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Market share is the percentage of total sales in an industry that a particular company holds. It gives an idea of a company’s competitiveness in the market for a particular product or service. Market share is a crucial metric in the business world, providing insights into business performance and growth opportunities. In this article, we will explore the latest insights and opportunities in market share.
The Covid-19 pandemic has disrupted the market share landscape globally. Many businesses have experienced a decline in revenue, while others have exploited opportunities to increase their market share. The pandemic has accelerated the shift of businesses to the digital world, and those who have adapted well have experienced significant growth in market share.
According to a report by Statista, the global e-commerce market share is projected to increase to 22% in 2023, up from 14% in 2019. The shift to e-commerce has been particularly significant during the pandemic, where many consumers have opted for online shopping. Companies such as Amazon have enjoyed enormous growth in market share, and other businesses, small and large, have capitalized on the shift to e-commerce, offering new products and services online.
The pandemic has also highlighted the importance of mobile commerce and social media in driving market share growth. A report by Hootsuite and We Are Social indicates that there are over 4.2 billion active social media users globally, providing ample opportunities for companies to market their products and services. Social media platforms such as Facebook, Instagram, and Tiktok have introduced e-commerce features that have enabled companies to sell their products directly through their platforms. The integration of mobile wallets and payment systems such as PayPal and ApplePay has made payments on mobile devices more seamless.
Another opportunity for growth in market share is through innovation in product and technology. According to a report by MarketsandMarkets, the global artificial intelligence market size is projected to grow from $50.1 billion in 2020 to $390.9 billion by 2025. Artificial intelligence has been used to create more personalized experiences for customers, improve customer support, and optimize business processes. Companies that invest in research and development can provide innovative solutions that can help them achieve a competitive advantage and increase their market share.
In conclusion, the Covid-19 pandemic has disrupted the market share landscape and created opportunities for companies to increase their market share. Businesses that have adapted well to the digital world have enjoyed significant growth in market share. The shift to e-commerce, mobile commerce, and social media has played a crucial role in driving market share growth. Companies that invest in innovation in product and technology can create a competitive advantage that can help them increase their market share. It is essential for businesses to keep an eye on market trends and embrace change to remain competitive in the market.
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