Cross Border E-Commerce Market Size, Share Forecasted till year 2030
Cross border E-commerce is the online buying and selling of products across different countries. Cross-border e-commerce is a trade between a business and a consumer (B2C), between two persons (C2C), or between two businesses, mainly wholesalers and brands. (B2B). Any traditional brick-and-mortar store or solely an online business can sell products in international markets through an Ecommerce website. Cross border E-commerce benefits sellers, as well as customers as the businesses, get an opportunity to start their business without needing a physical store in foreign markets. Various categories of cross-border e-commerce include apparel and accessories, entertainment & education, home furnishing, and healthcare. Nowadays Cross border e-commerce is gaining popularity as consumers are preferring to buy products from outside their borders.
Global Cross Border E-Commerce Market to surpass USD billion by 2030. The market is estimated to grow owing to the increase in smartphone users coupled with the rising penetration of internet services. Advancement in technology and the rising customer understanding of the numerous shopping patterns are anticipated to increase the growth of the Cross Border E-Commerce Market. In addition, globalization has improved the volume and variability of cross-border transactions in products as well as services via prompt and widespread diffusion of technology which is projected to drive the global cross-border e-commerce market in the near future.
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Global Cross Border E-Commerce Market: Key Players
eBay
Amazon
Taobao
Tmall Global
ETao
JD
Wish
Newegg
Lazada
ASOS
BigCommerce
Other prominent players
Global Cross Border E-Commerce Market: Segments
B2C segment to grow with the highest CAGR during 2020-30
Global Cross Border E-Commerce Market is segmented by Industry Type into B2B, B2C, and C2C. B2C segment held the largest market share in the year 2019. This high share is due to the increasing middle-class population and the intensive use of social media also exacerbates the demand for different goods and services to be purchased online, thus having a positive effect on the growth of the Business to Consumer (B2C) segment. The internet has changed the way consumers sell and consume products and services.
Adults segment to grow with the highest CAGR during 2020-30
Global Cross Border E-Commerce Market is divided by End User into Adults, Teenagers, Millennial, Senior Citizens, and Others. The adult segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years owing to the growing preference to buy products from outside their borders. Increasing usage of smartphones and the internet among the adult population coupled with the rising adoption of imported consumer goods is expected to stimulate market growth.
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Market Dynamics
Drivers
Increasing penetration of smartphones and internet
The increasing number of smartphone users coupled with high internet penetration is projected to proliferate the cross-border e-commerce market in the coming years. Smartphones are widely used for online shopping due to their ease of operation as it enables the consumers to purchase products over mobile applications. With over 3 billion smartphone users globally, more and more global consumers are shopping through mobile phones. Through smartphones, consumers have access to social media platforms. Social shopping has become more popular among consumers which provides an opportunity for many retailers to reach their global customer base. In addition, the rising adoption of imported consumer goods is anticipated to stimulate market growth.
Technological advancements
With the advent of new technologies and global networking, the Cross-border e-commerce market is expected to witness growth in the coming years. The advancements in technology have enabled consumers to connect with international brands and empower them to shop more effectively. Most of the companies are utilizing data science, AI and machine learning, virtual reality, blockchain, and the internet of things (IoT) to deliver the personalized experiences. Furthermore, advanced e-commerce technologies reduce the marketing cost as well as administration expenses which assist the business to reach dispersed markets.
Restraint
Rules and Regulations
Cross-border e-commerce calls for new rules and regulations to boost online marketplace trust, security, and facilities. In the absence of necessary regulations, there are risks that online business may give birth to some kind of ‘gray’ areas of international trade associated with issues such as tax evasion, fake goods, or infringement of intellectual property rights. All these factors are likely to hamper the market growth.
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Global Cross Border E-Commerce Market: Regions
Global Cross Border E-Commerce Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global Cross Border E-Commerce Market in Asia Pacific held the largest market share in the year 2019. The Asia Pacific will continue to dominate the global Cross Border E-Commerce Market because of technological growth, strengthened industrial infrastructure, presence of key players, and a higher rate of new technology adoption. Furthermore, increasing disposable income, growing middle-class population, and dissatisfaction with domestic products are also expected to boost the market in the region.
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