New York, Feb. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Consumer Electronics E-Commerce Global Market Report 2023” – https://www.reportlinker.com/p06282518/?utm_source=GNW
Major players in the consumer electronics e-commerce market are Alibaba, Amazon, JD.com, eBay, Shopify, Rakuten, Walmart, Newegg, Target, and Flipkart.
The global consumer electronics e-commerce market will grow from $539.46 billion in 2022 to $614.98 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The consumer electronics e-commerce market is expected to grow to $975.27 billion in 2027 at a CAGR of 12.2%.
The consumer electronics e-commerce market includes revenues earned by entities by computers, laptops, smartphones, TV sets, tablets, game consoles, speakers and headphones, wearables, digital cameras, and VR (Virtual Reality) & AR (Augmented Reality) devices.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The consumer electronics e-commerce refers to businesses, companies, and individuals selling electronic goods that include television, navigation products, digital cameras and accessories, digital camcorders and accessories, e-Reader and others, through online channel.
North America was the largest region in the consumer electronics e-commerce market in 2022.Asia Pacific was the second largest region in the consumer electronics e-commerce market.
The regions covered in the consumer electronics e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of consumer electronics are video products, audio products, and other products.Video products refer to an electronic device encased in a single housing that has an integral power supply, is connected to a mains power source, and is designed solely for producing or recording, or both, audio, and video signals, to or from digital or analogue media.
The different business models are business to business (B2B) and business to consumer (B2C). The various pricing models involved are low-cost products, medium-cost products, and high-end products.
Consumers are shifting from offline to online shopping, and this factor is the key driving factor in the consumer electronics e-commerce market. Globally, nearly 53% of the global population (more than 4 billion people) is connected to the internet, and nearly all of them (92.6%) go online using their mobile devices. Internet connectivity has presented an opportunity for hassle-free shopping anytime, anywhere. Internet accessibility, mobile technology, and digital innovations are changing consumers’ shopping experiences. With customers’ trust in buying high-value products, including electronics, on the Internet, the number of online shoppers is skyrocketing. Therefore, with the increased penetration of online shopping in consumers’ lives, the value of the electronics e-commerce market is expected to only rise but not slow down.
The lack of an integrated end-to-end logistics platform for the delivery of electronics purchased online is a key factor challenging the growth of this market.This is because supply is more important than demand, and in developing countries, there is a significant logistical barrier.
For instance, in India, there are 6,000 cities and 600,000 villages that account for nearly 70% of the country’s population.Retail e-commerce can deliver to only an estimated 200 cities in India, which means for a major proportion of the population, these services are not available.
The logistics performance differs significantly in each country.The differences include local logistics infrastructure, delivery choices, modes of delivery, and warehousing.
These pose challenges for businesses keen to expand across borders. Additionally, catering services for same-day and next-day deliveries, along with managing change requests for time slots simultaneously, is another major ongoing logistical challenge for retailers. These factors are therefore hindering the growth of the consumer electronics e-commerce market.
Augmented reality (AR) technology enhances the online shopping experience.Online shoppersty (AR) technology enhances the online shopping experience.
Online shoppers’ uncertainty about a product they wish to purchase online is solved with AR technology.AR solutions allow customers to visualize products in real-time, from the comfort of their homes.
The 3D visualizations via AR provide an opportunity for customers to see how products could look in their space before they commit to purchasing them.They can try different options and choose the best product.
It reduces the inconvenience due to the return or exchange of products and saves time and the cost of returns. AR helps online retailers significantly reduce returns by providing a “”try-before-you-buy”” digital experience. For example, Augment is an augmented reality tool that allows customers to view a product in real-time. Augment helps customers to rotate and see products so that they can be visualized in a natural setting. Also, customers can change the product colors and finishes.
Amazon.com Inc. signed pacts with the Future Group to sell products from India’s second-largest brick-and-mortar retailer on its online marketplace. According to an exchange filing Monday, Amazon will become the authorized online sales channel for Future Retail Ltd.’s stores, which sell everything from groceries to cosmetics and apparel, among other things. The e-commerce giant will also have a tie-up with Future Consumer Ltd., which makes consumer goods like packaged snacks and household cleaners.
The countries covered in the consumer electronics e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The consumer electronics e-commerce market research report is one of a series of new reports that provides consumer electronics e-commerce market statistics, including consumer electronics e-commerce industry global market size, regional shares, competitors with a consumer electronics e-commerce market share, detailed consumer electronics e-commerce market segments, market trends and opportunities, and any further data you may need to thrive in the consumer electronics e-commerce industry. This consumer electronics e-commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282518/?utm_source=GNW
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