According to Stratistics MRC, the “Global E-Commerce Market” is 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 the society, customer interaction & marketing forces and multimedia convergence. However, risk of e-commerce frauds and imprecise return policies are the restraining factors for the growth of the market.
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E-commerce can be defined as electronically conducted commercial transactions via the internet, pertaining to the buying and selling of goods and services. These business dealings occur either as business-to-consumer, business-to-business, consumer-to-consumer, or consumer-to-business. Data exchange, informational and fiscal related, is also built-in a part of e-commerce. It is chosen as it allows companies to conduct business without having physical presence, hence reducing infrastructure, communication and other related overhead costs and speeding up the transactions by eliminating many needless intermediaries. E-commerce is governed by multiple regulatory bodies and several horizontal regulations. There is a need for harmonization of laws and regulations covering the e-commerce ecosystem, giving them a common definition and intent. A holistic policy framework for e-commerce should be able to, at the same time, adapt to the fast-changing technology and consumer preferences.
Opportunity: Social media advertising & surge in B2B e-commerce would provide ample opportunities for the market growth.
Social media advertising is one of the latest e-commerce market trends that are gaining traction in the industry over the forecast period, which not only allows advertisers to use display banner ads but also sponsored content to attract customers. Amazon and eBay are among the leading e-commerce platforms which are improving their B2B landscape by launching new B2B portals. These services allow users to purchase commodities and provisions in bulk for their registered businesses, which in turn, are helping them boost sales by incorporating bulk pricing. By leveraging insight-based product content, B2B firms ensure easy access to product information and make informed purchase decisions.
Driver: Advanced technologies are driving the market growth.
Adoption of technologies like Big Data Analytics (BDA), artificial intelligence, and machine learning has benefitted the e-commerce industry vastly. BDA, with machine learning, allows identification of optimal price, determination of the most profitable customer category and related goods, and helps decide the ideal level of inventory. AI helps in capturing data from all avenues such as social media, chatbots, customer service interactions, and mobile messaging, which are fed into BDA software to facilitate accurate analysis of data.
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Depending on the category, business to business (B2B) segment is expected to witness the significant growth during the forecast period, due to rising inclination of the companies towards online selling and buying of the goods and services. Furthermore, increasing penetration of Smartphone’s, coupled with internet usage, is anticipated to drive the B2B e-commerce segment over the forecast period. The B2B e-commerce comprises the buying and selling of goods and services between business corporations. Moreover, these e-commerce platforms offer companies with new possibilities of buying and selling the products, thus reducing the operational as well as inventory costs.
By geography, Asia Pacific region is anticipated to witness the considerable growth during the forecast period, owing to increasing preference among businesses to carry out businesses through B2B e-commerce platform, developing infrastructure facilities and surging number of internet users are expected to fuel the regional market growth. Furthermore, the region is expected to witness a rise in demand for B2B e-commerce adoption, which can be attributed to smartphone proliferation. Additionally, the Chinese market is going through a consumer revolution, wherein international products are taking benefit of innovative marketing, research techniques, and advertising. Brand consciousness is getting more importance in attracting Chinese consumers. Luxury goods and service providers are witnessing significant growth in China.
Some of the key players in 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.
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eBay: In Dec, 2019, eBay has agreed to acquire Cox Automotive Media Solutions, which owns CarsGuide.com.au and Autotrader.com.au, leading automotive platforms that make it easier to review, buy and sell cars in Australia. The two consumer brands will join the Gumtree Australia business, a part of the eBay Classifieds Group (eCG) portfolio. Together, Autotrader.com.au, which has about 2,300 dealers and approximately 90,000 listings, and Gumtree, which has approximately 1,800 dealers and about 80,000 private-party listings, provide a compelling car-buying offering and enable Gumtree to develop a more competitive and attractive platform for Australian consumers. This acquisition is an important part of eBay Classifieds Group’s virtualization strategy in the automotive market, following their successful acquisition of Motors.co.uk in the United Kingdom earlier this year.
Barnes & Noble: In May, 2019, Barnes & Noble, Inc., the world’s largest retail bookseller, has introduced new NOOK® GlowLight Plus®, with the Company’s largest E-InkTM screen to date. The waterproof NOOK GlowLight Plus has a 7.8” screen that is perfect for reading at home or on the go, 8 GB of storage space for thousands of books, and the warmth of Barnes & Noble’s “glowlight” technology for easy reading day or night. The NOOK GlowLight Plus is designed with a soft-touch finish that is easy to hold for long periods of time and page-turning buttons on both sides of the device for right or left-handed use. Barnes & Noble’s eReader lighting technology has adjustable settings for a cool white color during the day and a warmer tone at night, perfect for bedtime reading.
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