Cross-Border B2C E-Commerce Market Outlook
According to the report by Expert Market Research (EMR), the global cross-border B2C e-commerce market size reached approximately USD 1.01 trillion in 2023. Aided by rising globalisation and expanding digital technology, the market is estimated to grow at a CAGR of 23.1% in the forecast period of 2024-2032, reaching a value of around USD 6.72 trillion by 2032.
Cross-border B2C (Business-to-Consumer) e-commerce refers to online transactions where the seller and the consumer are located in different countries. This form of e-commerce allows businesses to sell products or services directly to consumers around the world through digital platforms or online marketplaces. It encompasses a wide range of activities, from individual purchasing items from an overseas online store to businesses selling goods on international platforms.
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This cross-border B2C e-commerce market has seen exponential growth due to the globalisation of trade and the digitalisation of consumer lifestyles, offering shoppers access to a vast array of products beyond their local markets. As consumers become more comfortable with online shopping, the demand for diverse, high-quality, and competitively priced goods from international brands continues to rise, driving significant growth in this sector.
The explosion of digital technology, particularly through the adoption of smartphones and widespread internet access, has fundamentally altered shopping habits worldwide. Mobile commerce, or m-commerce, has become a significant aspect of this shift, with consumers using mobile devices to browse, select, and purchase products from around the globe with just a few taps.
With the increasing affordability and functionality of smartphones, a larger segment of the global population now has access to online shopping platforms. E-commerce platforms have optimised their websites and apps for mobile use, making shopping seamless and engaging on smaller screens. Consumers can shop from anywhere, at any time, breaking the traditional barriers of physical retail. This is one of the key cross-border B2C e-commerce market trends.
The backbone of successful cross-border e-commerce lies in efficient logistics and secure payment methods. These elements ensure that products can be delivered from sellers to buyers across borders with minimal friction and high reliability. Advancements in logistics, such as real-time tracking and improved last-mile delivery services, have enhanced the customer experience by making international shipping faster and more transparent, aiding the cross-border B2C e-commerce market expansion.
The rise of digital payment platforms and services has introduced a plethora of payment options, catering to different preferences and ensuring secure transactions. These include traditional credit/debit cards, digital wallets like PayPal, and even cryptocurrency in some markets.
Today’s consumers are increasingly looking for products that meet specific needs or preferences, which often leads them to seek out international sellers. The global marketplace offers a variety of products that may not be available locally, from exclusive fashion items to unique gadgets and speciality foods. There is a growing consumer interest in authentic and high-quality products directly from the source, whether it is Italian leather goods, Japanese electronics, or French beauty products. Competitive pricing on international platforms can offer better value for certain products compared to local markets, even when including shipping costs.
The regulatory environment plays a significant role in facilitating or hindering the cross-border B2C e-commerce market growth. Proactive measures by governments can greatly enhance the market growth. Bilateral and multilateral trade agreements can reduce tariffs and simplify customs procedures, making it easier and more cost-effective to conduct international transactions.
Governments may implement policies aimed at promoting e-commerce development, such as investing in digital infrastructure, offering subsidies or incentives for e-commerce businesses, and providing education and training for digital skills. Efforts to streamline customs processes for e-commerce parcels, such as raising the de minimis threshold for duty-free shipments, can significantly reduce barriers for consumers and sellers alike, fuelling the cross-border B2C e-commerce market expansion.
Cross-Border B2C E-Commerce Market Segmentation
The global cross-border B2C e-commerce market can be divided based on category, offering, payment method, and region.
Market Breakup by Category
- Apparel and Accessories
- Food and Beverage
- Consumer Electronics
- Home Furnishing
- Personal Care and Beauty
- Healthcare and Nutrition
- Others
Market Breakup by Offering
- In-house Brands
- Assorted Brands
Market Breakup by Payment Method
- Digital Wallets
- Credit/Debit Cards
- Internet Banking
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cross-border B2C e-commerce market. Some of the major players explored in the report by Expert Market Research are as follows:
- Amazon.com, Inc.
- eBay Inc.
- Alibaba Group Holding Limited
- com Inc.
- SIA Joom
- BoxMe Global
- Shopify Inc.
- com Ltd.
- Lazada Group
- Shopee Singapore Private Limited
- Others
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