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E-Retail also is known as e-tail or electronic retail allows customers to buy goods from a seller over the internet. E-Retailing can be availed through a website or mobile application and includes business to consumer (B2C) and business to business (B2B) for the sales of products and services. The Global e-retail sales accounted for around US$ 2,500 Bn in 2018 and are expected to achieve sales of around US$ 5000 Bn by 2022.
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Other factors such as easy returns policy, discounts, and bundling contribute heavily to the growth of the E-Retail market. Many firms have implemented the technology called augmented reality which is also responsible for the growth of online retail sales globally. More than 40% of customers prefer to buy a product if they could experience it through augmented reality beforehand.
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· Third party e-retailers
· Own website
By Products Category
· Clothing and Footwear
· Home Appliances
· Food and Personal Care
· Furniture and Home Decor
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global mobile internet penetration rate is likely to increase from 43% to 61%, during the year 2017-2025. In the North America region, the e-retail market would grow at a substantial rate during the forecast period. This is owing to the presence of Amazon which is one of the largest e-retailer in the region. Furthermore, it is estimated that 51% of Americans prefer online shopping which is backed by more than 73% of mobile internet penetration rate in 2018. The Asia Pacific is rapidly becoming the largest region for the online e-retail market especially in countries like China and India. The rapid growth of the e-retail market in India accounts to its size, tendency to adopt the western culture and government initiatives like 100% FDI.
In Europe, the mobile internet penetration rate accounts to more than 72% in 2018 with secured internet transactions. In this region, the UK forms the largest e-commerce market followed by France and Germany. In Latin America, Brazil is expected to remain one of the largest retail e-commerce markets as most consumers in the country are comfortable using credit cards and digital options for payments. The Middle East and Africa would experience low growth in the e-retail market owing to factors such as the preference of paying cash, unreliable shipping in the region, and lack of internet services.
Key Industry Developments
· December 2016- Walmart acquired the largest Indian e-commerce company called Flipkart for US$ 16 Bn in 2018.
· 2017: Time of free shipping was dropped from 5.5 days in 2012 to 4.5 days on average backed by programs like Amazon Prime making two-day shipping the standard time increasing customer satisfaction.
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