By Hitesh Jethva
According to Grand View Research, “The e-commerce industry was 9.09 trillion dollars in 2019 and is expected to rise by 14.7% from 2020 to 2027.” There is a clear change in consumer behavior with the increase of smartphone users and online shopping. From digital content to selling IT services online, e-commerce is increasing dramatically since most people are familiar with the Internet.
Moreover, the implementation of 4G and 5G Internet networks gives smooth access to users, thereby leading to an increase in the e-commerce market. Small and medium industries are taking advantage of the Internet and acquiring customers through online stores.
Merriam-Webster defines e-commerce as ”any activities that relate to the buying and selling of goods and services over the Internet.” The e-commerce market is a designed place or website to buy and sell various products online. Here, every product and service is sold into external marketing through online sales and marketing. According to the data provided by eMarketer, worldwide e-commerce sales have increased by 27.6% over the last few years.
Today, e-commerce offers several advantages:
With the brick-and-mortar industry largely shut down throughout 2020, customers began searching for products and services online, making the e-commerce industry more of a necessity than ever.
In 2021, the global e-commerce market has had a substantial growth rate, which will grow further next year. Thus, marketers have witnessed a profitable option for online retailers with Borderless e-commerce.
In 2019, the sales made from online purchases were 13.6%. However, in 2021, that number has reached 19.5%, a 5.9% increase in the e-commerce market within two years.
The global retail market is growing at a fast pace. Let’s take a look at a detailed overview of the sales growth.
B2B businesses have been dominating the e-commerce market with a market share of 63.1% since 2019 in terms of revenue. A substantial increase in this market is expected from 2020 to 2027. Thus, it contributed to the growing inclination of the organizations towards buying and selling goods and services online. Also, the use of smartphones and the Internet has made a vast contribution to the rise of the B2B e-commerce market segment.
The acceptance of technology has also made the e-commerce sector more reachable and efficient. The intense smartphone use also heightened the demand for online purchasing, thereby having a drastic impact on B2B and B2C businesses. It has changed the shopping experience of customers.
Thus, there are multiple product options to buy. The rise of e-commerce has allowed people to purchase products from anywhere in their country.
There are many players in the market implementing new marketing strategies to have a considerable online presence. It will let them stay in the market for a longer time.
Bigger brands are expanding their businesses via strategic partnerships, mergers, and acquisitions to operate their e-commerce stores effectively.
It is anticipated that global retail sales will increase continuously in the retail market share. A report by eMarketer states, “We project worldwide retail e-commerce sales will total 6.16 trillion dollars and make up a 22.3% share of total retail sales.”
Though 2020 has been relatively arduous for the retail market, there has been a double-digit rise in e-commerce growth. Also, despite a 3% reduction in the overall sales rate, Latin America encountered a tremendous growth of 36.7% in 2020. Later, marketers saw incredible growth in the Argentinian e-commerce market (79%) and Singaporean e-commerce market (71.1%) in 2020.
China is leading in the global e-commerce market with total online sales of 2.8 trillion dollars, followed by the United States with 843 billion dollars and the United Kingdom with 169 billion dollars. The fourth and fifth places are occupied by Japan and South Korea with 144.08 billion dollars and 120.56 billion dollars, respectively.
The three of the top five markets are the parts of the Asian Pacific Region with a global market share of 62.6%. This provides us with enough proof of the rise of the e-commerce market globally.
Alibaba Cloud E-Commerce Solution offers global businesses the same leading technologies that support the Double 11 Global Shopping Festival. It is a road map for advanced e-commerce scenarios, including an intelligent chatbot, omnichannel marketing, personalized content recommendation, and livestreaming. Essentially, Alibaba Cloud offers an e-commerce solution that enables the growth of their customer businesses.
Alibaba Cloud helps your e-commerce business in the following ways:
The statistics and data mentioned above show the expansion of the e-commerce industry worldwide. The pandemic shut down the entire world (including retail stores), but the e-commerce industry was still growing. As technology advances and Internet speeds increase, the e-commerce industry will continue to grow at the same pace.
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