The global e-tailing solutions market is projected to reach $5 billion this year and exhibit a compounded annual growth rate of 14.2 per cent between 2020 and 2030, according to new research by UK-based Future Market Insights, which said e-tailing, driven by e-commerce platforms, will be the backbone of the market, supporting its growth through the pandemic.
E-tailing business models are expected to be in the spotlight as businesses grapple to come to terms with the ongoing pandemic, the company said in a statement.The global e-tailing solutions market is projected to reach $5 billion this year and exhibit a compounded annual growth rate of 14.2 per cent between 2020 and 2030, according to new research by UK-based Future Market Insights, which said e-tailing, driven by e-commerce platforms, will be the backbone of the market, supporting its growth through the pandemic.#
Analysts predict that physical shops will be speedily replaced by horizontal sellers such as Amazon and eBay, who sell across wide range of verticals. Wider product ranges and aggressive discounting policies will undeniably be the strongest growth drivers for the market.
The e-tailing solutions market will see exponential growth in South Asia and the Pacific with growing horizontal players. Machine learning and artificial intelligence algorithms for improved predictive analysis of consumer behaviour will enhance profitability of e-tailing vendors.
Improved transport and logistics with Internet of Things, blockchain and smart contracts will pave way for smooth progress for e-tailing across the globe, the research found.
The 2020 COVID-19 outbreak marked a tipping point for adoption of the e-tailing solution providers. From groceries to protective gears, the e-tailing market stood stoic in during the pandemic, catering to the skyrocketing need of the hour, it said.
Between 2018 and 2019, the e-tailing solutions market grew by almost 17 per cent globally. Despite circumstances being in favour of this market, it is expected to experience a drop of 200-250 basis points in 2020 due to strict lockdowns and travel bans.
Several big players in the market have enhanced their consumer experience with segmentation marketing. E-tailing has significantly relied on big data to break down complex consumer behaviours to provide exceptionally customised search results and better services.
In the coming years, the progress of e-tailing market will be determined by optimum usage of analytics to reach out to consumer with the best services, the research found.
Fibre2Fashion News Desk (DS)
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