Internet
Global Online Retail Market to Record Exceptional Growth at 10.21% CAGR, Accounting for USD 9.93 Trillion by 2030, Asia Pacific Leads the Industry as Smartphone Penetration Rises, States Kings Research
Moreover, the internet's transformative impact on retail transcends geographical boundaries, providing businesses with a cost-effective means to access international markets. Online retail transcends traditional brick-and-mortar constraints, enabling companies to efficiently grow their customer base, manage global logistics, and expand their product offerings.
The global online retail industry is fragmented in nature. Prominent organizations within the industry are employing diverse business approaches, including affiliations, consolidations, product advancements, and collaborations, in order to broaden their range of offerings and augment their business presence in various geographical locations.
In 2023, the Open Network for Digital Commerce (ONDC) and Google Cloud announced a strategic partnership to catalyze innovation and bring transformative changes to the e-commerce landscape in India .
The collaboration entails the initiation of a nationwide hackathon in India , specifically designed to tackle significant hurdles encountered by Indian digital users. These challenges encompass the improvement of supply chain transparency and the attainment of accurate consumer customization. Moreover, the hackathon was purposed to boost the availability of the ONDC network to accommodate buyers and sellers of diverse scales, with a particular emphasis on smaller cities.
Based on products, the apparel and accessories segment constituted a significant portion of the online retail market revenue in 2022 on account of the accessibility of competitively priced and fashionable clothing and accessories through various e-commerce platforms, which has emerged as a primary driver for segmental growth.
Additionally, e-commerce retailers have further advanced their market reach by facilitating customer-friendly policies, including hassle-free return mechanisms and convenient cash-on-delivery alternatives. Furthermore, the rise of consumer-to-consumer (C2C) commerce facilitated by social media platforms such as Facebook and Instagram, which have incorporated "Buy" buttons, has notably contributed to the sector's growth and widespread adoption.
Based on portal, the third-party e-commerce segment dominates the global online retail market. These platforms serve as intermediaries, offering a space for numerous retailers and sellers to showcase and sell their products in the digital realm.
The trend of businesses creating their own online platforms is on the rise. This strategic move allows companies to directly interact with customers, eliminating the need for third-party platforms and giving them more control over their online sales channels.
The rising number of internet users and increasing disposable incomes have fostered a thriving online shopping ecosystem. Consumers are drawn to the convenience of browsing and purchasing a vast array of products available at competitive prices. The widespread adoption of mobile devices and high-speed internet connectivity has further propelled this growth as it offers consumers unparalleled ease and flexibility in their shopping experiences.
Moreover, the integration of emerging technologies like virtual and augmented reality presents a promising opportunity for market players. With approximately 61% of consumers expressing interest in virtual reality shopping, retailers can harness this technology to create immersive shopping environments. This not only enhances customer engagement but also fosters brand loyalty and increases conversion rates. Additionally, virtual reality can serve as a valuable tool for retailers to gain insights into customer preferences and behavior patterns, aiding in strategic decision-making.
Asia Pacific dominated the global online retail market in 2022 and is anticipated to retain its leading position. This is due to the rising use of mobile devices and the popularity of online shopping, the area is anticipated to maintain its dominance during the projection period. The rising urbanization in the area, which results in a hectic lifestyle for consumers who choose to switch to e-commerce platforms for their everyday necessities, is a crucial element pushing this trend. Additionally, Asian producers like Samsung, LG, and Huawei have been boosting sales on the web channel.
The online retail market is expected to witness substantial growth in North America and Europe . In North America , this growth can be attributed to the shifting consumer purchasing patterns, the assurance of secure online transactions, and the increasing awareness of the benefits of online shopping. Europe is likely to experience a tremendous increase in e-commerce sales from 2023 to 2030, largely due to the widespread availability of high-speed internet and a well-established supply chain. Furthermore, the COVID-19 pandemic led to a surge in e-commerce sales for essential goods like groceries, household items, and personal protective equipment (PPE) in both North America and Europe , further contributing to the growth of the online retail market in these regions.
Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.
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