IMARC Group, a leading market research company, has recently releases report titled “Home Shopping Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global home shopping market size reached US$ 4,104.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11,762.9 Billion by 2032, exhibiting a growth rate (CAGR) of 12.04% during 2024-2032.
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Factors Affecting the Growth of the Home Shopping Industry:
Convenience and Accessibility:
The unparalleled convenience offered by home shopping is impelling the growth of the market. People can browse, compare, and purchase products from the comfort of their homes, eliminating the need to physically visit stores. This convenience is particularly appealing to those with busy schedules or limited mobility. Moreover, online shopping platforms provide access to a vast range of products that might not be available locally, catering to a wider variety of buyer needs and preferences. The 24/7 availability of online shopping also means that individuals can shop at any time, further enhancing the appeal of home shopping.
Changing Preferences and Demographics:
The evolving buyer preferences and demographics are propelling the market growth. A noticeable shift is observed toward online shopping among younger generations like millennials and Gen Z, who prefer the convenience and speed of online transactions. These demographic groups are also more inclined towards brands that offer customization, unique products, and sustainable options. Additionally, the rise in disposable income and changing lifestyles are leading to an increase in online buyer spending. The demand for niche products and the desire for a personalized shopping experience are further propelling the growth of the market.
Technological Advancements:
Ongoing innovations play a pivotal role in bolstering the market. The integration of advanced technologies like augmented reality (AR) and virtual reality (VR) is transforming the online shopping experience, allowing people to visualize products in a more realistic manner. Additionally, the use of artificial intelligence (AI) and machine learning (ML) for personalized recommendations is significantly improving customer engagement and satisfaction. These technologies help in predicting buyer behavior, enabling retailers to offer tailored suggestions and improving the overall shopping experience. The rise of mobile commerce, with more people using smartphones and tablets for shopping, is positively influencing the market.
Leading Companies Operating in the Global Home Shopping Industry:
Alibaba Group
Amazon.com Inc.
Best Buy
Ebay Inc.
Naaptol Company
The Home Depot Inc
VGL Group and Walmart Inc.
Home Shopping Market Report Segmentation:
By Product Type:
Groceries
Apparels and Accessories
Footwear
Personal and Beauty Care
Furniture and Home Decor
Electronic Goods
Others
Based on the product type, the market has been divided into groceries, apparels and accessories, footwear, furniture and home decor, electronic goods, and others.
By Market Type:
Teleshopping
E-Commerce and Mobile Shopping
Others
E-commerce and mobile shopping represent the largest segment as they are convenient and offer various types of discounts and cashbacks.
Regional Insights:
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's dominance in the home shopping market is attributed to the increasing availability of high-speed internet and rising number of online shopping platforms.
Global Home Shopping Market Trends:
The widespread availability of high-speed internet and the growing use of smartphones and tablets are contributing to the market growth. Moreover, internet access is becoming more affordable and widespread, allowing more people to participate in online shopping. The convenience of mobile shopping apps is also playing a crucial role. These apps offer user-friendly interfaces, secure payment options, and the ability to shop on-the-go, making online purchasing even more accessible. The integration of social media platforms with e-commerce, often termed social commerce, is another aspect of this trend. Brands leverage social media for marketing and direct sales, tapping into large audiences. This connectivity is not only increasing the reach of online retailers but also making it easier for people to discover and purchase products online.
Other Key Points Covered in the Report:
COVID-19 Impact
Porters Five Forces Analysis
Value Chain Analysis
Strategic Recommendations
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