Online Shopping Market Size, Share, Growth, and Industry Analysis by Type (Food and Beverage, Consumer Electronics & Home Appliances, Personal and Home Care Products, Clothing, Footwear & Accessories and Others), By Application (Enterprises, Individual Consumer and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 July 2024

Online Shopping Market Report Overview

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The global online shopping market size was USD 4295550 million in 2021 and is projected to touch USD 12072376.82 million by 2031, at a CAGR of 12.2% during the forecast period.

The act of buying goods or services online is known as online shopping. Because it is comfortable to purchase from the comfort of one's home or place of business, internet shopping has become more and more popular over time. Credit cards, debit cards, and e-wallets can all be used to make purchases online. Online shopping transactions can also be finished with internet banking.

Everything from groceries to greeting cards to cell phones to electronics can be purchased online. While neighbourhood businesses and mega markets still enjoy greater popularity for selling food, online grocery shopping is becoming more and more common. Because of growing consumerism and the prevalence of smart electronics, online shopping is expanding at an unprecedented rate in developing nations like India.

COVID-19 Impact: The Lockdown Compelled People to Stay at Home and Inflated the Market

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The infrastructure and consumer products industries are suffering greatly as a result of COVID-19. One of the key factors that led to setbacks and made many people stay at home was the lockdown. Customers are increasingly choosing online shopping as stores close due to the ongoing COVID-19 epidemic. Nowadays, we can buy almost everything online. In fact, according to retail experts, online shopping will soon surpass traditional shopping in terms of revenue.

LATEST TRENDS

"Technological Advancements to Propel the Market Share"

The growth of the e-commerce industry is anticipated to be aided by increasing smartphone and internet usage. The availability of mobile app versions of e-commerce websites has significantly improved consumers' overall buying experiences and increased their appeal. The ability to purchase on smartphones is made possible by technological advancements like social shopping, 5G wifi, and branded shopping apps. On several e-commerce platforms, brands are experimenting with augmented and virtual reality retail as well as virtual and augmented reality buying. The metaverse is a 3D virtual world with no restrictions on clients. People can engage with products in a metaverse no matter where they are in the world. Over the coming years, it is anticipated that this online shopping sector will continue to experience rapid expansion due to ongoing developments in related technology.

Online Shopping Market Segmentation

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• By Type

Based on type; the market is divided into food and beverage, consumer electronics & home appliances, personal and home care products, clothing, footwear & accessories and others.

• By Application

Based on the application; the market is divided into enterprises, individual consumer and others.

DRIVING FACTORS

"Penetration of Stronger Connectivity and Electronic Gadgets to Bolster the Market Growth"

The global online shopping market has experienced substantial expansion as a result of the development and widespread use of the internet and live streaming services. One of the main factors driving this market is the rising use of smartphones across a variety of geographical areas. The ability to shop 24 hours a day, 7 days a week from any location with a device like a smartphone or tablet at both online and offline stores using credit/debit cards or net banking systems increases the likelihood that customers will buy things on their mobile devices. Consumers will use these e-commerce platforms' convenience to make purchases directly through their mobile devices rather than going out to stores, which will accelerate the expansion of this market over the next years.

"The Ample of Advantages of Online Trading to Attract the Market Share "

There are numerous benefits to shopping online. Today's population has a different lifestyle. Going to crowded markets makes people feel uneasy and time-consuming. Thus, online shopping is a blessing because it saves a tonne of time. Customers can browse online retailers while relaxing in their own homes and making purchases while seated at a computer. Many customers have access to the internet both at work and at home, and online retailers are typically open around-the-clock. Shopping online is therefore incredibly convenient for them. It is also sometimes more affordable, more convenient, and faster. It avoids having to wait in extended lines to make purchases.

RESTRAINING FACTORS

"The Authenticity and Technological Limitations to Hold Back the Market Growth"

Because of technological limitations, people have been unable to alter how they utilise online purchasing. The key argument is that the internet's limitation—that not everyone's life has been affected by it—is a major point. A constraint is the server itself; when it fails, the setup as a whole fails. The legitimacy of online businesses is often difficult for individuals to accept, and they often don't feel secure sharing their personal information. However, the authenticity and internet issues can hamper the online shopping market share.

Online Shopping Market Regional Insights

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"North American Region to Lead the Market with Active Participation "

Over the course of the projection period, North America is expected to lead the global market for shopping online due to factors such as increased smartphones and mobile wallet adoption, rising m-commerce use among millennials in this area, and other factors. Over the course of the projection period, the area is anticipated to have one of the fastest-growing online shopping market shares due to factors including improved internet access and an increase in demand for cutting-edge technologies like cloud computing, big data analytics, IoT, and AI. This is significantly contributing to the online shopping market growth.

KEY INDUSTRY PLAYERS

"Prominent Industry Players in the Industry to Promote Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• Alibaba (China)
• Amazon (U.S.A)
• JD.com (China)
• Pinduoduo (China)
• Shopify (Canada)
• eBay (U.S.A)
• Walmart (U.S.A)
• Sea Limited (China)
• Suning (China)
• Rakuten (Japan)
• MercadoLibre (Uruguay)
• FlipKart (India)
• TARGET (Minneapolis)
• The Home Depot (U.S.A)
• Costco (U.S.A)
• Best Buy (Minnesota).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching  of recent industry developments,  deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.