The Retail E-Commerce Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Retail E-Commerce Global Market Report 2024, 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.
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.
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The retail E-commerce market covered in this report is segmented –
1) By Type: Pure Marketplace, Hybrid Marketplace, Brand, Retail Chain
2) By Sector: Organized, Unorganized
3) By Distribution Channel: Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Department Stores, E-Commerce, Other Distribution Channels
Major companies operating in the retail e-commerce market are increasing their focus on introducing e-commerce clouds to gain a competitive edge in the market. The e-commerce cloud refers to a cloud computing environment that provides scalable and flexible infrastructure, storage, and computing resources to support and host e-commerce applications and websites. For instance, in October 2023, Flipkart, an India-based e-commerce company, launched the Flipkart Commerce Cloud. It is a suite of retail intelligence solutions designed to help retailers and e-commerce companies globally grow their businesses and solve business needs through intelligent and AI-driven solutions. Each solution is built using artificial intelligence and machine learning and is constantly scale-tested at Flipkart every day. The system is designed to help retailers across the world grow their businesses and solve business needs through intelligent and AI-driven solutions.
The retail e-commerce market report table of contents includes:
1. Executive Summary
2. Retail E-Commerce Market Characteristics
3. Retail E-Commerce Market Trends And Strategies
4. Retail E-Commerce Market – Macro Economic Scenario
5. Global Retail E-Commerce Market Size and Growth
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26. South America Retail E-Commerce Market
27. Brazil Retail E-Commerce Market
28. Middle East Retail E-Commerce Market
29. Africa Retail E-Commerce Market
30. Retail E-Commerce Market Competitive Landscape And Company Profiles
Top Major Players:
- Walmart Inc
- Amazon.com Inc
- Apple Inc
- Costco Wholesale Corporation
- The Home Depot Inc
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