The global retail e-commerce market size is estimated to reach $12,35-trillion by 2030 and growing at a CAGR of 11,6% from 2024 to 2030, according to the recent reports of Grand View Research.

The demand for retail e-commerce is expected to increase over the forecast period as mobile devices become faster and smarter and communication becomes more convenient and efficient. The growing transition from desktops to smartphones is particularly expected to drive the retail e-commerce market growth.

The rapid increase in the number of smartphone users implies that more individuals would be exposed to online ads and prompted to consider online shopping. While the number of individuals owning a smartphone or using the internet remains high in developed economies, it is continuously growing in emerging economies.

The growing number of internet users, particularly in the emerging economies of Asia Pacific, Latin America, and Middle East, is expected to contribute to the growth of the market.

Retail e-commerce businesses have been rapidly implementing technologies such as chatbots, artificial intelligence (AI) and machine learning (ML) to increase revenue and foster client loyalty.

AI and ML provide e-retailers with smart product recommendations and personalized guidance, enabling them to understand client demand better and leverage the maximum benefits of these technologies. Apps are integrated with AI and chatbot voice assistants to facilitate real-time conversation while shopping. Virtual trials of clothing, frames, and accessories that imitate the appearance of products purchased online have been made possible by AI technology, helping businesses increase the number of conversations they have with customers.

In brick-and-mortar shopping, in-store associates provide product recommendations and guidance based on the requests or needs of shoppers. However, in retail e-commerce, this aspect is replaced by AI and ML, enabling newer ways to improve personalization and customer service. Retail businesses are expected to make huge investments in this development to gain a competitive edge in the market.

AI and ML capabilities can be used to enable chatbots that can serve the role of a brick-and-mortar salesperson. Chatbots allow shops to connect with customers while providing them with personal attention and helpful recommendations based on their responses.

Other highlights from the report include:

* Based on product, the apparel and accessories segment is expected to register a CAGR of 10,4% from 2024 to 2030 in the retail e-commerce market. The segment witnessed a significant surge in demand on e-commerce platforms, driven by access to designer and latest fashion items at direct-from-factory prices.

* By model, the Business to Business (B2B) segment is expected to register a fastest CAGR of 10,6% from 2024 to 2030 in the retail e-commerce market. B2B e-commerce platforms are increasingly incorporating features such as personalized product recommendations, customized pricing, and tailored purchasing workflows based on the specific needs of retailers. Similarly, it provides a seamless and user-friendly experience enhances customer satisfaction and encourages repeat business.

* In terms of type, the pure marketplace will grow at a significant rate from 2024 to 2030 in the retail e-commerce market. The increasing consumer preference for convenience and variety has led to a surge in online shopping, with marketplaces offering a one-stop-shop experience for a wide range of products from various sellers.

* Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period at a CAGR of 12,7% from 2024 to 2030 in the Retail E-commerce market. The Asia Pacific region is experiencing high growth over the forecasted period, driven by rising mobile internet usage and evolving lifestyles. There is a trend of moving toward urban lifestyles. This shift results in limited personal time, further reduced by the requirement to shop for essentials. Moreover, there is a noticeable trend among Asian consumers to shop for electronic products via e-commerce platforms.