E-Commerce

Global expansion of the internet has resulted in the transformation of store and trade transactions. E-commerce involves buying and selling of products through the internet and is accompanied with online shopping. E-commerce also involves regular technological maintenance to ensure a smooth functioning of online store sites, and monetary transactions among others. According to Insights and Reports, the global e-commerce industry is expected to cross the US$ 1.54 trillion mark by the end of 2019. Business to business (B2B), business to consumer (B2C) and consumer to consumer (C2C) are the major types of e-commerce platforms. Further, online purchasing through smartphones by way of various apps is also witnessing a significant demand at present, with several e-commerce companies expanding their network by switching to smartphone based apps.

E-commerce is expected to witness a boom in Asia Pacific in the coming years. Online buyers in the regions is expected to cross the 1.1 billion mark by the end 2019 and is expected to account for more than 70% of the internet users in the region. India is a lucrative market for e-commerce, with the current penetration rate crossing 30% and the same is slated maintain an upward trend in the coming years, maintaining a growth of more than 25% annually, till the end of the forecast period.

Mobile shopping is experiencing an upward trend with consumers increasingly using their smartphones for shopping purposes. According to Insights and Reports, more than 50% of the internet users in Asia Pacific and more than 30% of the internet users in North America were reported to have bought products through their mobiles phones in 2016. PC’s dominated the e-commerce market as the favorable platform for online purchases. Amazon.com is one of the key players in the e-commerce industry. The company started off with selling books worldwide and has gradually expanded its product portfolio, eventually becoming one of the largest retailers in the world, catering to online segment and offline segment as well. Some of the other leading e-commerce players include Alibaba.com, holding market penetration of close to 25% in 2016, followed Taobao, with a penetration of 20.7%, Tmall.com at 16.7%, Ebay at 14.9% and JD.com at 12%.

Further, Amazon had the highest number of visitors in the U.S. in 2017, with more than 195 million, followed by Walmart 130 million, Ebay at 116 million, Target at 90 million and Macy’s at 51 million in the same year.

more
less
    Article not Available
    Article not Available