B2C MarketingMarketing

B2C E-Commerce Market Size to Surpass US$ 7.5 Trillion by 2030 – GlobeNewswire

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| Source: Precedence Research Precedence Research
Pune, INDIA
London, March 28, 2022 (GLOBE NEWSWIRE) — The global B2C e-commerce market size was valued at US$ 3.86 trillion in 2021. The proliferation of digital technologies, globalization of businesses, ease of doing business, favorable government policies, improved logistics infrastructure, and improved telecommunications and IT infrastructure are several prominent factors that has boosted the growth of the global b2c e-commerce market. The rising disposable income, increasing adoption of smartphones, increased demand for the convenient shopping, availability of almost all products of all brands on the e-commerce platforms, and growing penetration of the different e-commerce platforms across the globe is augmenting the market growth.

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The aggressive marketing strategies adopted by the payers and increased investments in the social media marketing and digital marketing in the recent years has significantly driven the growth of the global b2c e-commerce market. Moreover, the easy and convenient payment options, 24/7 customer support, door step home delivery to almost every locations, and convenient refund and replacement policies of the e-commerce platforms has augmented the demand for the b2c e-commerce channels among the global customers.
Report Highlights
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Regional Snapshot
Asia Pacific dominated the global b2c e-commerce market, garnering a market share of around 37% in 2020. Asia Pacific has a huge customer base owing to the presence of almost 60% of the global population. Moreover, the increased adoption of smartphones and improved access to the internet are the most important growth drivers. The busy and hectic life schedules of the customers has resulted in the increased demand for the convenient shopping. The b2c e-commerce platforms offers wide variety of products and different brands and the shoppers can easily shop from the convenience of their homes. The rising urban population, rising investments in the development of infrastructure, and growing awareness regarding the benefits of e-commerce is accelerating the growth of the b2c e-commerce market in Asia Pacific. Moreover, the rising popularity of the second hand online market place like OLX and Quikr in the developing countries is boosting the e-commerce market growth.
North America was the second leading market in 2020. North America is characterized by the presence of several top e-commerce platforms and the increased adoption rate of the digital technologies. The higher penetration of the e-commerce and the presence of strong, developed, and fast logistics infrastructure has facilitated the market growth in North America.
Market Dynamics
Driver
Rapidly growing number of internet users
The proliferation of the digital technologies has boosted the adoption of smartphones and access to the internet across the globe. Most of the internet users access through their smartphones. Therefore, the combination of the smartphone and access to the internet has significantly boosted the growth of the b2c e-commerce market.According to the International Telecommunication Union, there were around 4.9 billion (63% of the global population) internet users by the end of 2021. This number was 4.1 billion in 2019 and it grew rapidly by 782 million in 2 years.
Restraint
Lack of knowledge in the rural areas
The illiteracy rate is significantly high in the rural areas of the developing and the underdeveloped countries. The population lacks the knowledge about the operating the smartphones and internet. Furthermore, the majority of the population lives in the rural areas. This is a major restraining factor that may hinder the market growth.
Opportunity
Rising investments in the development of infrastructure
The governments in the underdeveloped and the developing nations are heavily investing in improving the connectivity by building networks of road, airways, and railways that can efficiently boost the growth of the logistics. The improved logistics will boost the delivery activities of the e-commerce platforms.
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Challenge
Online frauds and phishing
With the rising adoption of internet and smart devices, the risks of online frauds and phishing has increased significantly. The frauds and phishing activities may hinder the market growth and it has become one of the major challenges for the market players.
Market Segmentation
By Type
By Application
By Brand Type
By Device
By Geography
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