Home shopping is becoming a more convenient and lucrative option for consumers. Moreover, the internet is becoming an essential tool for businesses, as it helps to increase customer satisfaction. It also helps businesses in boosting sales. Moreover, advanced security features and encryption systems are helping in making transactions more secure. In addition, consumers can also shop from the comfort of their homes, which helps them save time and transportation costs.
The global Home-Shopping market is estimated to account for US$ 3517.7 Bn in terms of value by the end of 2021.
Global Home-Shopping Market: Drivers
Increasing consumer confidence and improved internet connectivity have increased the demand for online shopping. In addition, the market is also expected to grow with the rising number of internet users across developing region. Moreover, increasing demand from SMEs and growing disposable income are further expected to contribute to growth of the home shopping market.
Global Home-Shopping Market: Opportunities
Increasing online shopping across developing countries such as India and China is projected to offer significant growth opportunities. According to the Indian Commodity Exchange Limited, till June 2002, approximately 45% of the Panamanian population had made an online purchase. Moreover, the e-commerce market in the Central American country has grown an annual average of 12% between 2014 and 2019 and, also, it has been projected that, online sales could reach USD 270 billion by 2024. This, in turn, indicating a fruitful growth for online or home shopping market.
Global Home-Shopping Market: Restraints
High cost of teleshopping is a key factor that may hinder the demand and restrain the growth of the global market during the forecast period.
Global Home-Shopping Market - Impact of Coronavirus (Covid-19) Pandemic:
COVID-19 pandemic disrupted supply chains, customer service, and caused delivery delays. As a response, consumers adopted internet-connected devices to maintain their daily routines amid COVID-19 lockdowns. The global market has seen spike in e-commerce since COVID-19 started as a safer and more time-efficient shopping choice. The pandemic forced businesses and countries, to develop online shopping platforms as a way to maintain their business.
To know the latest trends and insights prevalent in this market, click the link below:
The global home-shopping market was valued at US$ 3517.7 Bn in 2021 and is forecast to reach a value of US$ 10840.8 Bn by 2030 at a CAGR of 16.92% between 2022 and 2030.
E-commerce and Mobile Shopping segment held dominant position in the global home-shopping market in 2021, accounting for 90.25% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Home-Shopping Market Trends:
Growing need for contactless transaction due to outbreak of pandemic is a major trend observed in the market. According to reports by Worldline India, Contactless payments in India surged six times in the last three years from 2.5% in December 2018 to 16% in December 2021, led by growth in sectors like quick-service restaurants, pharmacies, food, and grocery amid COVID-19 pandemic
Rapid urbanization and growing disposable income are other major trend for home-shopping market. According to the World Bank Group, currently, some 56% of the world's population – 4.4 billion inhabitants – live in cities. This trend is expected to continue, with the urban population more than doubling its current size by 2050, at which point nearly 7 of 10 people will live in cities.
Global Home-Shopping Market: Competitive Landscape
Amazon Inc., VGL Group of Companies, Quarte Retail Inc., Ebay Inc., Sears Brand LLC, Garbarino S.A.I.C.e.I., Alibaba Group, Walmart, Majid al Futtaim(Carrefour), Jewlry Television, Desertcart, and uBuy
Global Home-Shopping Market: Recent Developments
- In August 2020, eBay partnered with international Gemological Institute, which is a highly trusted name in certifying the widest variety of gemstones and jewelry in the world.
- In November eBay Inc. partnered with Optoro, which is a resale channel for retail and brand customers.
- In August 2020, eBay partnered with US Postal Service, which gives the additional shipping option for the company’s buyers and sellers. This integration adds a new feature for selling and shipping including 48% to 62% discount that will be available automatically.
- In June 2020, The ALIBABA GROUP announced its plans to recruit 5,000 people globally by the end of the financial year. The new jobs will be focusing on networks, databases, servers, chips, and artificial intelligence.
- In October 2020, The ALIBABA GROUP expanded its presence on China’s brick and mortar retail by doubling its stake in Chinese retailer Sun Art to 72%, taking control of one of China’s largest big-box chains that sells groceries and other household goods.
- In October 2020, The ALIBABA GROUPannounced its plans to invest 200 billion yuan, or about USD 28 billion, over the next three years to bolster its cloud infrastructure.