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Global Subscription E-Commerce Market Report 2024: Consumer Trends and Growth Forecast
Subscription E-commerce Market Size
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According to The Business Research Company's, The subscription e-commerce market size has grown exponentially in recent years. It will grow from $199.41 billion in 2023 to $330.58 billion in 2024 at a compound annual growth rate (CAGR) of 65.8%. The growth in the historic period can be attributed to convenience and time-saving, personalization and curation, discovery and exploration, loyalty and retention, diverse product categories, flexible subscription plans.
The subscription e-commerce market size is expected to see exponential growth in the next few years. It will grow to $2227.63 billion in 2028 at a compound annual growth rate (CAGR) of 61.1%. The growth in the forecast period can be attributed to enhanced customer experience, sustainability focus, mobile app accessibility, supply chain optimization, innovative product offerings. Major trends in the forecast period include specialized subscription boxes, rental and try-before-you-buy models, artificial intelligence (AI) and predictive analytics, flexible subscription models, integration with lifestyle trends.
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Market Drivers and Trends:
The rapid growth of online shopping will contribute to the growth of the subscription e-commerce market going forward. The benefits of online shopping over retail purchases are shifting consumer preferences towards online shopping, especially those who opt for a subscription with additional benefits. Customers prefer to shop online because it increases convenience, reduces reliance on store visits, lowers travel costs, expands market space, lowers overheads, lowers costs, provides detailed information about products and services, and enables price comparisons, availability in a wide range of products, customer satisfaction, and the absence of crowds. For instance, in 2021, the US Census Bureau of the Department of Commerce estimated $222.5 billion in US retail e-commerce sales during the second quarter, a 3.3% increase from the previous quarter. The increasing growth of online shopping will boost the demand for subscription e-commerce market.
Strategic partnerships and collaborations are a key trend followed by the companies operating in the subscription e-commerce market. Many e-commerce platforms operate in the e-commerce subscription market. Collaboration enables them to extend their market share and gain a competitive edge in the market. For instance, in April 2021, Adobe and FedEx collaborated to drive innovation in e-commerce with the integration of ShopRunner, an e-commerce platform and subsidiary of FedEx, with Adobe Commerce.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Costco Wholesale Corporation, The Home Depot Inc., The Kroger Co, Target Corporation, Unilever plc (Dollar Shave Club), Best Buy Co Inc., Porsche AG, Netflix Inc., Salesforce Commerce Cloud Inc., Adobe Commerce Inc., PetSmart Inc., HelloFresh SE, Wix.com Ltd., Subbly LLC, Barkbox Inc., Blue Apron Holdings Inc., Drupal Association, Birchbox Inc., Ipsy Inc., Recurly Inc., WooCommerce Inc., Sephora Play Inc., Salsita Software, Saleor Inc., Rockets of Awesome Inc., Joomla! Project, Bitsbox Inc., Shop BBC, BigCommerce Pty. Ltd., Chewy Inc., CommerceTools AG, eBay Inc., Edgewell Personal Care (Harry's Inc.), Etsy Inc., Flintobox Inc., IKEA Systems B.V., Justfab Inc., Magento Inc., Nature Delivered Inc., OroCommerce Inc., Sellfy Inc., The Walt Disney Company, Walgreens Boots Alliance Inc., Walmart Inc.
Subscription E-commerce Market 2024 Key Insights:
• The subscription e-commerce market size is expected to see exponential growth in the next few years. It will grow to $2227.63 billion in 2028 at a compound annual growth rate (CAGR) of 61.1%.
• Rising Online Shopping Preferences Drive Demand For Subscription Services
• Companies Forge Strategic Alliances For Market Expansion And Innovation
• North America was the largest region in the subscription 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.
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