Retail E-Commerce Market Share And Forecast To 2031

(MENAFN- Straits Research) The retail e-commerce market's value chain consists of producers/manufacturers, wholesalers, vendors, providers of retail e-commerce platforms, logistics & distribution (warehouse and delivery), and end-users. The market for retail e-commerce has undergone significant transformations because of the spread of technology. Consumers can access the supply and delivery processes by creating individual accounts on the Internet. It has become an effective tool for facilitating more efficient connections between sellers and buyers. Because of rising customer expectations and product volumes, e-commerce has improved the supply chain process. They require efficient logistical growth in the supply chain process. The pandemic has compelled retailers to intensify their urgent efforts to modify their supply chains by reallocating all types of resources and revising their purchase orders and merchandising strategies.
Market Dynamics
Increasing Demand for Voice and Virtual Reality and Increasing Internet Usage for Online Shopping Drives the Global Market
The rising demand for voice recognition to improve the customer experience is anticipated to drive market growth during the forecast period. Customers in the United States increasingly use smart speakers to place online orders, as voice-enabled orders improve search results. Artificial Reality has become a significant game-changer in online shopping, significantly narrowing the uncertainty gap. It helps online shoppers visualize the products they are interested in, whether a piece of furniture or an article of clothing. Customers can view how they would look after wearing a particular item or how their home would appear with a specific piece of furniture. Digital transformation enables businesses to build customer relationships, improve their brand presence, and reach their target audiences, thereby maximizing the use of emerging technologies.
Mobile phones' evolution from simple communication devices to multipurpose devices has accelerated the growth of online retailing and Internet user penetration. The Internet has typically enabled many online services and a convenient communication and information exchange method. Concurrently, the increasing prevalence of smartphones and other mobile devices allows users to access the Internet while on the go. Over half of the world's population owns a smartphone and, depending on their age, gender, and other demographic characteristics, install various personal and professional applications. As smartphones and mobile devices become faster and smarter, and communication becomes more convenient and efficient, the demand for retail e-commerce will increase over the forecast period.
Growing Investments in Technologies Creates Tremendous Opportunities
E-commerce retailers have adopted Chatbot, AI, and ML to increase customer loyalty, retention, and revenue. ML and AI help e-retailers understand customer demand and provide personalized guidelines and product suggestions. Apps incorporate AI and chatbot voice assistants to facilitate shopping with real-time communication. AI technology has aided in enabling virtual trials of clothes, frames, and accessories to replicate the appearance of the online product, which has helped vendors increase customer conversion rates. To comprehend customers' attitudes, shopping experiences, and expectations, businesses invest more in cloud-based solutions, AI-powered solutions, and analytical instruments. In-store employees provide shoppers with product recommendations and guidance based on their requests or needs.
Regional Analysis
Asia Pacific is the most dominating global retail e-commerce market and is expected to grow at a CAGR of 10.8% during the forecast period. Rising mobile internet usage and changing lifestyles in the Asia Pacific region are expected to keep the region's leadership position in the global market throughout the forecast period. In today's work-oriented culture, personal time is in short supply, which is made even more difficult by the necessity to acquire essentials. A further factor driving industry expansion is a regional shift toward purchasing electronic goods through an online shopping platform. This growth is because of purchase pattern change, secured internet transactions, and increasing regional consumer awareness.
Key Highlights

The global retail e-commerce market was valued at USD 4.96 billion in 2021. It is expected to reach USD 11.60 billion by 2030, growing at a CAGR of 9.9% during the forecast period (2022–2030).
Based on product, the global retail e-commerce market is divided into Groceries, Apparel and Accessories, Footwear, Personal and Beauty Care, Furniture and Home Décor, and Electronics Goods. The apparel and accessories segment is dominating the market and is expected to grow at a CAGR of 9.3% during the forecast period.
The global retail e-commerce market is segmented into five regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is the most dominating in the global retail e-commerce market and is expected to grow at a CAGR of 10.8% during the forecast period.

Competitive Players
The global retail e-commerce market's major players are Alibaba Group Holding Limited, Amazon Inc., Coupang Corp, Ebates Inc. dba Rakuten, eBay Inc., Inter IKEA System, Otto (GmbH & Co KG), Taobao, The Kroger Co. and Walmart Inc.
Market News

April 2022- Rakuten Rebranded Its C2C Marketplace App "Rakuten Rakuma," Expanded its Lineup of Services to Create a New E-Commerce Platform that Contributes to the Circular Economy.
April 2022- Walmart Marketplace Offered New-Seller Savings. Sellers who joined Walmart Marketplace by May 31, 2022, and started selling on Walmart by June 30, 2022, received a 50% discount on commission rates for the first 90 days.
May 2022- IKEA launched DIRIGERA – the Matter-ready hub for smart products and a new IKEA Home smart app.
May 2022- Kroger Fulfillment Network Expanded to Central Ohio. Grocery delivery service powered by a high-tech center begins fulfilling customer orders in Central Ohio.
April 2022- Kroger and Bed Bath & Beyond Inc. Launched National E-commerce Experience, Expanding Kroger's Home and Baby Offering. Bed Bath & Beyond® and buy BABY® selection is now available on Kroger.

Global Retail E-commerce Market: Segmentation
By Product

Groceries
Apparels and Accessories
Footwear
Personal and Beauty Care
Furniture and Household décor
Electronic Goods

By Regions

North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa

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