It is estimated that the global eCommerce market is expected to reach $70.0 trillion by 2028 at a CAGR of 9.7%. Increases in disposable income, per capita income around the world, and internet penetration are all factors contributing to the growth. The CAGR is projected from 2021 to 2028.
eCommerce is a popular term that refers to the business dealings carried out over the internet. All the activities like auctions, payment gateways, ticketing, and banking are done online. It also involves buying and selling products, marketplace services, and customer support.
The eCommerce industry is now accessible and effective because of rising technological development and the widespread use of smartphones. The desire for online purchases of various products and services is being further fueled by the growing use of social networks.
The main factor propelling the expansion of the entire online retail is convenience. By visiting the website, customers can identify the things they are looking for and learn more about a variety of products. Customers make use of smartphones for buying products and services, which causes a paradigm change from eCommerce to mCommerce.
It has developed in response to a hectic lifestyle and a plethora of possibilities for shopping at home, leading to the expansion of this industry. Another factor influencing growth on a worldwide scale is the absence of a well-organized offline retail industry.
With the spread of the COVID-19 pandemic, B2C eCommerce platforms saw a sharp increase in demand for basic necessities due to lockdown and social distancing. This has also affected eCommerce sales.
Some well-known brands that dominate the global B2C eCommerce market are Alibaba, Amazon, Flipkart, eBay, etc.