NEW YORK, Aug. 31, 2021 /PRNewswire/ -- As per researchers at Zion Market Research, global cross-border B2C e-commerce market earned revenue worth US$562.1 billion in 2018 and is predicted to garner proceeds of US$ 4,195.4 billion by 2027. The cross-border B2C e-commerce market is anticipated to record CAGR of nearly 28.4% during 2020-2027. With rise in globalization, cross border e-commerce business activities have gained momentum due to online sale of goods to customers in myriad countries. This has resulted in tremendous growth of eCommerce business across the globe, thereby driving growth of cross-border B2C e-commerce market over coming years. For the record, cross-border payment flows were nearly USD 130 trillion in 2019. Apparently, e-commerce business is continually evolving and undergoing transformation due to rampant spread of COVID-19 pandemic across globe, thereby bringing a drastic change in consumer buying behaviour and increase in online shopping activities. Moreover, firms are focusing on new cross-border ecommerce strategies to target potential customers across borders and increase their sales. All such moves and aforementioned factors will augment size of cross-border B2C e-commerce industry in near future.
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Furthermore, COVID-19 pandemic has highlighted need for having flexibility in cross-border ecommerce B2C transactions. Additionally, with outbreak of pandemic, it has become necessary for B2C brands implement effective multichannel business strategy to aid cross-border e-commerce activities. In recent times of pandemic, firms are entering into business deals with customers through direct-to-consumer (D2C) channel, thereby preventing delay in delivery of product. Reportedly, a study has revealed that over 50% of customers made use of D2C for buying consumable or durable products during COVID pandemic. Best example of firm selling through D2C is Apple, Inc. that sells its products directly to customers through its online stores or contract manufacturer such as Foxconn, thereby facilitating customers in various nations to purchase its products online from its stores or from Foxconn. These strategic moves will result in increment of market revenue over forecast timeframe. Nevertheless, lack of knowledge about regional tax regulations, compliance, and import/export legislations among cross-border product sellers can curtail growth of cross-border B2C E-Commerce business. Apart from this, low awareness pertaining to data protection laws of various countries can also pose a threat to the expansion of cross-border B2C E-Commerce market in near future.
In addition to this, cross-border B2C e-commerce activities have eliminated most of supply chain inadequacies like circuitous delivery routes. Citing an instance, eCommerce giant Amazon based in the U.S. has developed a multi-country inventory selling program streamlining cross-border B2C ecommerce transactions in Europe. This, in turn, will boost cross-border B2C e-commerce market trends.
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Globalization & New E-Commerce Technologies to Boost Market Size By 2027
Launching of advanced e-commerce technologies and easy availability of secured online payment options & transactions has expanded scope of cross-border B2C e-commerce market. In addition to this, globalization & free trade activities along with favorable FDI policies adopted by most of the developing as well as developed countries across globe will promote cross-border B2C E-Commerce business growth in the years ahead.
With COVID-19 pandemic spreading rapidly across the globe and customers preferring online business transactions, e-commerce business is witnessing a prominent growth and is fastest emerging retail activity globally. Furthermore, though pandemic halted every activity in first quarter of 2020, cross-border e-commerce business witnessed huge growth in that year. Apparently, second quarter of 2020 recorded double-digit expansion due to use of advanced e-commerce technologies that were safe, secured, and supported by high internet speed. Moreover, these technologies also facilitated speedy online transactions. For instance, PayPal and UPS witnessed double-digit growth during April-June period of 2020 in their cross-border shipment business through use of secured and novel ecommerce systems. All these aforementioned factors are predicted to drive market growth even in post pandemic period. As e-commerce is set to become dominant channel for doing business across various categories such as clothing & apparel, computers, software, music, books & media, beauty & cosmetics, home & garden decorations, toys, sports, and movies, the cross-border B2C e-commerce market is projected to reach highest threshold of growth in coming decade.
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Asia Pacific Market to Witness Noticeable Growth during 2018-2027
The growth of cross-border B2C e-commerce market in Asia Pacific during forecast timeline can be credited to unique online shopping ecosystem available in countries such as China. Apart from this, Asia is predicted to account for nearly over 40% of cross-border ecommerce revenues in forthcoming years, thereby driving regional market value. Additionally, with middle-class & affluent population in region rapidly adopting online shopping techniques and eCommerce business growing sumptuously in most of product categories like consumer electronics goods, toys, clothing & apparel, personal care & cosmetics, and books & media, cross-border B2C e-commerce industry in Asia pacific is likely to gain traction during forecast period.
With market being oligopolistic in nature, only few players are occupying a large portion of market share and each player is trying to capture maximum share of market, thereby gaining competitive edge over its business rivals. Few of these players are profiled in our report and include Jagged Peak, ACES, Vipshop, eBay, AirBridgeCargo Airlines, JD.com, AliExpress.com, Pitney Bowes, Amazon.com, ASOS, BigCommerce, Eunimart Multichannel, Tmall, and Zalando.
This review is based on a report by Zion Market Research, titled, "Global Cross-Border B2C E-Commerce Market By Category (Apparel and Accessories, Entertainment and Education, Consumer Electronics, Home Furnishing, Personal Care and Beauty, Healthcare and Nutrition, Footwear, Food and Beverage, and Others), By Payment Method (Credit/Debit Cards, Digital Wallets, Internet Banking, and Others), By Offering (Assorted Brands and In-House Brands), and By End-User (Teenagers/Millennials, Adults, Senior Citizens, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027."
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This report segments the global cross-border B2C e-commerce market into:
Global Cross-Border B2C E-Commerce Market: By Category
- Apparel and Accessories
- Entertainment and Education
- Consumer Electronics
- Home Furnishing
- Personal Care and Beauty
- Healthcare and Nutrition
- Food and Beverage
Global Cross-Border B2C E-Commerce Market: By Payment Method
- Credit/Debit Cards
- Digital Wallets
- Internet Banking
Global Cross-Border B2C E-Commerce Market: By Offering
- Assorted Brands
- In-House Brands
Global Cross-Border B2C E-Commerce Market: By End-User
- Senior Citizens
Global Cross-Border B2C E-Commerce Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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