Cross-border B2C E-commerce Market Report 2023-2028 – Compound Annual Growth of 26% with Rising Influence of Social Media Platforms
DUBLIN, Jan. 15, 2024 /PRNewswire/ — The “Cross-border B2C E-commerce Market Report by Category, Offering, Payment Method, End User, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global cross-border B2C e-commerce market size reached US$ 969.0 Billion in 2022 and is forecast to reach US$ 3,899.80 Billion by 2028, exhibiting a growth rate (CAGR) of 26.1% during 2022-2028. The increasing collaborative partnerships between businesses and local and international entities, the rising trade shows and exhibitions, the growing understanding of cross-border shopping benefits, and the shifting consumer preferences for international products are some of the factors propelling the market.
The global market is majorly driven by increasing internet penetration and global connectivity. In line with this, the consumers benefit from a diverse range of products not limited by local availability, significantly contributing to the market. Furthermore, consumers can also compare prices across borders, finding cost-effective options. This, in turn, is positively influencing the market. Apart from this, favorable exchange rates can make international purchases more appealing, catalyzing the market. Moreover, the rising secure payment systems and the growing economies are propelling the market. Besides, rapid logistics advancements, favorable trade policies, and simplified customs procedures are stimulating the market. Additionally, the escalating awareness and demand for unique and global products is providing a boost to the market.
Cross-border B2C E-commerce Market Trends/Drivers:
Increasing trend of mobile shopping
The increasing trend of mobile shopping is bolstering the market. With the widespread adoption of smartphones and mobile devices, consumers can now browse, compare, and purchase products from anywhere, at any time. Mobile shopping apps and optimized mobile websites offer seamless user experiences, making cross-border shopping more accessible and appealing. The convenience of mobile shopping aligns well with the fast-paced lifestyles of modern consumers. They can explore international products, read reviews, and complete transactions with just a few taps. Moreover, the integration of mobile wallets and secure payment systems enhances trust in cross-border transactions. The trend influences buying behavior and shapes how businesses approach their online presence. E-commerce platforms and companies are investing in responsive design, user-friendly interfaces, and mobile payment options to cater to this growing mobile-centric market. As the mobile shopping trend continues to rise, it is poised to drive cross-border e-commerce growth further, reshaping how consumers connect with global products and brands.
The rising influence of social media platforms
The rising influence of social media platforms is fostering the market. Social media has evolved from a means of communication to a dynamic marketplace where consumers discover and engage with international products. Visual platforms like Instagram, Pinterest, and TikTok allow brands to showcase products creatively, capturing consumer attention and sparking interest in unique cross-border offerings. Influencer marketing, a pivotal social media component, is vital in promoting international products to a global audience. Influencers share their experiences with products, bridging the gap between sellers and buyers across borders. Social media’s interactive nature also encourages real-time engagement, enabling consumers to seek information, reviews, and recommendations before making cross-border purchases. The seamless integration of shopping features on social platforms further streamlines the cross-border purchasing process, converting consumer interest into transactions. The rising influence of social media platforms is thus reshaping the market landscape, connecting consumers with global products and cultures in previously unimaginable ways.
Favorable trade agreements and tariff reductions
Favorable trade agreements and tariff reductions are creating a positive outlook for the market. These agreements facilitate smoother international trade by reducing or eliminating tariffs, taxes, and trade barriers between countries. These agreements create a more economically viable environment for cross-border transactions by reducing the cost of importing and exporting goods. These favorable trade conditions mean increased profitability for businesses, enabling competitive pricing and wider profit margins. Consumers also benefit by accessing a broader array of international products at more affordable prices. Moreover, tariff reductions encourage businesses to explore new markets, expanding their customer base beyond borders. As countries recognize the economic benefits of cross-border e-commerce and the potential for global trade growth, they actively negotiate and implement trade agreements that foster a conducive environment for cross-border transactions. These agreements play a pivotal role in shaping the landscape of international online commerce, driving market growth, and promoting global economic integration.
Cross-border B2C E-commerce Industry Segmentation:
The report provides an analysis of the key trends in each segment of the cross-border B2C E-commerce market report, along with forecasts at the regional and country levels from 2023-2028.
Breakup by Category:
- Apparel and Accessories
- Personal Care and Beauty
- Entertainment and Education
- Healthcare and Nutrition
- Food and Beverage
Breakup by Offering:
- Assorted Brand
- In-House Brands
Breakup by Payment Method:
- Digital Wallets
- Internet Banking
- Credit/Debit Cards
Breakup by End User:
- Senior Citizens
Top companies are pivotal in fortifying market growth through strategic initiatives and innovations. They invest in user-friendly platforms, offering seamless shopping experiences with intuitive interfaces and secure payment gateways, boosting consumer trust in cross-border transactions. These companies also leverage advanced logistics networks, ensuring timely and reliable delivery of international products. Moreover, top players foster global partnerships, collaborating with local sellers and manufacturers to diversify product offerings and cater to specific market preferences. They harness the power of data analytics to personalize recommendations, enhancing consumer engagement and driving sales. Innovative marketing strategies amplify their reach and impact, such as influencer collaborations and targeted social media campaigns.
These companies bridge cultural gaps and resonate with diverse audiences by focusing on localization, language adaptation, and regional payment methods. Their commitment to customer service, hassle-free returns, and transparent communication cultivates loyalty in a competitive landscape.
The report has provided a comprehensive analysis of the competitive landscape in the cross-border B2C E-commerce market., with detailed profiles of the following companies:
- SIA Joom (Latvia)
For more information about this report visit https://www.researchandmarkets.com/r/y9v7rd
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