Product: Euromonitor E-Commerce solution
Company: Euromonitor International
Market research company Euromonitor International launched an ecommerce solution designed to help businesses assess online consumer engagement by company, brand and retailer. The solution is updated every three months to provide fresh data on benchmark performance, which will help enterprises identify growth opportunities, prospective partnerships and enhance overall online success, the company noted. Jared Koerten, head of e-commerce at Euromonitor International, stated that the new Euromonitor E-Commerce solution will provide essential insights to help customers make informed decisions and drive ecommerce growth.
“As ecommerce continues to dominate retail, it is more important than ever for companies to have access to accurate and reliable online sales data,” he said. “We believe that this new solution will be a game-changer for businesses looking to grow and thrive in the digital age. Koerten further noted that the solution’s detailed quarterly insights will extend to 12 countries to help participating businesses optimize digital performance and presence, which has been an increasing concern following the pandemic. Euromonitor research indicates that consumers spent US $3.3 trillion on online shopping in 2022, which was 65 percent higher than pre-COVID levels. Ecommerce will remain a dominant force in retailing, potentially accounting for 47 percent of retail growth by 2027, Koerten added.
Euromonitor’s E-Commerce solution is a useful tool for retailers, according to Euromonitor representatives, who emphasized the granularity of its data points and capabilities, which, they noted, can map stock keeping unit purchase data—from clickstream panels, e-receipts and online retailers—to globally standardized categories for easy tracking and comparison. The solution covers more than 400 retailers that account for at least 80 percent of total online sales across the 12 countries and industries, the company stated, noting it can capture online shopping behavior in the following ways:
Euromonitor International's E-Commerce solution is part of the company’s ongoing commitment to providing comprehensive, up-to-date business intelligence solutions, company representatives stated, adding that Euromonitor has been researching retail markets for more than 50 years in an effort to help businesses navigate complex, evolving ecommerce trends.
Noting that global ecommerce grew by 3 percent in 2022, Euromonitor researchers noted that ecommerce growth has slowed since the pandemic, rising by only 3 percent in 2022. The biggest regions for ecommerce growth in 2022 were Asia Pacific (US $1.5 trillion), North America (US $1.1 trillion) and Western Europe (US $373 billion), according to recent studies. Researchers identified the highest growth sectors as appliances and electronics (US $652 billion), fashion (US $593 billion) and food (US $349 billion), which accounted for the highest online sales globally in 2022, and are projected to achieve 58 percent growth collectively.
In addition, drinks and tobacco will demonstrate the highest ecommerce increase by 2027, researchers stated, projecting that one person globally will spend $445 online in this category, which is four times more than in 2012 when the sum was $113. 
Website: https://euromonitor.com Contact: info@euromonitor.com
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