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The global online retail market is estimated to grow at a CAGR of 10% during the forecast period 2023-2031. The market growth is attributed to various factors such as growing technological adoption, both at the retailer and customer level, along with easy availability and accessibility of smartphones has enabled the online retail sector to be more efficient and reachable.
Online retail services are growing at an astonishing rate, with online sales now accounting for more than a quarter of the total retail market, will help to grab high market shares over the forecast period. Major factors supporting this growth are convenience of shopping for customers and improvements in online platforms, in terms of functionality, integration and deployment, and wider applicability. This has progression amid busy lifestyles and availability of a plethora of options to shop from the comfort of home.
Technological advancements in the online retail sector in the form of technology-enabled online trials of apparel and accessory, increasing reachability of retailers from the local areas to overseas, cheaper prices due to lower operational costs of goods sold online as compared to brick-and-mortar store, are some of the key factors behind the outperformance of expanded online retail market.
Segmentation Overview of the Global Online retail market
The global online retail market is segmented on the basis of product, business model and application. These major market segments are further categorized into various sub-segments to study the market in detail.
Geographically, the global online retail market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the Asia Pacific online retail market dominated the global marketplace for e-commerce with a significant share of more than 50% in 2020 and is expected to witness the fastest growth during the forecast period 2021 to 2027. This growth and dominance is attributed to a growing preference among businesses to carry out businesses through the B2B e-commerce platform. Furthermore, developing infrastructure facilities and surging the number of internet users are expected to fuel the regional market growth.
Key Players Insights
Albertsons Companies, Inc., Alibaba Group Holding Ltd, Amazon.com, Inc., Best Buy, Coupang Corp., Ebates Inc., eBay Inc., Inter IKEA Systems B.V., The Home Depot, JD.com, Inc., Otto (GmbH & Co KG), Rakuten, Taobao, The Kroger Co. and Walmart Inc. among others are some major players included in the research study of the global online retail market.
Research Report on the Global Online Retail Market Include:
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