Ecommerce platforms, powered by the internet, give customers access to online stores to browse through and place orders for products or services using their devices. Ecommerce groups continue to register growth due to the increase in the number of virtual consumers. Recent improvements in international e-trade resulted in greater focus of the ecommerce market on the mobile channel. Consequently, many e-commerce companies and online stores now promote their merchandise via online platforms accessible through various mobile devices. Amazon, Walmart, Shopify, and JD.com are considered the largest e-trade businesses and leaders in the online retail marketplace. These companies are increasing their operations globally as the e-commerce market expands.
Ecommerce spending as a percentage of GDP is a metric that defines consumer spending on ecommerce platforms as a percentage of the GDP in the region. The ecommerce spending as a percentage of global GDP reached a value of 2.3% in 2020. The ecommerce global market recorded a historical growth (CAGR) of 13% during 2017–20 and grew 7.91% in 2021, reaching 2.5%. GlobalData projects the ecommerce market to grow at a CAGR of 1.26% during 2021–25.
Clothing and Footwear, Electricals, Food and Grocery, Health and Beauty, Home, and other consumer-related sectors are represented on the ecommerce market. Ecommerce platforms include B2B (Business-to-Business), B2C (Business-to-Consumer), and C2C (Consumer-to-Consumer) platforms. The popularity of C2C ecommerce increased in recent years, similar to the B2C industry, owing to well-known names such as eBay and Taobao, the Alibaba Group's C2C platform.
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