Inc., Inter IKEA Systems B.V., Hewlett-Packard Company, Macy's Inc., Coupang Corp, Otto GmbH & Co KG, Nordstrom Inc., Wayfair Inc., Rakuten Group Inc., eBay Inc., BBC Worldwide Ltd., Shopify Inc., Etsy Inc., IndiaMART InterMESH Ltd., IKEA AB, Ebates Inc., Taobao, Clues Network Pvt Ltd., Infobae Americas

Retail E-Commerce Market 2024 Key Insights:

• The retail e-commerce market size is expected to see rapid growth in the next few years. It will grow to $10.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Rising Smartphone Usage Propels The Growth Of Retail E-Commerce
• Retail E-Commerce Embraces Technological Advancements For Enhanced User Experience
• Asia-Pacific was the largest region in the retail e-commerce market in 2023

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