Retail E-Commerce Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Karmarkar on May 24th, 2022 The global retail e-commerce market size is expected to reach USD 8.6trillion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 9.4% over the forecast period. The availability of the product online at low price as compared to physical stores owing to direct sale from the manufacturer without the intervention of any third-party seller is anticipated to fuel the growth. Moreover, discounts and bundling offer to propel product sales and attract huge consumers group towards online shopping has increase the popularity of retail e-commerce. The other factor expected to drive the online purchase is cash-on-delivery facility provided by the online retailers. E-commerce platforms delivering essential goods experienced massive demand in first few phases of the COVID-19 outbreak. However, the increasing severity of the COVID-19 worldwide has compelled the governments across major countries to issue orders of complete lockdown, thereby impacting sales from retail e-commerce platforms too. Therefore, we are currently working on our analysis to capture the exact cumulative impact of COVID-19 on the retail e-commerce market. The report will account for Covid-19 as a key market contributor. Online retail has made viewers more aware of the product as customers can see product specifications and compare them with other alternatives. The rising smartphone usage has fostered the global retail e-commerce industry growth in recent years. Companies in the retail e-commerce space have been affected by the outbreak of the COVID-19 pandemic in 2020 across the world. As many countries introduced lockdown and closure of brick and mortar stores, consumers rushed to online delivery to avoid moving out of their houses. This trend led to a surge in the sales of grocery products while other luxury segments only witnessed high traffic and low purchase. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/retail-e-commerce-market/request/rs1 The India retail e-commerce industry witnessed the sale and purchase of only essential products which affected the growth of apparel and accessories, footwear, and electronics segment sales. Additionally, U.S. has no restriction on the online sale of any category of product, still, fashion, footwear, and others,the industry witnessed a sluggish growth owing to consumer perception of spending only on essential goods. Although, countries are taking the necessary measure to revive the economy and improve the financial condition of the citizen, the uncertain time of impact is expected to slow down the overall market growth. The companies are anticipated to experience positive growth 2021 onwards. Additionally, the C2C market would suffer a loss due to lack of assurance regarding the hygiene of product sold by individuals. Retail E-Commerce Market Report Highlights
Rising demand for enhanced customer experience with voice recognition is expected to boost market growth over the projected period. Customers are increasingly using smart speakers to place online orders in the U.S. region as orders placed via voice provide more optimized search results. Moreover, augmented reality has gained popularity among retailers and major brands are incorporating these technologies to stand out in the competitive market. E-retailers are also investing in Augmented Reality (AR) to provide an immersive experience to their customers. AR technology helps customers visualize the selected items and is increasingly becoming user-friendly. Hence, enhancement in technology is expected to bolster the market growth. The concern over the collection and usage of personal data on shopping websites are restraining market growth. While the use of technology is beneficial for the growth of retail e-commerce, the misuse of the same can result in a financial and personal loss for the consumer. Moreover, the ongoing COVID-19 pandemic has led to declining market share for footwear, apparel and accessories, electronic goods, craft supplies, and other product segments owing to lockdown and change in consumer buying behavior across the globe. The temporary shutdown of production and distribution centers is expected to affect market growth. However, the grocery segment has observed an upsurge in demand with the heavy purchase of essential products by the consumers during the pandemic period. The prominent vendors competing in the market include Alibaba Group Holding Ltd, Amazon.com Inc.; Inter IKEA Systems B.V.; and Walmart Inc. The companies are offering affordable products to cater to the demand for various goods such as grocery, office supplies, art supplies, footwear, and apparel and accessories among others. Moreover, the vendors have opted for organic and inorganic growth strategies to strengthen their market position. For instance, in May 2020, the e-commerce platform Shopify acquired a New York-based wholesale good selling platform called “Handshake” to expand its service and product portfolio. Furthermore, in March 2020, IKEA partnered with Alibaba to open IKEA’s virtual store on Alibaba e-commerce platform called Tmall, which will help in reaching customers of China. Some of the prominent players in the retail e-commerce market include:
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