April 25, 2018
WELLESLEY, Mass., April 25, 2018 – Rapid growth by the millennial population within emerging markets, rising smartphone and internet penetration, access to online payment options and technological advances such as big data and the cloud are driving the e-commerce industry forward, according to a new report by BCC Research. The new report characterizes and quantifies this market by segment, including apparel and accessories, electronics and media, food and personal care, and furniture and appliances.
The global market for e-commerce was worth $2.7 billion in 2017 and should reach $5.9 billion by 2022 with a compound annual growth rate (CAGR) of 16.8%, according to the report “E-Commerce: Global Markets to 2022.”
A few major players are marginally consolidating e-commerce, such as Amazon Inc., JD.com Inc., Alibaba Holding Group Ltd., Apple Inc. and Walmart Inc.
“Cashback is the latest trend in the e-commerce industry for customer acquisition, better branding and efficient market capitalization,” the report notes. “It is a form of incentive offered to customers where they receive a cash refund in their digital wallet after making their purchase from the e-commerce website. It is beneficial for customers as well as companies as the customer receives extra cash for the next purchase and the company receives repeat purchases and customer loyalty.”
Other Popular Means of Increasing Customer Loyalty
E-commerce, in order to remain in competition with in-store shopping, has developed several perks for consumers to entice them to return to their websites. For example, same day deliveries provides the instant gratification of quickly receiving one’s product. Big data, used for gaining significant insight into the shopper’s decision-making process, has also positively shaped the consumer’s online experience as a whole.
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E-Commerce: Global Markets to 2022( IFT162A )
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