Online Shopping – Key Trends and Consumer Insights
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Online Shopping Report Overview
The global online market is expected to increase by more than 22% between 2024 to 2028 owing to investments in e-commerce capabilities, expansion of international players, and enhanced technology capabilities. For non-essential retailers, augmented and virtual reality (AR/VR) will drive innovation and support a seamless shopping experience for consumers.
New technology will lessen the need for physical showroom space and heighten customers’ experience, enabling virtual fitting rooms, testing out make-up, and viewing homeware and furniture pieces all from consumers’ homes. E-commerce retailers are also using artificial intelligence to improve customer service and explore new ways to drive online channel engagement.
The online shopping – key trends and consumer insights report will help understand consumer preferences for online shopping. This report provides an in-depth analysis of the latest trends in global online shopping, covering the consumer insights driving online shopping by country, market dynamics, and the impact of new technology on the online retail channel.
Online Shopping – Key Trends
Extended reality and virtual stores: The use of AR, VR, and artificial intelligence (AI) is transforming the online shopping experience. Customers can now try and see products in real-time in their homes through mixed, virtual, and augmented reality. Retailers including J.Crew, ELF Lowes, and Decathlon are all introducing virtual stores to online shoppers. For instance, sporting goods retailer Decathlon has launched an Apple Vision immersive shopping experience in the United States, allowing customers to view clothing, camping equipment, and bicycles in 3D at home.
Retailers can benefit from the convenience of traditional online shopping, combined with the benefits of in-store experiences by browsing different rooms, virtual styling, and live-stream shopping. This will make the experience more authentic and build a loyal online customer base, particularly as e-commerce sales have slowed since the end of the pandemic.
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Online Shopping – Consumer Insights
Innovation is key in attracting new customers online, with China and the US benefitting most. The increased innovation in online shopping within these countries, such as the development of virtual stores and AI is expected to attract new customers and retain existing online shoppers. In addition, Germany and Spain have the greatest percentage of consumers stating they will continue to shop online.
Sectors with more competitive prices and variety dominate the online market. For instance, the electricals and clothing categories are leading owing to a high preference in Germany and China to shop for these sectors online. Shopping for clothes online allows consumers greater capabilities to compare ranges, sizing availability, and styles across many retailers. The primary driver for buying electricals online is the ability to compare prices, particularly as these items are often big tickets; free delivery on these high-ticket items also removes barriers to online shopping.
Consumer Insights: Shopping Online by Country
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Key Highlights
- The global online market is expected to grow between 2024 to 2028.
- Electrical purchases have the highest percentage of online sales across all sectors globally.
- Many respondents in China agreed they would use AR to choose which item to buy.
- Pessimism towards the usefulness of chatbot answers is highest among consumers in Spain and the United States.
Reasons to Buy
- Understand the current and future trends impacting and creating opportunities for online retailers in the global market, and how competitors are enhancing their online capabilities.
- Discover how consumers like to shop online by sector and their sentiment towards new technology in online retailing.
- Uncover how consumers across six global countries expect their spending habits online to change in the next three months by age.
Apple
Co-op
Decathlon
Desenio
e.l.f
FY!
HaptX
J.Crew
Lowes
Obess AR
Shein
Temu
Walmart
Table of Contents
Frequently asked questions
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What will drive the global online market?
The global online market is expected to increase significantly between 2024 to 2028 owing to investments in e-commerce capabilities, expansion of international players, and enhanced technology capabilities.
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What is transforming the online shopping experience?
The use of technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) is transforming the online shopping experience.
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