The Global E-commerce Industry was valued at $ 4.21 Trillion in 2020 and is projected to reach $ 17.53 Trillion by 2030, growing at a CAGR of 15.1%.
With the rise of mobile technology, more people are shopping online than ever before. This trend is expected to continue as more people become comfortable with the convenience and security of online shopping.
Additionally, the emergence of new technologies such as artificial intelligence, virtual reality, and blockchain will further revolutionize the eCommerce industry. These technologies will enable businesses to provide more personalized experiences to their customers, as well as create more efficient and secure payment systems.
The industry has witnessed the increasing use of digital technologies, such as mobile devices, the internet, and social media, which have enabled consumers to shop online from anywhere in the world.
The e-com platform is also pushed by the increasing availability of products and services, as well as the increasing number of online retailers. Additionally, the industry is being driven by the increasing demand for convenience, as well as the increasing number of consumers who are comfortable with making purchases online
According to Market Research Agency, Strategy Here, below are some of the driving factors of the E-com industry:
- Increased Adoption of Mobile Commerce:
Mobile commerce is becoming increasingly popular as more people are using their smartphones to shop online. This trend is expected to continue as more people become comfortable with using their phones to make purchases.
- Growing Use of Artificial Intelligence:
AI is becoming increasingly important in the eCommerce industry as it can help automate processes, improve customer service, and personalize the shopping experience.
- Increased Focus on Personalization:
Personalization is becoming increasingly important in the eCommerce industry as customers expect a more tailored shopping experience. Companies are using data to better understand their customers and provide them with more personalized experiences.
- Growing Use of Social Media:
Social media is becoming increasingly important in the eCommerce industry as it can be used to reach new customers, engage with existing customers, and promote products.
- Increased Use of Voice Search:
Voice search is becoming increasingly popular as more people are using voice-enabled devices to search for products and services. Companies are using voice search to better understand their customers and provide them with more relevant results.
According to another report by Market Research Agency, Strategy Here,
The United States is the largest e-commerce market in the world, accounting for nearly one-third of global e-commerce sales.
China is the second-largest e-commerce market in the world, accounting for nearly one-fifth of global eCommerce sales.
The United Kingdom is the third largest e-commerce market in the world, accounting for nearly one-tenth of global e-commerce sales.
The Asia-Pacific region is expected to be the largest e-commerce market in the world, accounting for more than half of global e-commerce sales by 2021.
Finally, the increasing popularity of social media and influencer marketing will continue to drive eCommerce growth.
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