Technological Innovation Drives Growth of Retail E-Commerce Market

Retail e-commerce market is anticipated to grow at a significant CAGR of 9.5% during the forecast period (2024-2031). Technological innovation is a key driver of growth in the retail e-commerce market, fundamentally transforming the shopping experience for consumers and retailers alike. Advancements such as artificial intelligence and augmented reality enhance personalization, allowing customers to receive tailored recommendations and visualize products in their environments before making a purchase. Seamless payment solutions, including digital wallets and buy now, pay later options, simplify transactions and boost consumer confidence, encouraging higher spending. 

Browse the full report description of “Retail E-Commerce Market Size, Share & Trends Analysis Report by Product (Groceries, Apparel & Accessories, Footwear, Personal & Beauty Care, Furniture & Household Décor, Electronic Goods, Others (Books, Movie Tickets & Food Delivery)), and by Type (Pure Market Place and Hybrid Market Place) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/retail-e-commerce-market

For instance, in January 2021, Google Cloud introduced several generative AI technologies aimed at enhancing the retail experience, including a conversational commerce solution that allows retailers to easily deploy personalized chatbots for online shopping. This new offering facilitates natural language interactions, enabling virtual agents to recommend products based on customer preferences. Additionally, a customer service modernization solution improves self-service and engagement by integrating with existing CRM systems, providing AI-based assistance for various inquiries. Google Cloud also launched a catalog and content enrichment solution to streamline product cataloging and enhanced its search technology with large language model capabilities to improve product discovery. 

Recent Developments

• In July 2023, eBay acquired Certilogo, specializing in AI-powered digital IDs and authentication for apparel and fashion goods. This acquisition enhances eBay's fashion category by introducing "Secure by Design" technology, enabling brands to manage garment lifecycles, verify authenticity, and engage in sustainable practices through circular services. Certilogo will continue under the leadership of CEO Michele Casucci. eBay's VP, Charis Marquez, highlighted that this partnership will provide brands with solutions to combat counterfeits and foster consumer engagement in the circular economy. Casucci emphasized the potential for deeper connections between consumers and brands, paving the way for a more sustainable future.

• In April 2022, Rakuten rebranded its consumer-to-consumer (C2C) marketplace app, now called "Rakuten Rakuma," and launched a redesigned logo and app icon. This initiative aims to create a new e-commerce platform that supports the circular economy. The company has introduced Rakuma Official Shops, featuring over 130 reuse businesses and 40 parallel import businesses, which offer a variety of inspected second-hand products and specialized agricultural goods.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Product

o By Type

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- includes Albertsons Companies, Inc., Amazon.com, Inc., Coupang Corp., Ebates Performance Marketing, Inc. dba Rakuten Rewards, Flipkart Pvt Ltd. among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Retail E-Commerce Market Report Segment

By Product

• Groceries
• Apparels & Accessories
• Footwear
• Personal & Beauty Care
• Furniture & Household Décor
• Electronic Goods
• Others (Books, Movie Tickets & Food Delivery)

By Type

• Pure Market Place
• Hybrid Market Place

Global Retail E-Commerce Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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