Rise in penetration of artificial intelligence (AI) & voice recognition and increase in trend of digital payments are significant factors driving the growth of retail e-commerce market.
PORTLAND, Ore., Feb. 19, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Retail E-commerce Market by Product (Apparels & Accessories, Groceries, Footwear, Personal & Beauty Care, Furniture and Household Decor, Electronic Goods, and Others), Type (Hybrid Marketplace, Pure Marketplace, and Brand & Retail Chain): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global retail e-commerce market generated $5,578.24 billion in 2022 and is anticipated to generate $17,613.67 billion by 2032, registering a CAGR of 12.4% from 2022 to 2032.
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129 - Tables
48 - Charts
400 - Pages
Prime determinants of growth
Key factors such as rise in pebetration of artificial intelligence (AI) & voice recognition and increase in trend of digital payments act as the key driving forces of the retail e-commerce market. However, increase in data thefts on e-commerce platform is hampering the market growth. On the other hand, rise in headless and application programming interface-based (API) e-commerce is expected to provide lucrative opportunities for the market growth during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size in 2022 | $5,578.24 Billion |
Market Size in 2032 | $17,613.7 Billion |
CAGR | 12.4 % |
No. of Pages in Report | 400 |
Segments covered | Product, Type, and Region |
Drivers | Rise in penetration of artificial intelligence (AI) and voice recognition Increase in trend of digital payments |
Opportunities | Rise in headless and application programming interface-based (API) e-commerce |
Restraint | Increase in data thefts on e-commerce platform |
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The apparels & accessories segment to maintain its leadership status throughout the forecast period
Depending on product, the apparel & accessories segment held the highest market share in 2022, accounting for more than one-fourth of the global retail e-commerce market revenue and is estimated to maintain its leadership status during the forecast period. This is attributed to large global presence of a wide range of apparel and accessory companies. In addition, high demand for changing fashion & trend and rise in the popularity for the same is driving the segment growth. However, the groceries segment is projected to register the highest CAGR of 16.9% from 2022 to 2032 due to increase in convenience for people to order groceries from their homes rather than physically going to the retailer, which is time-consuming.
The hybrid marketplace segment to maintain its leadership status throughout the forecast period
According to type, the hybrid marketplace segment was the major shareholder in 2022, accounting for around two-fifths of share in the global retail e-commerce market and is estimated to maintain its leadership status throughout the forecast period. A large variety of products are available for customers on the online channel. Selecting and buying products takes less time, therefore making it easier for consumers to shop as per their convenience. In addition, consumers are increasingly physically visiting stores due to curiosity and need for fashionable brands to be a part of trend & status symbol. However, the pure marketplace segment is projected to register the highest CAGR of 15.6% from 2022 to 2032. This is attributed to high curiosity among people to visit the market to physically check the products.
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Middle East and Africa to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global retail e-commerce market revenue in the region and is expected to dominate the market during the forecast period. This is attributed to presence of a large number of people using internet and smartphones in the region. However, the Middle East & Africa is expected to witness the fastest CAGR of 14.7% from 2022 to 2032 due to rapid digitalization in the region.
Leading Market Players
- Alibaba Group Holding Limited
- E Bay Inc.
- The Kroger Co.
- Dba Rakuten
- Walmart Inc.
- Coupang Corp
- Wayfair Inc.
- Etsy, Inc.
- Amazon. com Inc.
- Otto GmbH & Co KG
The report provides a detailed analysis of these key players of the global retail e-commerce market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the retail e-commerce market analysis from 2022 to 2032 to identify the prevailing retail e-commerce market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the retail e-commerce market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global retail e-commerce market trends, key players, market segments, application areas, and market growth strategies.
Retail E-commerce Market Key Segments:
By Product
- Apparels and Accessories
- Groceries
- Footwear
- Personal and Beauty Care
- Furniture and Household Decor
- Electronic Goods
- Others
By Type
- Hybrid Marketplace
- Pure Marketplace
- Brand
- Retail Chain
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)
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