E-Tailing Market Revenue, Opportunity, Forecast and Value Chain 2014-2020
E-tailing refers to the use of advanced technology to sell a range of products online to customers. E-tailing, also known as electronic-tailing or electronic retailing is a subset of e-commerce, which encapsulates all commerce carried out via the internet, a global system of interconnected computer networks. E-tailing or e-retailing offers lower prices and a wider range of products to selectfrom compared to those available at brick-and-mortar retail shops. In addition, e-tailing has the potential to offer more information to consumers to help make a shopping decision. Perhaps the most important benefit of e-tailing is the ability to use the internet platform to personalize information according to individual needs.The modern concept of e-tailing has forced retailers to open online stores creating opportunities to expand their business beyond geographical boundaries. Online storeshelp boost sales through websites.
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The concept of e-tailing has brought together many retailersonline.Features likeeasy search for required product, online payments, home delivery services and tracking transaction statushaveplayed a crucial role in enhancing customer shopping experience. Aavailability of a large number of e-tail websites forshopping and online facility tocompare a wide range of products at one’s fingertips are some of the factors that can save a customer muchtime, previously wasted at retail stores in searching products manuallyand waitingin queue for payment of bills. Small enterprises that specialize in niche products are entering the e-tail market to make their products available worldwide. Some essential components of e-tailing are e-catalogs, search engines, shopping carts, online customer sales personnel, distribution of electronic goods, order status tracking facility and creation of customer community.
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E-tailing is being widely used in the retail sector and is growing rapidly due to increasing penetration of mobile phones and broadband, cash on delivery, 3G rollout and internet banking. Furthermore, e-tailing eliminates the need to build and maintain expensive showrooms, thus reducing cost and increasing profit for retailers. However, lack of internet usage, complex website design and lack of graphical presentations are some of the challenges hindering its growth.
The global e-tailing market can be segmented based on major geographical regions, into North America, Latin America, Western Europe, Asia-Pacific, Japan, Eastern Europe and Middle East & Africa. North America is the largest contributor to this market followed by Europe and Asia-Pacific. The government of major countries such as the United States, the U.K., China and India are focusing on introducing various initiatives and regulations which are crucial for the growth of e-tailing. For instance, the Indian government is taking essentialsteps by introducing effective telecom policies and Information Technology Act to create the required administrative and legal framework.
E-tailing is a multi-billion dollar global e-commerce market which is expected to show a significant growth in CAGR, from 2014 to 2020. There is a considerable increase in the e-tailing market as end-users can access online stores 24x7 with convenience.
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The key drivers of this market include increasing number of broadband users, proliferation of smartphones, reduced cost with increased profit and government initiative for e-tailing. The key restraint however is security concern.
Some of the key players in e-tailing are Amazon.com, Inc., ASOS.com, eBay Inc., Walmart.com, Dell Inc., Futurebazaar.com, Alibaba.com, Xiaomi Inc., Bourbon & Boots, Inc. and Dafiti.com among others.