The global market has already reached a whopping USD 13,497.0 billion in 2022, and it shows no signs of slowing down. With a projected CAGR of 15% during the forecast period from 2023-2030, the e-commerce industry is truly on fire!
One of the key drivers of this growth is the increasing use of smartphones in both emerging and advanced economies. With more people accessing the internet on their mobile devices, the market’s reach is expanding by leaps and bounds. And that’s not all – social commerce, in-store transformation, and omnichannel commerce are also boosting the position of leading players in the global market.
Of course, the COVID-19 pandemic has also played a significant role in driving the adoption of e-commerce. Customers are seeking convenience, contactless payments, and home deliveries, making online shopping more appealing than ever before.
Buy Now Pay Later Trends
In the e-commerce market, the buy-now-pay-later trend is gaining traction, and buyers are demanding improved checkout and payment experiences. Self-service e-commerce options like FAQs, visual elements, and chatbots are also helping businesses bolster loyalty and traffic. And with a projected CAGR of 22.8% from 2023 to 2030, the B2B e-commerce market is set to soar.
So, what’s driving all of this growth? Investments in e-commerce platform technology are expected to encourage stakeholders to expand their market penetration. The rise of social media platforms and the increasing trend of online purchases are also reinforcing the position of e-commerce companies. And B2B merchants are expected to invest in third-party B2B marketplaces to attract new customers and buyers who purchase in higher volumes.
Social Shopping & Branded Shopping Apps
And the Asia Pacific region is a hotbed of growth, with soaring internet penetration, expansion of 5G networks, and buoyant government initiatives. With initiatives like the Government e-Marketplace (GeM) of India, which has reportedly served 12.28 million orders translating into USD 40.97 billion, the Asia Pacific e-commerce industry share is set to be significant. Plus, the region’s uptake in social shopping and branded shopping apps will further drive penetration into the global market.
So, what does all of this mean for businesses? The competitive landscape is fierce, and companies must invest in organic and inorganic strategies such as product offerings, technological advancements, innovation, collaboration, and mergers & acquisitions. Take eBay, for example, which recently announced the acquisition of 3PM Shield to bolster its monitoring solution to avert the sale of unsafe and counterfeit products and illegal goods. And Amazon is not to be left behind, having rolled out a USD 1 billion fund to foster delivery speed and enhance the experience.
If you’re looking for the latest updates on Ecommerce, we’ve got you covered. Check out our page to discover exciting trends in the industry!
