The market for B2C E-commerce is expected to grow at a CAGR of around 13.5% from 2020 to 2027 and expected to reach the market value of around US$ 10.5 Tn by 2027.
B2C e-commerce is a business model based on transactions of funds or data, over an electronic network, primarily the internet, through a company website featured with an online catalog for the customers who are the end-users of these products. Some of the benefits associated with B2C e-commerce include global reach, no physical overhead required, more data to profile customers, and trackable marketing among others. Moreover, some of the major challenges faced by the B2C e-commerce model include consumer traffic, payment processing, client support, and product accessibility.
The increasing usage of smartphones and desktops coupled with the growing penetration of internet subscriptions worldwide is the major factor supporting the market growth. The ongoing development and advancement in ICT infrastructure in developing economies is further proliferating the market growth. The increasing population base along with the rising disposable income and living standard is additionally boosting the growth of B2C E-commerce. Moreover, the recent pandemic has also given a push to the customer to opt for online shopping instead of store-based shopping in order to avoid close contact with the people.
On the other hand, the threat of security over the internet and the need for a continuous supply of high-speed internet service is likely to restrict the growth over the forecast period from 2020 to 2027.
Segment Instance of Global B2C E-commerce Market
Smartphones segment accounted for the maximum revenue share in the global B2C E-commerce market
In 2019, smartphones are leading the market of B2C E-commerce across the globe due to their vast usage and convenience. The exponential increase in the number of mobile phone users every year is the major factor supporting the segmental market value. Another factor driving segmental growth is the launch of mobile applications by the players for the smartphone users along with the user-friendly website and secured platform for making transaction
North America dominated the B2C E-commerce in 2019
In 2019, North America led the B2C E-commerce market, whereas the region is leading the market so far from the development of the B2C E-commerce business model. The early adoption in the major economies of the region including the US and Canada is contributing to the regional market value. The presence of major players in the region like Amazon, Best Buy Company, Inc., eBay Inc., and WalMart Stores, Inc. among others are additionally contributing to the regional market value. The presence of an aware population which is used to with this B2C e-commerce platforms and businesses is further contributing to the regional market value.
Asia Pacific is projected to exhibit fastest growth over the forecast period from 2020 to 2027
The continuously developing sales in prominent economies of the region including China, India, Indonesia, Vietnam, and Singapore are supporting the fastest growth of the region. Additionally, the increasing focus of the major players in the region owing to the increasing volume of online sales is additionally bolstering the regional market value. The increasing marketing budget of the players for encouraging users to shop online through their offered platform is further propelling the regional market growth. Additionally, the increasing number of occasional campaigns and discount periods is boosting the market value.
Key Market players
The players profiled in the report include Alibaba Group Holding Ltd., Amazon.com, Inc., Best Buy Company, Inc., Cnova N.V., eBay Inc., Jd.com, Inc., Otto GmbH & Co. KG, Rakuten, Tesco PLC, WalMart Stores, Inc., and others.
Market By Product
Apparel and Accessories
Market By Device
The market for B2C e-commerce is expected to reach a market value of around US$ 10.5 Tn by 2027.
The B2C e-commerce market is expected to grow at a CAGR of around 13.5% from 2020 to 2027.
Smart Phone is the leading segment by device in the B2C E-commerce market
The increasing usage of smart phones, growing penetration of internet subscriptions worldwide, ongoing development and advancement in ICT infrastructure in developing economies, increasing population base along with the rising disposable income are some of the factors driving the market growth.
Alibaba Group Holding Ltd., Amazon.com, Inc., Best Buy Company, Inc., Cnova N.V., eBay Inc., Jd.com, Inc., Otto GmbH & Co. KG, Rakuten, Tesco PLC, WalMart Stores, Inc., and others are some of the prominent players in the market.
North America held the highest market share in the B2C E-commerce market
Asia Pacific is expected to be the fastest growing market over the forecast period