Press Release

Global B2C E-commerce Market Hits USD 5.8 Trillion Value in 2023, Forecasts 11.5% CAGR Growth by 2030

The Global B2C E-commerce Market size is valued at about USD 5.8 Trillion in 2023 and is anticipated to grow at a CAGR of about 11.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Several significant factors are driving the growth of the B2C e-commerce industry, including increased disposable income, increased smartphone & internet usage, increased social media influence, shifting consumer preferences, globalization, free trade agreements, improved infrastructure and logistics, improved government initiatives and policies, etc. It is expected that these trends and variables will continue to drive the growth of the B2C e-commerce sector in the years to come.

The primary driver of the market is rising smartphone usage and internet penetration. More people are getting information via smartphones and the internet, which allows businesses to reach a wider audience and attract undiscovered prospective customers. As a result, B2C e-commerce enterprises now have more prospects and a larger market. Due to smartphones and internet connections, customers can make purchases online whenever they want, no matter where they are or how much time they have. This accessibility and convenience facilitate online shopping, which encourages the growth of the Global B2C E-commerce Market.

Moreover, the market is changing as voice-activated shopping and conversational commerce become more common. Because voice-activated shopping is convenient and hands-free for tasks like adding items to a basket, making modest purchases, and replenishing frequently used products, it is growing in popularity among customers. Furthermore, voice commands offer a more rapid and user-friendly interface for e-commerce systems than traditional text-based interfaces. This convenience is especially appealing to those who are busy and value quick and easy ways to make purchases.

For the B2C e-commerce industry to flourish sustainably, it must overcome several challenges in addition to its many prospects. Among the main challenges are threats to cybersecurity, limitations in infrastructure and logistics, problems with payment security, illicit sales of fake goods, infringements on intellectual property, and compliance with international regulations. Among these, cybersecurity risks are a significant issue for the Global B2C E-commerce Market. E-commerce platforms are attractive to cybercriminals due to the increasing number of sensitive customer data and online transactions they facilitate. Sensitive customer information, including credit card numbers, personal addresses, and purchase histories, is gathered and stored by e-commerce businesses. Data breaches can result in severe consequences, such as financial losses, identity theft, and reputational damage, further states the research report, “Global B2C E-commerce Market Analysis, 2024.”

Segmentation Analysis

B2C Retailers Segment Holding Major Market Share

Based on the type, the market is further bifurcated into B2C retailers and classified. B2C retailers make up the largest category in the Global B2C E-commerce Market. This suggests that the majority of online transactions in the B2C e-commerce industry are made directly between businesses and their clients, as opposed to purchases made through online marketplaces or other channels. B2C retailers provide products in a variety of categories, including clothing, electronics, furniture, appliances, home goods, food, and more. A wider spectrum of consumer needs and interests are satisfied by this extensive product selection.

Additionally, B2C retailers are making significant investments in innovation and technology to upgrade their online platforms, provide customized recommendations, and improve the consumer experience. They can keep ahead of the competition and draw in tech-savvy customers because of their emphasis on innovation and technology. B2C sellers are always introducing new products and diversifying into untapped markets. Because of their versatility, they can draw in customers who are searching for particular goods or categories and increase their market share.

Asia-Pacific Region Dominating the Market

When it comes to B2C e-commerce, Asia-Pacific leads the world without a doubt, as more and more people realize how convenient online purchasing can be. Asia-Pacific leads the Global B2C E-commerce Market due to its extremely high internet penetration and smartphone adoption rates. Since over 60% of the population in the area uses the internet, the environment is perfect for e-commerce businesses to flourish. Gone are the days when the only way to obtain goods and services was through actual stores. Customers in Asia-Pacific have embraced the digital age's core focus on simplicity of use and accessibility.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Alibaba Group Holding Ltd., Amazon.com, Inc., Best Buy Company, Inc., Cnova N.V., eBay Inc., Jd.com, Inc., Otto GmbH & Co.KG, Tesco PLC, Wal-Mart Stores, Inc., and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various regions, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?