In terms of revenue, the global Cross-Border B2C E-Commerce Market is expected to reach USD 3,042.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.00% from 2022 to 2028.
The growth of Cross-Border B2C E-Commerce Market is anticipated due to the increasing social relationships between various countries, increasing purchases, and mergers across various sectors which are expected to increase the demand for Cross-Border B2C E-Commerce globally. Moreover, the growth of online stores is also fueling the selling of high-end products during the forecast period. E-commerce allows a simple purchase of goods which is manufactured in remote locations and has widely contributed to the growth of the Global Cross-Border B2C E-Commerce Market industry during the forecast period.
Key Highlights from the Report
- The digital wallets sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth of digital wallets is attributed to the maximum utilization of online payments. The majority of consumers are going cashless and using their digital wallets for payments purpose due to which the category is expected to witness significant growth in the coming years. Moreover, digital wallets can be used by youngsters as well as the geriatric population and thus drives the growth of the digital wallets segment in the cross border B2B e-commerce market. Furthermore, the coronavirus pandemic had a positive influence on the digital wallet segment as people were mostly making use of wallets for numerous applications.
- The assorted brand sub-segment holds a substantial market share in 2021. The rising demand for various products during the covid-19 pandemic has increased the demand for assorted brands. The assorted brands will continue to grow in coming years as the public is preferring online shopping of various products, food and beverage, and clothes and thus drives the growth of the assorted brand segment during the forecast period.
- Asia Pacific is the fastest regional segment. The growth of Asia Pacific is attributed to the unique online shopping ecosystem available in emerging countries such as China. According to the research, the transaction volumes of imported goods purchased online reached $245 billion, and in five years approx. 200 million local consumers will be cross-border shipping which is expected to boost the growth of the cross-border B2C e-commerce market in the coming years.
Some of the key players in Artificial Intelligence in the Military include, Amazon.com Inc., Etsy Inc, eBay Inc, Alibaba Group, Wish Inc, VeePee, Cnova, Asos Plc, Fruugo, JD.com (JingDong), Apple Inc, DHL Group, aCommerce, BoxMe, Paypal, Asia Commerce, SIngPost, Shipping Cart, Anchanto.
The cross border B2C commerce market is witnessing growth owing to the increase in globalization, cross-border e-commerce business activities have increased momentum owing to sales of online goods to consumers in countless countries, and thus gained incredible growth of e-commerce businesses globally and is projected to drive the growth of the cross-border B2C e-commerce market in the coming years. Furthermore, the e-commerce business is constantly growing and undertaking transformations due to the spread of coronavirus globally, thus increasing the consumer's online shopping and observing severe changes in buying behavior of consumers.
The growing international trade between nations associated with the rising acquisitions and mergers in the industry is predicted to provide substantial growth opportunities for the growth of Cross-Border B2C E-Commerce Market in the upcoming years. However, e-commerce is based on modern internet information technology and conducts paperless transactions, breaks downtime, and increases the growth of business networks which is expected to increase its demand in the upcoming years.
Asia Pacific is the largest market. The Asia Pacific region is valued at $793.70 million in 2021. The Asia Pacific gains profit in terms of cross-border e-commerce revenue and thereby driving the growth and market value of the Asia Pacific region during and after the forecast period. Furthermore, the rich and middle-class population is rapidly adopting online shopping techniques and growth in the e-commerce businesses in the most popular products categories such as clothing and apparel, toys, personal care, and cosmetics, and books and media is gaining traction in Asia Pacific region during the forecast period.