The global home shopping market size reached US$ 4.10 trillion in 2023. Looking forward, the publisher expects the market to reach US$ 11.76 trillion by 2032, exhibiting a growth rate (CAGR) of 12.41% during 2023-2032. The inflating disposable incomes of consumers, rapid digitalization, high adoption of online shopping through e-commerce sites, and the widespread adoption of home shopping models by businesses to reach and serve a broader consumer base, are some of the key factors driving the market growth.
Additionally, the increasing affordability of the internet and rising mobile phone ownership is also driving the sales in the home shopping market. Most Internet users consider mobile phones the primary device for accessing home shopping. Thus, the growth potential for e-commerce in the market is directly correlated to internet and smartphone penetration, as mobile apps have emerged as a major gateway for customer purchases.
Innovations like these are anticipated to propel the growth of the market. Moreover, various companies promoting their products through teleshopping and e-commerce are also offering newer and more convenient payment options, like Apple Pay, Paypal, and other financing options, that allow frictionless checkout. Additionally, key players are also adopting the subscription model for maintaining customers for long-term value. Such innovations are anticipated to increase the home shopping market revenue in the forecasted period.
Moreover, various retailers are also offering a video-calling service with in-store experts, which is further propelling the growth of the market. For instance, in June 2020, Currys PC World launched ShopLive, a video-calling service with in-store experts to assist while shopping online. Such initiatives are projected to cater to the growth of the market in the coming years.
The emerging trend of shopping online via e-commerce channels and quick commerce platforms enables customers to access a wide range of options from the convenience of their home, easy return and exchange policies, and doorstep delivery facilities. As global internet access and adoption rapidly increase, with over five billion internet users worldwide, the number of people making purchases online is ever-increasing. In 2024, retail e-commerce sales are estimated to exceed US$ 6.3 Trillion worldwide, and this figure is expected to reach new heights in the coming years.
The home shopping market is highly dominated by Asia-Pacific, with China being the most prominent country in the region. Other countries, including South Korea, Singapore, Japan, and India, have accelerated the market's growth. Asia-Pacific is a rapidly growing region with increases in the inclination of consumers toward home shopping and a large number of imports from various countries.
China's online shopping market has grown strongly in recent years, becoming the new economic development engine. The number of internet users in China has been increasing exponentially. The number of internet users in China in 2022 was 1.05 billion, per the China Internet Network Information Center (CNNIC), thereby enabling this enormous growth in the APAC region.
2. What is the expected growth rate of the global home shopping market during 2024-2032?
3. What are the key factors driving the global home shopping market?
4. What has been the impact of COVID-19 on the global home shopping market?
5. What is the breakup of the global home shopping market based on the market type?
6. What are the key regions in the global home shopping market?
7. Who are the key players/companies in the global home shopping market?
Global Home Shopping Market Analysis:
- Major Market Drivers: The expanding e-commerce sector, proliferation of internet and smartphones, and the inflating demand for teleshopping to purchase consumer goods are some significant factors driving the market growth.
- Key Market Trends: The integration of artificial intelligence and (AI) augmented reality (AR) with shopping in the retail industry to facilitate virtual demonstration of products, personalized navigation, greater consumer engagement, and online trials is one of the prominent trends in the global home shopping market.
- Competitive Landscape: Some of the key players in the global home shopping market include, Alibaba Group, Amazon.com Inc., Best Buy, Ebay Inc., Flipkart Internet Private Limited, Naaptol Company, The Home Depot Inc, VGL Group and Walmart Inc., among others.
- Geographical Landscape: On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
- Challenges and Opportunities: Changing trends in teleshopping, long lead times, high competition in the market, and rising customer expectations are a few challenges in the market. However, the rising spending power of consumers is projected to augment the growth of the overall market in the coming years.
Global Home Shopping Market Trends:
Expanding E-commerce Sector
The increasing availability of numerous products such as apparels and accessories, footwear, personal and beauty care, etc., across e-commerce channels, offering a wide range of options to choose from, door-step delivery, and easy payment options, is creating a positive outlook for the overall market. In addition to this, the increasing penetration of the internet, facilitating easy access to inline marketplaces, is also contributing to the market growth. For instance, globally, 5.3 billion people, 66% of the world's population, were using the Internet in 2022. This represents an increase of 24% since 2019, according to the International Telecommunication Union (ITU).Additionally, the increasing affordability of the internet and rising mobile phone ownership is also driving the sales in the home shopping market. Most Internet users consider mobile phones the primary device for accessing home shopping. Thus, the growth potential for e-commerce in the market is directly correlated to internet and smartphone penetration, as mobile apps have emerged as a major gateway for customer purchases.
Increasing Integration of Smart Technology
The escalating adoption of artificial intelligence and machine learning, virtual reality, and augmented reality in home shopping is expected to offer prominent growth opportunities to key players in the global home shopping market. For instance, IKEA uses VR Experience to provide an in-app virtual shopping experience. Similarly, Lenskart, India's leading optical prescription eyewear retail chain, supports the '3D Try On' feature through its website and app, offering options to compare models and brands, saving time and effort, and offering better discounts or vouchers. Similarly, Burrow, a DTC furniture brand, utilizes AR to help customers visualize how their couches will look in their living rooms.Innovations like these are anticipated to propel the growth of the market. Moreover, various companies promoting their products through teleshopping and e-commerce are also offering newer and more convenient payment options, like Apple Pay, Paypal, and other financing options, that allow frictionless checkout. Additionally, key players are also adopting the subscription model for maintaining customers for long-term value. Such innovations are anticipated to increase the home shopping market revenue in the forecasted period.
Increasing Spend on Social Media Ads
Various retailers and business owners from several sectors are extensively spending on the social media platforms to promote and advertise their products and services. In addition to this, they are integrating advanced marketing strategies and methodologies to attract customers and increase sales, which is creating a positive outlook for the overall market. For instance, pay-per-click marketing technique is one of the growing trends in the home shopping market. It gives more control over search queries and audience reach. The most recent PPC industry facts and figures from social media reveal that 72% of marketers spend more on social ads.Moreover, various retailers are also offering a video-calling service with in-store experts, which is further propelling the growth of the market. For instance, in June 2020, Currys PC World launched ShopLive, a video-calling service with in-store experts to assist while shopping online. Such initiatives are projected to cater to the growth of the market in the coming years.
Global Home Shopping Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the global home shopping market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type and market type.Breakup by Product Type:
- Groceries
- Apparels and Accessories
- Footwear
- Personal and Beauty Care
- Furniture and Home Decor
- Electronic Goods
- Others
Breakup by Market Type:
- Teleshopping
- E-Commerce and Mobile Shopping
- Others
Currently, e-commerce and mobile shopping holds the largest market share
The emerging trend of shopping online via e-commerce channels and quick commerce platforms enables customers to access a wide range of options from the convenience of their home, easy return and exchange policies, and doorstep delivery facilities. As global internet access and adoption rapidly increase, with over five billion internet users worldwide, the number of people making purchases online is ever-increasing. In 2024, retail e-commerce sales are estimated to exceed US$ 6.3 Trillion worldwide, and this figure is expected to reach new heights in the coming years.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia-Pacific currently dominates the global market
The home shopping market is highly dominated by Asia-Pacific, with China being the most prominent country in the region. Other countries, including South Korea, Singapore, Japan, and India, have accelerated the market's growth. Asia-Pacific is a rapidly growing region with increases in the inclination of consumers toward home shopping and a large number of imports from various countries.
China's online shopping market has grown strongly in recent years, becoming the new economic development engine. The number of internet users in China has been increasing exponentially. The number of internet users in China in 2022 was 1.05 billion, per the China Internet Network Information Center (CNNIC), thereby enabling this enormous growth in the APAC region.
Competitive Landscape:
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:- Alibaba Group
- Amazon.com Inc.
- Best Buy
- Ebay Inc.
- Flipkart Internet Private Limited
- Naaptol Company
- The Home Depot Inc
- VGL Group
- Walmart Inc.
Global Home Shopping Market News:
- November 2023: The National Company Law Tribunal (NCLT) approved a joint proposal by luggage manufacturer Goblin India and financial services firm Khandwala Finstock for the acquisition of bankrupt Television Home Shopping Network. The proposal includes a merger or reverse merger of Khandwala Finstock with the company that operates TV home shopping channels.
- November 2023: Pottery Barn, a portfolio brand of Williams-Sonoma, Inc., the world’s largest digital-first, design-led and sustainable home retailer, announced today the launch of a new mobile iOS shopping and design app. Designed to deliver a seamless and convenient customer shopping experience, the new Pottery Barn mobile app also makes it easy for customer to create and manage a registry on-the-go.
- January 2023: Walmart and Salesforce are partnered to provide local fulfillment and delivery options for retailers. This partnership will enable retailers to sell their products on Walmart.com through Salesforce's e-commerce platform, providing them access to Walmart's large customer base. The partnership between Walmart and Salesforce will focus on the online marketplace.
Key Questions Answered in This Report
1. What was the size of the global home shopping market in 2023?2. What is the expected growth rate of the global home shopping market during 2024-2032?
3. What are the key factors driving the global home shopping market?
4. What has been the impact of COVID-19 on the global home shopping market?
5. What is the breakup of the global home shopping market based on the market type?
6. What are the key regions in the global home shopping market?
7. Who are the key players/companies in the global home shopping market?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Home Shopping Market
6 Market Breakup by Product Type
7 Market Breakup by Market Type
8 Market Breakup by Region
9 SWOT Analysis
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Alibaba Group
- Amazon.com Inc.
- Best Buy
- Ebay Inc.
- Flipkart Internet Private Limited
- Naaptol Company
- The Home Depot Inc
- VGL Group
- Walmart Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 4104.6 Billion |
| Forecasted Market Value ( USD | $ 11762.9 Billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
