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E-commerce Market to be Worth $16,215.6 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by Meticulous Research
"E-commerce Market by Business Model, Browsing Medium, Payment Mode (Card Payment, Bank Transfer, Digital Wallet), Offering (Travel, Electronics, Beauty & Fashion, Household, Pharmaceuticals, Food & Beverages), and Region - Global Forecast to 2027", the e-commerce market is expected to grow at a CAGR of 22.9% from 2020 to reach $16,215.6 billion by 2027.
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E-commerce refers to the buying or selling of goods and services through electronic mediums, mostly through the Internet. This market is majorly driven by rising penetration of the Internet and smartphones, growing dependency on social media to promote e-commerce platforms, growing omni-channel business models, and the advent of new payment modes. In addition, e-commerce automation offers immense growth opportunities for players operating in the e-commerce market. However, online frauds and cybersecurity issues are some factors restraining the market growth. Moreover, local laws and regulations for international e-commerce and trust deficit due to touch and feel experience are the major challenging factors for the overall market growth.