The global fortified wine market is estimated to grow at a CAGR of nearly 4.8% during the forecast period. Growing e-commerce industry is presenting an enormous opportunity for the growth of the market. The presence of major e-commerce companies such as Alibaba and Amazon is providing a considerable opportunity for the manufacturers of clothing and accessories, medical equipment, household products, and more to increase their online availability. The primary factor that is augmenting the global e-commerce market growth includes rising internet penetration and ease of purchasing and convenience. Owing to the benefits such as 24/7 accessibility, with no downtime for public holidays, bad weather conditions, and closing times, e-commerce platforms have been gaining foremost importance among the digital population. It allows buying products quickly and easily without the hassle of awkward social interactions, crowds, and traffic.
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There is faster internet penetration in Asia-Pacific countries, which is positively impacting the growth of the e-commerce industry in the region. As per the International Telecommunication Union, Asia-Pacific countries, such as India, China, Philippines, Vietnam has shown great potential with a very fast adoption rate. According to the Asia-Pacific Economic Co-operation (APEC), there was 55.8% internet penetration in China which equals to 772 million internet users in 2017. This rising number of internet users has led the manufacturers of fortified wine to increase their presence in online channels that can contribute to understand consumers’ preference and increase the popularity of the product.
The manufacturers and distributors of fortified wine may leverage the e-commerce opportunity to differentiate their brand from other competitors as a significant number of businesses still conduct their operations through conventional offline sales. Creating an online presence would provide several benefits to the market players as transforming the business to online will enable vendors to capture and process all important data of the customers. For instance, with an e-commerce platform integrated with built-in customer relationship management (CRM), vendors can obtain a 360-degree view of each customer and can get valuable insights into their preferences for alcohol. This information enables vendors to focus on personalized marketing initiatives that can support to accelerate their business growth.
Owing to its potential benefits, the companies are collaborating with e-commerce giants to harness the opportunity of online channels to sell their brands. For instance, in July 2018, E. & J. Gallo Winery signed a three-year strategic joint business collaboration with Alibaba Group, one of the major e-commerce company globally. Under the agreement, a new flagship store of E. & J. Gallo Winery opened in 2018 on Alibaba’s Tmall, which is the largest business to consumer (B2C) platform for both global and Chinese brands and retailers. As a part of Alibaba’s vision of seamlessly offer online and offline shopping experiences, E. & J. Gallo will be featured on Alibaba Tmall’s Supermarket, RT-Mart, and Hema Supermarket.
This will accelerate technology and consumer insights to deliver a more efficient shopping experience to the consumers. Alibaba’s Tmall is significant famous among Chinese consumers who buy foreign brands cross-border. The new flagship store of E. & J. Gallo Winery will feature over 20 of Gallo’s premium wine brands such as William Hill Estate Winery, Apothic, Carnivor, Dark Horse, La Marca, J Vineyards, Gallo Signature Series, MacMurray Estate Vineyards, Orin Swift, and more to fulfil the emerging demand in China for high-quality wine. The strategic partnership with Alibaba will enable the company to strengthen its presence in China through Alibaba’s online and offline platforms. Therefore, the online sales channel is creating an opportunity for the growth of the global fortified wine market.
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Global Fortified Wine Market- Segmentation
By Type
- Port Wine
- Sherry
- Vermouth
- Madeira
- Others
By Distribution Channel
- Online
- Offline
