Home Shopping Market

Global Home Shopping Market:

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. The inflating disposable incomes of consumers, rapid digitalization, high adoption of online shopping through e-commerce sites, and the widespread adoption of home shopping models by businesses to reach and serve a broader consumer base, are some of the key factors driving the market growth.

Global Home Shopping Market Analysis:

• Major Market Drivers: The expanding e-commerce sector, proliferation of internet and smartphones, and the inflating demand for teleshopping to purchase consumer goods are some significant factors driving the market growth.
• Key Market Trends: The integration of artificial intelligence and (AI) augmented reality (AR) with shopping in the retail industry to facilitate virtual demonstration of products, personalized navigation, greater consumer engagement, and online trials is one of the prominent trends in the global home shopping market. 
• Competitive Landscape: Some of the key players in the global home shopping market include, Alibaba Group, Amazon.com Inc., Best Buy, Ebay Inc., Flipkart Internet Private Limited, Naaptol Company, The Home Depot Inc, VGL Group and Walmart Inc., among others. 
• Geographical Landscape: On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
• Challenges and Opportunities: Changing trends in teleshopping, long lead times, high competition in the market, and rising customer expectations are a few challenges in the market. However, the rising spending power of consumers is projected to augment the growth of the overall market in the coming years.
   

Global Home Shopping Market Trends:

Expanding E-commerce Sector

The increasing availability of numerous products such as apparels and accessories, footwear, personal and beauty care, etc., across e-commerce channels, offering a wide range of options to choose from, door-step delivery, and easy payment options, is creating a positive outlook for the overall market. In addition to this, the increasing penetration of the internet, facilitating easy access to inline marketplaces, is also contributing to the market growth. For instance, globally, 5.3 billion people, 66% of the world's population, were using the Internet in 2022. This represents an increase of 24% since 2019, according to the International Telecommunication Union (ITU). Additionally, the increasing affordability of the internet and rising mobile phone ownership is also driving the sales in the home shopping market. Most Internet users consider mobile phones the primary device for accessing home shopping. Thus, the growth potential for e-commerce in the market is directly correlated to internet and smartphone penetration, as mobile apps have emerged as a major gateway for customer purchases.

Increasing Integration of Smart Technology

The escalating adoption of artificial intelligence and machine learning, virtual reality, and augmented reality in home shopping is expected to offer prominent growth opportunities to key players in the global home shopping market. For instance, IKEA uses VR Experience to provide an in-app virtual shopping experience. Similarly, Lenskart, India's leading optical prescription eyewear retail chain, supports the '3D Try On' feature through its website and app, offering options to compare models and brands, saving time and effort, and offering better discounts or vouchers. Similarly, Burrow, a DTC furniture brand, utilizes AR to help customers visualize how their couches will look in their living rooms. Innovations like these are anticipated to propel the growth of the market. Moreover, various companies promoting their products through teleshopping and e-commerce are also offering newer and more convenient payment options, like Apple Pay, Paypal, and other financing options, that allow frictionless checkout. Additionally, key players are also adopting the subscription model for maintaining customers for long-term value. Such innovations are anticipated to increase the home shopping market revenue in the forecasted period. 

Increasing Spend on Social Media Ads

Various retailers and business owners from several sectors are extensively spending on the social media platforms to promote and advertise their products and services. In addition to this, they are integrating advanced marketing strategies and methodologies to attract customers and increase sales, which is creating a positive outlook for the overall market. For instance, pay-per-click marketing technique is one of the growing trends in the home shopping market. It gives more control over search queries and audience reach. The most recent PPC industry facts and figures from social media reveal that 72% of marketers spend more on social ads. Moreover, various retailers are also offering a video-calling service with in-store experts, which is further propelling the growth of the market. For instance, in June 2020, Currys PC World launched ShopLive, a video-calling service with in-store experts to assist while shopping online. Such initiatives are projected to cater to the growth of the market in the coming years.

Global Home Shopping Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global home shopping market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type and market type.

Breakup by Product Type:

• Groceries
• Apparels and Accessories
• Footwear
• Personal and Beauty Care
• Furniture and Home Decor
• Electronic Goods
• Others
   

A detailed breakup and analysis of the market based on the product type have also been provided in the report. This includes groceries, apparels and accessories, footwear, personal and beauty care, furniture and home décor, electronic goods, and others.

With inflating disposable incomes, consumers are increasingly buying a wide range of products, including groceries, electronic gadgets, ergonomic furniture, health and wellness supplements, and various other things. The demand for these product categories may vary depending on the specific home shopping platform and its target audience. Additionally, with the growth of e-commerce, many traditional brick-and-mortar retailers have expanded their online presence, offering a wider range of products for home delivery.

Breakup by Market Type:

• Teleshopping
• E-Commerce and Mobile Shopping
• Others
   

Currently, e-commerce and mobile shopping holds the largest market share

A detailed breakup and analysis of the market based on the market type have also been provided in the report. This includes teleshopping, e-commerce and mobile shopping, and others. According to the report, e-commerce and mobile shopping holds the largest market share.

The emerging trend of shopping online via e-commerce channels and quick commerce platforms enables customers to access a wide range of options from the convenience of their home, easy return and exchange policies, and doorstep delivery facilities. As global internet access and adoption rapidly increase, with over five billion internet users worldwide, the number of people making purchases online is ever-increasing. In 2024, retail e-commerce sales are estimated to exceed US$ 6.3 Trillion worldwide, and this figure is expected to reach new heights in the coming years.

Breakup by Region:

• 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 currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific currently dominates the global market.

The home shopping market is highly dominated by Asia-Pacific, with China being the most prominent country in the region. Other countries, including South Korea, Singapore, Japan, and India, have accelerated the market's growth. Asia-Pacific is a rapidly growing region with increases in the inclination of consumers toward home shopping and a large number of imports from various countries. China's online shopping market has grown strongly in recent years, becoming the new economic development engine. The number of internet users in China has been increasing exponentially. The number of internet users in China in 2022 was 1051.14 million, per the China Internet Network Information Center (CNNIC), thereby enabling this enormous growth in the APAC region.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Alibaba Group
• Amazon.com Inc.
• Best Buy
• Ebay Inc.
• Flipkart Internet Private Limited
• Naaptol Company
• The Home Depot Inc
• VGL Group
• Walmart Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Home Shopping Market News:

• November 2023: The National Company Law Tribunal (NCLT) approved a joint proposal by luggage manufacturer Goblin India and financial services firm Khandwala Finstock for the acquisition of bankrupt Television Home Shopping Network. The proposal includes a merger or reverse merger of Khandwala Finstock with the company that operates TV home shopping channels.
• November 2023: Pottery Barn, a portfolio brand of Williams-Sonoma, Inc., the world’s largest digital-first, design-led and sustainable home retailer, announced today the launch of a new mobile iOS shopping and design app. Designed to deliver a seamless and convenient customer shopping experience, the new Pottery Barn mobile app also makes it easy for customer to create and manage a registry on-the-go. 
• January 2023: Walmart and Salesforce are partnered to provide local fulfillment and delivery options for retailers. This partnership will enable retailers to sell their products on Walmart.com through Salesforce's e-commerce platform, providing them access to Walmart's large customer base. The partnership between Walmart and Salesforce will focus on the online marketplace.

Global Home Shopping Market Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the home shopping market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global home shopping market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the home shopping industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.