Global E-commerce Market: Overview
The global e-commerce market is slated to expand at a sturdy pace in the years to follow. The trend of online sales is gaining momentum in recent times, and this factor has aided market growth. A juggernaut of possibilities for online sales and purchase have currently come to the fore. Moreover, shopping preferences of the masses have also changed dramatically over the past decade. The consumers have a wider net of choices across the online market, and this has drifted them away from the practice of going to the physical marketplace. In this scenario, e-commerce websites have become the central force for driving sales across online markets. Therefore, it is safe to expect that the global e-commerce market would witness amplified growth in the forthcoming years.
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The global e-commerce market can be segmented on the basis of hosting platform, end-user, product, and region. The growth of the global e-commerce market is led by North America, majorly due to the humongous export volume of the region. Several consumers goods find their origins in the US market. A large number of people subscribe to e-commerce platforms operating from the US.
Global E-commerce Market: Notable Developments
The global e-commerce market is characterised by timely developments in the domain of operations and logistics.
- Most of the companies and e-commerce vendors prefer to host their products and services on Shopify. Shopify accounted for a little less than three-fourth of the total share in the global e-commerce applications market. Furthermore, the ease of developing an e-commerce platform on Shopify has been the key reason behind the growth of this vendor. The stellar pace of growth pertaining to the e-commerce market can be attributed to the expertise exercised by Shopify.
- SAP has emerged as a key player that has overhauled the operational dynamics of the global e-commerce market. The solutions offered by SAP are recognized across the globe. SAP has helped several e-commerce companies in expediting their processes and achieving sales goals.
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Some of the leading vendors in the e-commerce market are:
- Sony store
Global E-commerce Market: Growth Drivers
- Flexible Online Selling Policies
Several companies have embraced the trend of exhibiting their products on e-commerce websites. The volume of sales that has flown in from such websites has persuaded new companies to venture into e-commerce selling. There is tremendous demand for high-quality products on online platforms, and the sellers are making ardent efforts to meet this requirement. Furthermore, flexible online selling policies of big brands have generated tremendous confidence amongst the buyers. These brands offer competitive prices, and easy return options to consumers on the online market. Henceforth, the global e-commerce market endows several opportunities for growth and development.
- Monopolistic Growth of Amazon
Amazon has emerged as one of the largest e-commerce vendors over the past decade. The company has followed a policy of continual expansion of its product portfolio. Furthermore, Amazon is amongst the preferred choices for buying home appliances as well as personal accessories. There is no contention about the emergence of new e-commerce vendors in the years to follow. The aforementioned assertion can be attributed to the stellar possibilities for revenue generation that float across the online market. E-commerce payment gateways have become a necessity for banks and online financial entities. The use of these gateways and authentication nodes has generated a good amount of revenues in the global market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.