E-Commerce Market Insights 2019-2024: Anticipating a Robust CAGR of 32.4%
DUBLIN, Jan. 22, 2020 /PRNewswire/ -- The "Global E-Commerce Market (2019-2024) Share, Scope, Revenue, Trends, Drivers, Challenges, Segmentation based on Product Category, Channel and Geography" report has been added to ResearchAndMarkets.com's offering.
The global e-commerce market is projected to expand at a CAGR of 32.4% and will reach a value of USD 34.2 Tn by 2024.
E-commerce is reshaping the modern marketplace by offering better shopping experiences to customers, such as the availability of choices, easy return policies, and door-step delivery services. Increased Internet penetration, the introduction of different types of payment methods like electronic wallets, online payment apps and other contactless technologies, and social media are some of the major factors driving market growth.
The consumer electronics segment holds the largest market share and is predicted to expand during the forecast period. Policies like easy returns, enhanced customer support, and an abundance of choices are making consumers prefer online shopping over brick and mortar stores for buying electronic gadgets. The auto accessories segment is anticipated to have the highest CAGR during the 2019-2024 period.
The wholesale e-commerce market held the largest market share in 2018 and is expected to have the highest CAGR during the forecast period. Across regions, e-commerce platforms are focusing on enhancing their business to business transaction capabilities, to facilitate bulk merchandise purchasing procedures for retailers, for their registered businesses. Leading e-commerce giants like Amazon and eBay are improving their wholesale e-commerce services by providing features like pay-by-invoice, approval workflows, and multi-user accounts to help business customers.
The e-commerce market in the Asia-Pacific region is projected to expand at the highest CAGR during the forecast period, owing to the presence of a number of major players in the region, like Alibaba and JD.COM. Companies are continuously reshaping the e-commerce landscape in the region by utilizing advanced technologies like the Internet of Things, data analytics, artificial intelligence, and machine learning to enhance the agility of the supply chain to facilitate realtime tracking, quick responses to customers' queries, and flexible adjustments in production.
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