HOME SHOPPING MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. ASIA-PACIFIC TO WITNESS THE HIGHEST GROWTH
Global Home Shopping Market is expected to reach the market valuation of USD 9.4 trillion by 2027 expanding at a reasonable CAGR of 17.9% during the forecast period (2021-2027) from USD 3 trillion in 2020. Home Shopping channel includes television-based shopping, e-commerce, and telephonic shopping companies. Improved internet connectivity and increased adoption of smartphones have positively impacted the virtual shopping market.
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Various factors driving the global Home Shopping market include the emergence of secured payment methods, enhanced internet quality, convenient free home delivery service along with lucrative offers. Furthermore, rising interest of people for online shopping through e-commerce platforms such as flipkart.com, eBay.com, and Amazon.com is also anticipated to drive the market. In 2016, Amazon launched, Amazon Pantry for customers. Using Amazon Pantry, customers can now shop for over 4,000 everyday essentials such as groceries and household products on the website and mobile. Amazon Pantry comes with guaranteed next day delivery in India. Men are more than twice likely to make purchases online, compared to women, with 14% of men reporting to do so, while only 6% of woman reported doing so.
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Due to COVID-19, the home shopping market has enhanced globally. Owing to the global pandemic Covid-19 many countries were observing lockdown, which compelled the businesses to shift towards online platforms, to cater to the increasing demand for e-commerce sales. For instance, online sales in Denmark increased in 2020 due to COVID-19. Also, online shops observed a 10% increase in sales. Global retail e-commerce traffic recorded 22 billion visits in June 2020 with increased demand for household goods such as clothing, retail tech items, and groceries. COVID-19 is expected to have a long-term impact on the e-commerce and retail industry across the globe.
For a detailed analysis of the COVID-19 Impact on Home Shopping Market browse through https://univdatos.com/report/home-shopping-market-current-analysis-and-forecast-2021-2027
Based on the product type, the global home shopping market is fragmented into groceries, apparels & accessories, footwear, personal & beauty care, furniture & home decor, electronic goods, and others. Further, the report also studied through market type such as teleshopping, e-commerce and mobile shopping and others. The e-commerce and mobile segment dominated the market in 2020. It is anticipated to maintain its dominance during the forecast period owing to the lockdown in various countries across the world due to COVID-19 outbreak, grocery segment has observed an increase in overall sale through online platforms. Amid the pandemic, more than 10 million of US consumers purchased grocery online for the first time. Online grocery sales grew 54% in 2020, compared to 2019 in the US.
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Additionally, the report provides detailed analysis of the overall adoption of home shopping in major regions including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific with increasing number of smartphone user has the potential to become one of the largest markets for home shopping in near future. Amazon.com, Inc., Flipkart private limited, eBay Inc., Alibaba Group, Walmart, VGL group of companies, JD.com, Inc., Best Buy, The Home Depot, and Apple, Inc., are some of the prominent players operating in the global Home Shopping market. Several M&A’s along with partnerships have been undertaken by these to expand their business reach and product portfolio globally.
Global Home Shopping Market Segmentation
Market Insight, by Product Type
- Apparels & accessories
- Personal & Beauty care
- Furniture & Home décor
- Electronic Goods
Market Insight, by Market Type
- E-commerce and mobile
Market Insight, by Region
- North America Home Shopping Market
- United States
- Rest of North America
- Europe Home Shopping Market
- Rest of Europe
- Asia-Pacific Home Shopping Market
- Rest of Asia-Pacific
- Rest of World Home Shopping Market
Top Company Profiles
- Amazon.com, Inc.
- eBay Inc.
- Alibaba Group
- VGL Group
- JD.com, Inc.
- Best Buy
- The Home Depot
- Apple, Inc.