LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global home and garden products B2C E-commerce market to grow at a CAGR of over 16% during the forecast period, according to their latest market research report.
The rise in popularity of digital payment services is one of the major trends being witnessed in the global home and garden products B2C E-commerce market 2018-2022. The rise in online shopping trends and growing traffic on e-retailer-owned web portals has propelled the internet banking sector, debit and credit card, and digital wallet payments. In China, the revenue generated from online payments was estimated to be USD 2.83 trillion in 2017 and is likely to grow at a significant rate during the forecast period. The mobile payment mode has become popular among online shoppers due to convenience and easy cash back option that retailers offer. Therefore, this trend will propel the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global home and garden products B2C E-commerce market is the increase in smartphone and internet penetration:
Global home and garden products B2C E-commerce market: Increase in smartphone and internet penetration
As per the World Bank Group, in 2016, the percentage-to-population of internet users in the world was 45.78%. This means that 3.41 billion people globally have access to the internet. The trend of online shopping is gaining momentum in developed and developing countries, with smartphone users spending a lot of time online. The rapid rate of smartphone penetration has also opened many profit-making avenues for online retailers. Furthermore, the availability of a wide product base, convenience of shopping, and better time management are additional factors that contribute to the growth of the market. With online retailers offering security features for online payments, improved online customer service, free delivery options, and easy-to-navigate shopping websites, a growing number of consumers are likely to use online retail portals for home and garden products during the forecast period.
According to a senior analyst at Technavio for research on retail systems, “Growing M-commerce platforms is another factor boosting the growth of the global market. Growth in internet penetration and rise in the number of smartphone users has changed shopping habits and patterns which augurs well for the growth of the market.”
Global home and garden products B2C E-commerce market: Segmentation analysis
The global home and garden products B2C E-commerce market research report provides market segmentation by product (home décor, home improvement products, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting over 51% share, followed by the Americas and EMEA respectively. During the forecast period, the EMEA region is expected to register a higher incremental growth than the Americas.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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