According to the latest research report titled, “E-commerce Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 8.80 trillion in 2024 and growing at a CAGR of 15.80% during the forecast period.
The global population of smartphone users is on the rise alongside the expanding reach of the internet. E-commerce possibilities, including digital content, financial services, travel and leisure, and online retail (e-tailing), are becoming increasingly accessible to the growing internet-connected clientele. This surge in popularity aligns with the upward trajectory of internet usage.
Established businesses and large corporations are drawn to online ventures due to the cost-effectiveness of communication and infrastructure. E-commerce serves as an efficient means for organizations to connect with clients, providing crucial exposure. The driving force behind e-commerce is further propelled by the utilization of online marketing tools such as Google advertisements and Facebook ads.
Report Summary
Which are the Top Companies in The E-commerce Market?
In the realm of e-commerce, numerous local and global enterprises have extended their reach, leading to intense competition. Product launches, high expenses on R&D, acquisitions, and partnerships are few of the growth strategies adopted by top companies to sustain the intense competition.
Prominent players in the e-commerce market are:
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Key Highlights from The E-commerce Market Report
1. Growing Use of Smartphones is Driving The E-commerce Sales
2. Initiatives by The Government
A notable trend in the e-commerce market is the growing emphasis on government and corporate initiatives aimed at bolstering online sales. The Indian Union Ministry recently revealed plans to establish Bharat Craft, an e-commerce platform in India inspired by Alibaba, to provide a marketplace for MSMEs (Micro, Small, and Medium Enterprises) to promote and sell their products, contributing to the nation’s economic advancement.
At the national level, governmental entities are enhancing their policies and strategies to ensure the long-term sustainability and protection of consumers. Elevated environmental and social standards will positively influence the environmental and social norms of countries, impacting the viability of e-commerce businesses within their borders. The imposition of stringent sanctions, for instance, will pose challenges for companies entering the e-commerce sector, whereas more lenient sanctions will facilitate easier entry for businesses.
What are the Latest Developments in the E-commerce Market?
Mordor Intelligence Report on the E-commerce Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the E-commerce industry. Get a glance at the E-commerce Market Report (2023 – 2028).
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