New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Commerce Global Market Report 2023" - https://www.reportlinker.com/p06282514/?utm_source=GNW
The global e-commerce market will grow from $2,837.76 billion in 2022 to $3,183.16 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The e-commerce market is expected to grow to $4,902.06 billion in 2027 at a CAGR of 11.4%.
The e-commerce market consists of sales of merchandise such as apparel, electronics, furniture, books, cosmetics, and other products through online channels.This industry includes e-commerce and m-commerce companies that offer home delivery services.
The sales transaction between the retailers and their customers is typically done through the use of information technology, including the telephone and the internet, and the delivery of merchandise is typically done through the mail or couriers. The e-commerce industry also includes direct mailers who are selling their merchandise and retail through online websites.
The main model types of e-commerce are business to business (B2B) and business to consumer (B2C).Business-to-business (B2B) refers to a form of transaction between businesses, like one involving a manufacturer and a wholesaler, or a wholesaler and a retailer.
The various payment modes involved are card payments, bank transfers, digital wallets, cash payments, and other payment modes. The applications included are home appliances, clothing and footwear, books, cosmetics, baby goods, groceries, and other applications.
North America was the largest region in the e-commerce market in 2022.Asia Pacific was the second largest region in the e-commerce market.
The regions covered in the e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Rising internet penetration and the growing use of smartphones are predicted to contribute to the growth of the e-commerce market.The growing usage of the internet and smartphones is shifting consumer preferences towards online shopping.
According to We Are Social’s special report on Digital 2020 published in January 2020, the total internet users across the globe in 2020 increased to 4.54 billion, with a growth of 298 million or 7% in comparison with January 2019. Moreover, the number of mobile users was 5.19 billion in 2020, which increased by 124 million, or 2.4%, in 2019. Therefore, increasing internet penetration coupled with the growing number of people using smartphones is projected to boost the demand for the e-commerce market over the forecast period.
Stringent regulations and vertical restraints imposed on the e-commerce sector are expected to limit the growth of the e-commerce industry in the near future.Vertical restraints such as platform parity agreements (APPA), geo-blocking, most favoured nation (MFN), geo-filtering, and advertising restrictions will pose a significant challenge to e-commerce players.
For instance, in June 2020, the government of India issued draft rules to amend the consumer protection (E-Commerce) rules 2020. Therefore, the stringent regulation imposed on functioning and advertising makes it difficult for e-commerce players to manage their operations, thus adversely impacting the growth of the e-commerce industry over the forthcoming years.
Increasing government and companies’ initiatives to promote e-commerce sales is a leading trend in the e-commerce market. According to Entracker’s news published in April 2022, Indian government launched pilot phase of Open network for digital commerce (ONDC) to democratize e-commerce sector to facilitate e-commerce of small retailers. which is projected to boost the sector’s growth in the country.
In April 2022, Flipkart, a Bengaluru-based e-commerce company, acquired ANS Commerce for an undisclosed amount.The acquisition would strengthen the online retail ecosystem of flipkart.
ANS Commerce is an India-based e-commerce services provider.
The countries covered in the e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The e-commerce market consists of revenues earned by entities by providing e-commerce services such as drop shipping, crowdfunding, and subscription.The market value includes the value of related goods sold by the service provider or included within the service offering.
The e-commerce market also includes sales of as apparel, electronics, furniture, books, grocery and cosmetics.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The e-commerce market research report is one of a series of new reports that provides e-commerce market statistics, including e-commerce industry global market size, regional shares, competitors with an e-commerce market share, detailed e-commerce market segments, market trends and opportunities, and any further data you may need to thrive in the e-commerce industry. This e-commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Read the full report: https://www.reportlinker.com/p06282514/?utm_source=GNW
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