The Global eCommerce Market is Segmented by Type (Buyer-oriented E-commerce, Supplier-oriented E-commerce, Intermediary-oriented E-commerce), by Application (SMEs, Large Enterprises).
Due to the COVID-19 pandemic, the global E-Commerce market size is estimated to be worth USD 7750530 Million in 2022 and is forecast to a readjusted size of USD 20313450 Million by 2028 with a CAGR of 17.4% during the review period.
Major Factors Driving the Growth of e Commerce Market:
E-Commerce marketplaces are booming as businesses shift to the digital world and make transactions online. This has led to several challenges. Key players are providing software solutions and tools to manage problems related to procurement, contracts, and multi-tiered pricing strategies which will drive the growth of the global eCommerce market.
Moreover, The emergence of AI, machine learning analytics tools, and software-assisted supply chain management will drastically increase sales of online platforms thereby boosting the eCommerce industry growth in the coming years.
TRENDS INFLUENCING THE GLOBAL E-COMMERCE MARKET
Many merchants on online eCommerce marketplaces lose out on increasing their customers’ basket sizes due to a lack of human touch. Integrated software solutions provide great cross-selling and up-selling opportunities by recommending products based on past purchases, suggesting pricier alternatives, and updating customers on attractive bargains such as gifts, discounts, coupons, and stock availability. One can even offer deals on checkout pages to reduce cart abandonment rates. The seamless and user-friendly intuitive features help in providing rich content like videos to showcase a product’s attributes in a convincing way to buyers. Such factors will drive the growth of the eCommerce market.
Large B2B companies have a huge number of customers with different pricing needs. As companies order goods in large volumes the processing systems are unable to take the load of the ordering strategy. Advanced tools help in setting up a system that permits volume discounts whenever a purchase is made during a specified period. These platforms come with multi-tier pricing models built in to suit the needs of different customers. Moreover, other customized features such as auto discounts aid the bulk transaction. This is going to drive the growth of the global eCommerce market during the forecast period.
The online retail market is set to increase tremendously in the coming years. B2B buyers want flexibility in the way they order and pay. Large-scale companies’ purchasing processes are tedious and complicated. A lot of documents like contracts, requisition orders, invoices, and purchase orders get mixed up. eProcurement platforms help in gaining control over the spending across the organization and consolidate data. The online integrator bridges the gap between buyer and seller through the seamless flow of documents between the eCommerce and the eProcurement platforms. As the adoption grows the demand for the eCommerce market will rise in the subsequent years.
AI and machine learning analytic tools are able to give live results of sampled aggregate data without any delay. You can visualize customer actions on your website in real-time gaining actionable insights into where the prospective sales are lost for decreasing bounce rate and cart abandonment. Moreover machine learning algorithms clean and prep data from multiple sources. Dynamic dashboards with detailed visualizations along with time series modeling are used for predicting seasonal trends. One can easily validate and identify trends through statistically accurate forecasting. These advanced tools will boost the growth prospects of the global eCommerce market in the future.
Freight shipping and supply chain delivery are crucial as customers don’t like slow deliveries. It can be a complex problem for B2B sellers due to the sheer volume they transport. An online third-party software tool can automate the process, optimize logistics costs, and track delivery. Cost is reduced significantly as stockpiling inventory is eliminated. Wastage is removed due to proper quality control. The suppliers are paid on time due to proper tracking of payments. Such beneficial factors will fuel the growth of the eCommerce market in the coming decades.
E COMMERCE MARKET SHARE ANALYSIS
Based on region, Asia-Pacific is expected to dominate in the E-Commerce market share due to rapid infrastructural development, growing transition of businesses towards eCommerce platforms, and surging internet use due to huge smartphone penetration.
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