The Global E-Commerce market accounted for $3.69 trillion in 2018 and is expected to reach $18.89 trillion by 2027 growing at a CAGR of 19.9% during the forecast period. Some of the key factors propelling the market growth include women preferring online shopping, increased influence of social networking platforms on society, customer interaction & marketing forces and multimedia convergence. However, the risk of e-commerce frauds and imprecise return policies are the restraining factors for the growth of the market.
E-commerce can be defined as electronically conducted commercial transactions via the internet, pertaining to the buying and selling of goods and services. Data exchange, informational and monetary related, is also included a part of e-commerce. It is preferred as it allows companies to conduct business without having a physical presence, thus reducing infrastructure, communication, and other related overhead costs and speeding up the transactions by eliminating many unnecessary intermediaries.
By application, the home appliances sector is anticipated to grow at the significant rate during the forecast period, due to increasing credibility of the brands online and the frequent tendency of consumers to upgrade their homes. The segment includes consumer electronics, houseware, and other kitchen appliances. Moreover, the growing trend towards recycling and the use of smart energy in consumer electronics will be a major factor in augmenting the growth prospects for this segment in the coming years.
On the basis of geography, APAC will be the significant growing region in the e-commerce market during the forecast period owing to the increasing internet penetration and high purchasing power of the middle-class population. The local vendors dominate the region’s market and restrict the influence of foreign players, thereby maintaining the revenue growth.
Some of the key players in the e-commerce market include Apple, eBay, Groupon, 360buy.com, Microsoft, Alibaba, Amazon.com, Google, PayPal, Sony store, iTunes, Amway, Wal-Mart, Snapdeal, Symantec, Barnes & Noble, Flipkart, Jabong, Lenskart, and Myntra.
Ecommerce sector is estimated to bloom in the upcoming period. And new players are set to enter the lucrative industry. Panacea Infotech, a leading technology partner in ecommerce development, foresights the growth of the Magento development in the ecommerce sector.
Source: PR Newswire