According to a research report titled, ‘Global Retail E-Commerce Market Size study, by Product (Groceries, Apparels and Accessories, Footwear, Personal and Beauty Care, Furniture and Household D?(C)cor, Electronic goods and Others), and Regional Forecasts 2020-2027’, available with Market study report LLC, global retail e-commerce market was worth approximately USD 4250 in 2019, and is expected to grow at 9.4% CAGR, reaching a valuation of USD 8720 billion by the end of the forecast timeframe.
 

As per report findings, rising adoption of smartphones, and proliferation of internet in small countries and towns, along with growing consumer inclination towards online shopping are supporting global retail e-commerce market development.
 

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Benefits like ability to engage with audience on substantially larger geographic scale, as well as reduced marketing expenses are encouraging retail businesses to opt for e-commerce solutions. Additionally, automated checkout procedures that eliminate the use of personnel is enhancing the industry outlook.
 

Increased investments by major players are also expected to enhance global retail e-commerce industry growth. For instance, Walmart acquired Flipkart in 2018, to expand its market reach as well as customer base, and chose to keep the Flipkart name separate from Walmart.
 

Despite the lucrative prospects, privacy and safety concerns regarding the collection and usage of personal data by online shopping sites is likely to hamper industry growth during the forecast period 2020-2027.
 

Based on product type, global retail e-commerce industry is arrayed into personal & beauty care, groceries, footwear, apparels & accessories, furniture & household décor, electronic goods and others.
 

Considering the regional outlook, North America, Asia Pacific, Europe, and Latin America are the key regions covered in the report. Of these, North America secured a significant market share in the recent past owing to evolving purchase patterns, increased consumer awareness, and availability of secure internet connections.
 

Meanwhile, Asia Pacific is anticipated to record a robust CAGR during the study period 2020-2027. This can be attributed to factors such as improving lifestyle and increased use of mobile internet in the region.
 

Top contenders in global retail e-commerce market space are Inter IKEA Systems B.V., Amazon.com Inc., Rakuten Rewards (formerly Ebates Inc.), Coupang Corp., Taobao.com, Otto GmbH & Co. KG, Walmart Inc., The Kroger Company, and Albertsons Companies, Inc.