With the COVID-19 pandemic, the e-commerce sector has seen a significant boom. There is a major shift in consumer behavior, and the remote service model is taking over the traditional one. People now take the aid of e-commerce platforms to purchase goods and services they require. So, it is high time for e-commerce businesses to expand their reach to the global level. Here are the major markets where e-commerce businesses can expand.
Top market to look into
China
China has the biggest e-commerce market. According to the source, e-commerce transactions exceeded 37 trillion Yuan in 2020. Having a colossal e-commerce market size, the country has a lot of potential in it. However, if you are looking to import goods in the country, then you have to face tight rules and regulations. Nevertheless, the country possesses a huge online buyer population. So, by deploying smart strategies, businesses can reap good fruit from it.
US
No doubt, China overtook the US in the overall e-commerce market size, but there is a lot of potential in the country. According to the source, the country generated a revenue of 431 billion dollars in 2020, and it is expected to reach the value of 563 billion dollars by 2025. People in the country look to buy several products on online platforms. Health and hygiene products, food supplies, and necessary items are already the top domains that are in high demand. Besides these three domains, people are looking to purchase entertainment products, electronics in the lockdown.
Japan
Japan is another market that has been on the rise for the last decade. No doubt, the market is dominated by B2B transactions, but B2C and C2C markets are also on the rise. The source says that the country sees annual e-commerce growth of 6.2%. Besides online travel, the major segments that hold online sales are Fashion, Food and Personal care.
UK
The UK is also a prominent market when it comes to the e-commerce sector. In 2020, the e-commerce market of the UK contributed a growth rate of 29% globally. In the coming years, several new markets will emerge, and the existing market will flourish. Amazon UK is the biggest fish in the e-commerce market in the UK which is followed by Tesco and Argos.
Germany
Being the fifth largest e-commerce market globally, Germany has a high potential for brands to expand and grow. Here, they can find several cheap shipping options as compared to other markets. Fashion and electronics are the top domains that are in demand within the e-commerce space.
France
After Germany, France takes sixth place in the e-commerce market. According to the source, the market is expected to generate a whopping revenue of 23.1 billion dollars(US) by 2025. Fashion is the strongest domain when it comes to the e-commerce space. Electronics & media, and Furniture & appliances are on the rise, and it is expected that they will cover a large portion of the e-commerce space by 2025.
Final Verdict
These are the top markets to expand and provide a significant boost to the growth rate of the business. With new markets, brands will find better opportunities and fewer limitations to grow. So, don’t miss the golden opportunity and get set to charter the uncharted space.
