Consumer Electronics E-Commerce Global Market Report 2024

The consumer electronics e-commerce market size has grown rapidly in recent years. It will grow from $614.98 billion in 2023 to $701.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth observed during the historical period can be ascribed to factors such as the convenience of online shopping, the availability of a wide range of products, competitive pricing, and the increasing trend of mobile shopping.

The consumer electronics e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1154.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The anticipated growth in the forecast period can be linked to technological advancements, the integration of AI and personalization, the continued expansion of e-commerce marketplaces, and the growing prevalence of mobile payments. Some prominent trends expected during this forecast period encompass virtual try-on experiences, AI-driven product recommendations, the adoption of omnichannel retail strategies, and an increasing focus on sustainability and eco-friendly product offerings.

The consumer electronics e-commerce market is experiencing significant growth due to the shift from offline to online shopping. With more than 4 billion people, or nearly 53% of the global population, connected to the internet and the vast majority (92.6%) using mobile devices to access the web, consumers now enjoy the convenience of hassle-free online shopping. Internet accessibility, mobile technology, and digital innovations have transformed the shopping experience, resulting in a surge in online shoppers who trust e-commerce platforms for purchasing high-value products, including electronics. This trend indicates that the consumer electronics e-commerce market is poised for continuous growth with the increasing integration of online shopping in consumers' lives.

The primary categories of consumer electronics can be classified into video products, audio products, and other miscellaneous products. Video products denote electronic devices that are self-contained within a single housing, possess an integrated power supply, are connected to a mains power source, and are primarily designed for the creation, recording, or both, of audio and video signals to or from both digital and analog media. Various business models exist, including business-to-business (B2B) and business-to-consumer (B2C), each catering to different customer needs. Furthermore, the pricing models encompass low-cost products, mid-range products, and high-end products, offering consumers a range of options to suit their budgets and preferences.

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.

The rising demand for smartphones is expected to be a significant driver of the consumer electronics e-commerce market. Smartphones, with their advanced features, have become a ubiquitous and essential device for people. They make online shopping more accessible and convenient, attracting a broader audience to e-commerce platforms. In 2022, there were 71.8 million active mobile connections, signifying a 3.8% increase from the previous year, as reported by Uswitch Limited. It is projected that by 2025, 95% of the 68.3 million people in the UK will own smartphones. This surge in smartphone adoption is a key factor fueling the growth of the consumer electronics e-commerce market.

The challenges to overcome, including the lack of an integrated end-to-end logistics platform for delivering electronics purchased online. In many developing countries, logistical barriers are significant, with a vast population residing in numerous cities and villages where e-commerce services are limited. Moreover, the logistics performance varies widely across different regions, including infrastructure, delivery options, modes, and warehousing. These disparities pose challenges for businesses seeking to expand their operations across borders. Retailers also face ongoing logistical challenges such as catering to same-day and next-day deliveries while managing change requests for delivery time slots. These factors are currently impeding the growth of the consumer electronics e-commerce market.

The integration of augmented reality (AR) technology has the potential to enhance the online shopping experience by reducing uncertainty about products. AR solutions enable customers to visualize products in their real environment, making it easier for them to decide on purchases. The 3D visualizations offered by AR allow customers to see how products will fit into their space, reducing the likelihood of returns and exchanges. This technology helps online retailers minimize returns by providing customers with a 'try-before-you-buy' digital experience. Augment, for example, is an AR tool that enables customers to view products in real-time, rotate them, and visualize them in their surroundings. This innovation offers a more personalized and engaging online shopping experience, reducing the cost and inconvenience of returns.

Major companies in the consumer electronics e-commerce market are developing new products, including e-commerce and ad tech platforms, to expand their customer base, boost sales, and increase revenue. E-commerce involves the online buying and selling of goods and services, while ad tech, or advertising technology, encompasses various digital tools and technologies for optimizing online advertising campaigns. For instance, in April 2023, Dispatch, a US-based software company, launched an innovative e-commerce and ad tech platform that helps international businesses engage, onboard, and successfully sell their products to customers on-chain. This platform offers web3 features, connecting order management with customer relationship management programs to enable brands to sell both physical and digital goods through portable marketplaces. Dispatch's web3 solutions improve consumer-brand interactions by fostering personalized connections and delivering relevant offers based on purchase decisions.

Amazon.com Inc. has entered agreements with the Future Group, India's second-largest brick-and-mortar retailer, to sell its products on Amazon's online marketplace. These agreements make Amazon the authorized online sales channel for Future Retail Ltd.'s wide range of products. The collaboration also extends to Future Consumer Ltd., which produces various consumer goods. This strategic move is set to enhance Amazon's presence in the Indian market by expanding its product offerings and increasing its reach.

Major companies operating in the consumer electronics e-commerce market include Alibaba Group Holding Limited, Amazon.com Inc., JD.com Inc., eBay Inc., Shopify Inc., Rakuten Inc., Walmart Inc., Newegg Inc., Target Corporation, Flipkart Internet Private Limited, Best Buy Co. Inc., Apple Inc., B&H Foto & Electronics Corp., Crutchfield Corporation, GameStop Corp., P.C. Richard & Son Inc., Adorama Inc., Abt Electronics Inc., Overstock.com Inc., CDW Corporation, BuyDig.com LLC, HSN Inc., QVC Inc., Monoprice Inc.

North America was the largest region in the consumer electronics e-commerce market in 2023. 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, Africa

The countries covered in the consumer electronics e-commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

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 market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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