In 2019, the global e-commerce market was valued at USD 9.09 trillion. From 2020 to 2027, the industry is expected to increase at a CAGR of 14.7 percent. Increased internet penetration is increasing the number of people who use smartphones around the world. Customers’ technological awareness is predicted to have a beneficial effect on market growth. Sales are also being boosted by technology such as 4G and 5G.
The demand is expected to climb as the number of small and medium businesses grows. Small and medium enterprises are expanding rapidly, particularly in India. Initiatives like Make in India and Start-up India have resulted in an increase in the number of start-ups in the country that use the internet marketplace to conduct business, boosting market growth.
Due to lower communication and infrastructure costs, established organizations and large corporations are gravitating toward online business. E-commerce allows the organization to reach out to more clients, resulting in the essential exposure to the firm. The increasing importance of online marketing tools such as Google advertisements and Facebook ads is also driving e-commerce.
Not only B2C but also for B2B, also businessman have shown a great inclination in past one and half year.
Customers’ preference for online shopping is increasing as a result of the ongoing COVID-19 pandemic, as even everyday need stores are closed due to lockdown and social distancing rules. The epidemic has had a significant impact on major economies like as the United States, China, India, and Italy.
Though the lack of technical infrastructure in rural areas of nations like as India, China, and Brazil, on the other hand, is expected to stifle market expansion.
