Global e-commerce, which was growing at 11% year on year between 2012 and 2016 is now achieving only 9.6%, according to research by The Business Research Company. As the chart shows, however, growth is still strongly positive everywhere. The steepest decline has been experienced in those markets that were previously growing fastest, like Eastern Europe and South America. It is in Asia Pacific where the impact will be greatest in absolute terms, however, because that is the world’s second largest market; its 7.3% lower growth rate translates as nearly $190 billion fewer sales in 2020. In the USA, however, which accounted for a third of all e-retail in 2016, growth will remain steady so that a pick-up in the rate in Mexico and Canada will produce increase year on year growth in North America.
M-commerce is reshaping the retail landscape and companies are leveraging this opportunity to attract more customers and increase profitability. M-commerce refers to commercial transactions made through apps on mobile phones, which are faster, more secure, and scalable than other web-based transactions. This allows e-commerce companies to maximize conversion rates, optimize mobile search and retarget customers. For instance, in the USA 60% of all e-transactions are made on smartphones. Major e-commerce companies offering mobile apps include Amazon, eBay, Gilt, LivingSocial, and Groupon.
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One response of the e-retailers to the slowdown in their growth is to set up offline stores. For instance, Birchbox, an e-commerce retailer, opened its first physical store in Soho and companies like Bonobos and Warby Parker doubled the number of their brick and mortar stores in 2014.
E-commerce is the fastest-growing segment of the wider retail market, which also includes vending machines, direct mail, and in-store sales. The world market for sales of goods to individuals and households is growing at 5.6% year on year, and will be worth $29 trillion, or just over a fifth of global GDP, by 2020. A third of the world’s retail market will then be located in Asia Pacific, having risen from 30% in 2016 because of faster growth than the global average. In contrast, the share of North America and Western Europe combined will have shrunk from 43.6% in 2016 to 41.1% by 2020 because of their slower than average growth.
Where to Learn More
Read Ecommerce And Other Non-Store Retailers Market Global Briefing 2018 from The Business Research Company for information on the following:
- Markets Covered: Electronic Shopping and Mail-Order Houses, Vending Machine Operators, and Direct Selling Establishments.
- Companies Mentioned: Amazon Inc., Alibaba Group Holding Ltd., Amway, QVC, eBay, Avon Products, Herbalife, Mary Kay, Tupperware, and Nu Skin
- Geographic scope: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
- Time series: Five years historic and forecast.
- Data: Market value in $ billions.
- Data segmentations: Regional breakdowns, market share of competitors, key sub segments.
- Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes.
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