BANGALORE, India, Jan. 19, 2022 /PRNewswire/ -- The Cross-Border E-Commerce Market is Segmented by Type (Clothes, Shoes & Accessories, Health & Beauty Products, Personal Electronics, Computer Hardware, Jewelry, Gems & Watches), Application (B2B, B2C, C2C, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
The Global Cross-Border E-Commerce Market Size Is Projected To Reach USD 1508700 Million By 2027, From USD 532710 Million In 2020, at a Compound Annual Growth Rate (CAGR) Of 15.5% During 2021-2027.
Major Factors Driving The Growth Of The Cross-Border E-Commerce Market Are:
Consumers seeking brands or products not accessible in their home country, as well as more competitive pricing, drive the growth of the cross-border e-commerce market.
The cross-border e-commerce market is expected to grow as advanced technologies help reduce issues with international payments, long shipping times, and language barriers - making it possible to shop online anywhere and everywhere using a laptop or smartphone
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Trends Influencing The Growth Of Cross-Border E-Commerce Market
Factors such as access to Internet-enabled devices, the growing middle class in Asia-Pacific countries, rising overall incomes, and governments encouraging globalization and international trade are all driving the growth of the cross-border e-commerce market.
Furthermore, more people are able to shop online and are able to secure fair prices on items that may not be available locally is attracting a growing number of new shoppers. This in turn is expected to drive the growth of the cross-border e-commerce market.
Another trend that is observed in the cross-border e-commerce market is that, when given the option, online shoppers around the world prefer to browse and pay in their local currency. Furthermore, in many countries, local alternative payment methods are preferred over international credit cards. Allowing customers to pay using the most commonly used options in their market boosts conversion rates significantly.
Cross-border e-commerce provides many benefits for small businesses looking to expand their businesses and become multinational, as well as an opportunity for original equipment manufacturers to sell their products directly to consumers, eliminating the complex supply chain. Moreover, rather than focusing just on their domestic market or a small number of key international markets, international e-commerce allows merchants to expand their revenue and customer base. This in turn is expected to fuel the growth of the cross-border e-commerce market during the forecast period.
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Cross-Border E-Commerce Market Share Analysis:
Based on region, Asia-Pacific is expected to be the most lucrative region, due to increasing disposable income and a shift in preference for western luxury brands.
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Major Players in the Cross-border E-commerce Market
- AliExpress
- EBay
- Amazon
- Taobao
- Tmall Global
- ETao
- JD
- Wish
- Newegg
- Lazada
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SIMILAR REPORTS
- The global E-Commerce Payment market size is projected to reach USD 10280910 Million by 2027, from USD 4729000 Million in 2020, at a CAGR of 11.5% during 2021-2027
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