Business-to-consumer (B2C) refers to the process of a company selling its goods directly to a customer, either through its website or a third-party marketplace. Companies that buy bulk from suppliers through B2B e-commerce transactions and then directly offer those products to customers have completed a B2B-to-B2C transaction. The adoption of current e-commerce technology and the avalbalibity of choices for protected payments are anticipated to drive market growth. Increasing collaboration between B2C e-commerce, FinTech and online shopping will drive market demand in 2021. Cross-border is increasing commerce’s popularity as a new foundation for cross-border trade attracts the attention of professionals and businesses looking to expand their international trade, creating an opportunity. Moreover, lower pricing and more product variations are the major drivers of the online shopping trend from the customer’s perspective. Moreover, as E-Commerce companies and distribution providers improve their logistical capabilities, customers can collect their international online orders more quickly, removing some primary barriers to cross-border buying. Globalization has enhanced the amount and diversity of cross-border transactions in services and products owing to the rapid and extensive diffusion of technology. This has affected the industrial dynamics of the market.
- One major trend credence research Inc. is expected to see in the cross-border B2C e-commerce market as its growth networks of businesses that conduct paperless transactions and break down time barriers are the major factors that may accelerate the industry demand across the globe. Moreover, the rising use of digital banking platforms is another factor that leads to a rise in the growth outlook for B2C businesses worldwide.
- Another trend that Credence Research Inc. predicts will continue in the cross-border B2C e-commerce market is the enhancement in the young metropolitan population that relies heavily on technology. The increasing internet and smartphone penetration are expected to drive the industry’s growth. Most millennials utilize smartphones & tablets to order goods. The industry is further driven by the growing preference for online purchasing due to the expansion of social media platforms on shopping patterns.
Browse full report with table, list and figures – Cross-Border B2C E-Commerce Market By Category (Apparel and Accessories, Personal Care and Beauty, Entertainment and Education, Healthcare and Nutrition, Food and Beverage, and Others), By End Users (Adults, Teenagers/Millennials, Senior Citizens, and Others) Growth, Future Prospects & Competitive Analysis, 2016 – 2030
Economic Impact Analysis
Industries started to suffer significantly when the economy slowed down. The cross-border B2C e-commerce market report, 2022-2028, considers the economic downturn’s predicted consequences on international trade.
According to the Credence Research Inc. market report, the recession will significantly impact the global cross-border B2C e-commerce market. With both customers and businesses wanting e-commerce to exceed geographical boundaries, expansion in cross-border e-commerce is inevitable. However, to navigate the current stumbling block, brands need to focus on cost, marketing strategies, and enhancing newer segments and safer territories. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) information, the worth of Asia Pacific (APAC) exports and imports is predicted to grow slightly below this year’s performance at 7.5 percent and 5.0 percent, respectively. A sluggish global scenario will dampen the growth of cross-border e-commerce start-ups as consumers tense their purse strings in preparation for a difficult economic climate. As a result, several businesses will shrink development plans to focus on survival which is a prudent strategy.
- Ukraine-Russia War Impact
Since the beginning of the conflict, there has been a massive exodus of businesses from Russia. US businesses have already made their exit, ending the MNC culture. According to reports, Russian tech companies and many other companies are moving to third-world countries like Armenia and Kazakhstan. Many global e-commerce and related brands like Amazon, Ikea, Nike, UPS, and FedEx suspended their operations in Russia. Also, they suffered repercussions in terms of capital, manufacturing, and logistics costs. In contrast, some brands, such as Alibaba and French retailer Auchan, still need to be in a dilemma about suspending their operations in Russia. However, these eCommerce brands risk being boycotted by the masses worldwide. And along with these brands, their customers, manufacturers, and logistic partners will suffer because of the conflict.
- China COVID Outburst December 2022
The current situation of COVID-19 in China has negatively impacted the cross-border B2C e-commerce market adversely in 2023 as international trade came to a standstill during the pandemic. Moreover, the transportation of e-commerce products from one economy to another was stopped as international boundaries were secured, which impacted the market negatively. However, as the lockdown restrictions were lifted, there was an increase in demand for B2C e-commerce products, as many sellers adopted online channels to sell their products to international customers. Moreover, as the trade relations among nations are improving and cross-border channels are developing, including sea transport, airways, and roadways, the demand for cross-border B2C e-commerce market size is expected to grow as COVID-19 played a prominent role in popularizing online sales of products via e-commerce websites. International sellers have a huge opportunity to tap into other countries to sell their products.
In 2022, the greatest revenue share in the cross-border B2C e-commerce market was attributed to Asia Pacific. This huge industry share can be due to the growing internet and smartphone penetration across emerging nations. Further, the industry’s growth is fuelled by rapid urbanization, improving living standards, and the rising disposable income of the population. Emerging countries such as India, Japan, South Korea, and China primarily contribute to market growth. Furthermore, the presence of a large consumer base in Asia is anticipated to drive the market. Moreover, the increasing trade relations of nations in the region are projected to provide tremendous market growth opportunities.
Due to many economic slowdown issues, including the start of the Ukraine-Russia war and the spread of COVID-19, in 2022, our client, a key player in the cross-border B2C e-commerce, was experiencing a significant decline in revenues.
The client wanted to enhance its revenues and expand its business in cross-border B2C E-commerce services by looking at the end-user industries through various categories where cross-border B2C e-commerce is most commonly utilized. Additionally, the client requests a review of the major market trends over the previous two to three years from different regions, as well as information on the strategies of the prominent players in the market, the effects of the upcoming economic slowdown on the market growth, and the expansion among others.
The client got in touch with Credence Research Inc., which assisted the client in growing its business so that the client would increase its revenues in the cross-border B2C e-commerce services. The report “Global Cross-Border B2C E-Commerce Market, 2023-2030,” published by Credence Research Inc. in 2023, thoroughly analyzes the end-use industries where cross-border B2C e-commerce is most frequently used. Additionally, it provided the client with a thorough examination of the key market trends over the next two to three years, as well as information on the sector’s top companies’ strategies, the consequences of the economic downturn, key product introductions, SRC analysis, PESTEL analysis, Porter’s five forces analysis, and Value Chain analysis, among others.
Credence Research Inc.’s thorough analysis report of the cross-border B2C e-commerce market assisted the client in expanding its revenue opportunities in several economies. Additionally, a thorough analysis of trends, rival pricing, and expansion helped the client choose the appropriate product price across various end-use sectors and geographical areas, which helped the client in enhancing its business revenues double-fold.