The size of the digital commerce market which was estimated to be worth US$5.58 trillion in 2022 is expected to increase to US$ 22.76 trillion by 2032, rising at a CAGR of 15.1% throughout the forecast period.
| Attributes | Details |
|---|---|
| Digital Commerce Market CAGR | 15.1% |
| Digital Commerce Market Size 2022 | US$ 5.58 trillion |
| Digital Commerce Market Size 2032 | US$ 22.76 trillion |
Online sales of digital commerce have increased due to a number of factors, including consumer preferences changing, the desire to shop from the convenience of their homes and offices, the rapid expansion of computers and the internet, the desire to shop from home and office, and the accessibility of reliable, affordable technology for secure transactions.
Tablets, cellphones, and broadband connections are all key contributors to the digital commerce market expansion. Due to the relative youth of the e-commerce sector and the general lack of digital marketing expertise among online retailers, the industry is currently only facing minor obstacles.
Global Digital Commerce market has grown abundantly over the last few decades and continues to evolve and experience high growth in both developed and developing markets. Increasing preference of consumers towards online shopping is propelling the demand for digital commerce globally.
Now, customers go through online website before visiting the stores and compare the products and prices sitting at home without any efforts. This is one of the main reason why retailers should increase their online presence.
Digital commerce is inclusive of several features such as transaction that involves transfer of information across Internet, participation in online marketplacesthat process third-party business-to-consumer or consumer-to-consumer sales, trading of products or services using internet, online shopping web sites for retailers for direct selling of products to consumers, collection of demographic data through web contacts and social media, marketing to prospective and established customers by e-mail etc.
Digital commerce helps organizations to generate revenue through digital channels by incorporating mobile commerce and mobile payments. In Addition, organizations can utilize social commerce through social media platforms such as Facebook and they can also use local commerce to deliver personalized deals to consumers based on their location by utilizing GPS technology.
Growing number of online shoppers across the globe is enabling the retailers to increase their presence on internet. As per the data suggested by social times, in US 57.4% and in Japan 80% of the of population shops online. In India only 10% people use internet but this country is forecasted to grow with an unmatchable growth rate over the forecast period owing to the increasing demand and usage of mobiles.
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One of the main causes of the increase in demand for digital commerce packaging is the availability of inexpensive smart phones and internet access. Over the past few years, more and more individuals have been able to buy technologies like smartphones because to developments in technology.
Due to this, digital businesses have grown even more, which in turn has increased the demand for packaging solutions. The growth in population, shift in consumer tastes, and explosion in the cost-effectiveness of mobile phones and internet connections are all driving factors in the digital commerce market.
Asia Pacific, which dominated the digital commerce market in 2022 with a share of 55.3%, is expected to grow at the fastest rate. Increased internet usage and expanding infrastructure are expected to support regional market expansion.
The Chinese digital commerce market is seeing a consumer revolution as international goods use cutting-edge marketing, research, and advertising techniques. Brand recognition is playing a bigger role in wooing Chinese customers. The market for upscale goods and services is rapidly growing in China.
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North America is anticipated to experience sustained digital commerce market growth during the projection period. The American population is open to dealing with foreign businesses and products. Significant digital commerce market growth is anticipated to be fueled by a growing young population and the rapidly growing internet retail sector.
Blenders Eyewear LLC, a digitally native retailer, announced in December 2019 that the Italian firm Safilo Group S.p.A. had paid an undisclosed sum for a 70% stake in the business.
Safilo Group S.p.A. expects that this acquisition will help it advance its omnichannel and digital commerce strategy and broaden its global presence. Located in California, Blenders Eyeglasses LLC offers premium sports and fashion eyewear online at competitive prices along with engaging brand content.
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Various factors such as consumers desire to shop from the comfort of their homes and offices, rapidly increasing computer and internet penetration, change in consumer preferences along with the availability of cheap and dependable technology for secure transactions has led to a significant growth in online sales around the world.
The growth of digital commerce is majorly fueled by the increasing number of smartphones, broadband connections and tablets.
However, the industry is facing few challenges because e-commerce is a relatively new industry and the majority of online retailers still lack in digital marketing skills. Also, online retailers do not have proper governance structure in place.
Moreover, Security remains prime concern for consumers as the complexity of online fraud attacks continue to increase. Despite these all issues and challenges the global digital market is growing at a rapid pace and is expected to grow at a double digit CAGR between 2016 and 2026
Depending on geographic regions, global digital commerce market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
As of 2015 North America dominated the global digital commerce market in terms of market revenue followed by Asia Pacific. Latin America is also estimated to show effective growth in near future due to millennials gaining internet access.
China and the US are the leading players in the global e-commerce market. They are anticipated to account for majority of the market share in global digital market share by 2025. According to eMarketer, there were 148 million online shoppers in China in 2010.
The shoppers accounted for 11% of the population and 32% of the total Internet users in the country. Asia is expected to become the biggest e-commerce market in the world in the future.
Some of the major players operating in global digital market are Amazon.com, JD.com, Alibaba, eBay, Rakuten, Groupon, ASOS.com and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along withmarket attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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