E-Commerce Is A Dynamic $1 Trillion Growth Market
Navidar | March 10, 2023
E-commerce continued its long-term upward growth in 2022, furthering the offline retail to online retail shift that began in the late ‘90s. What is E-commerce? E-Commerce is in essence the selling of goods and services directly to consumers online—in contrast to offline retail or the traditional in-store “bricks and mortar” sales that characterized commerce for decades. Through E-commerce, retailers could leverage the Internet to sell products directly to consumers wherever they were—in their homes, at work, and all over the world—and become E-retailers.
Then, in 2007, Steve Jobs unveiled the first iPhone, setting the stage for M-commerce, which allowed E-retailers to reach consumers anywhere on the globe via their mobile and handheld devices. Cell phone adoption exploded and has penetrated approximately two-thirds of the global market, a similar percentage as that of the global population connected to the Internet. As E-retailers have offered a great shopping experience through desktop and mobile devices, consumers have adjusted their shopping preferences and increasingly gravitate toward online commerce as opposed to offline shopping. The result of this shift has been dramatic: E-commerce sales eclipsed $1 trillion in 2022 and continue to take share from offline retail, all indicating that E-commerce is continuing its long-term upward growth trajectory.
In this report, we will explore how E-commerce has grown so spectacularly, analyze where that growth came from, examine the key drivers of industry growth, and explain why we think that the future for E-retailers is bright. We will cover this exploration in the following five sections:
- E-Commerce Is A Large And Diverse Growth Market
- E-Commerce Growth Has Been Primarily At The Expense Of Offline Retail
- E-Commerce Has Many Advantages Over Offline Shopping
- Advancements In Technologies And Solutions Enable Excellent Online Shopping Experiences
- Continued Convergence Provides E-Retailers With Exciting Opportunities
Download full report below.