The cross-border e-commerce industry is witnessing growth owing to the unavailability of products domestically, affordable costs, consumer-focused targeting by market players, and higher quality of goods are leading to an increase in the demand for the cross-border e-commerce market. Moreover, cross-border e-commerce offers a lot of advantages for SMEs to expand their businesses and become multinational, and it also presents an opportunity for OEMs to sell their products directly to consumers, relieving them from the complex supply chain.
According to AllTheResearch,” The global Cross-Border E-commerce Market was valued at US$ 578.57 Bn in 2019 and is expected to reach US$ 2,248.57 Bn by 2026, expanding at a CAGR of 17.4%.”
Cross-border e-commerce is international online trade. It involves purchasing and selling products through online shops across international as well as national borders. The trade is between a business or retailer or brand and customer. There are several categories of cross-border e-commerce such as Platform, Product, and Services. The payment method for cross-border e-commerce involves digital wallets, credit/debit cards, and internet banking. Cross-border e-commerce is utilized by adults, teenagers/millennials, or senior citizens.
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Growth Factors:
The market is further driven by the increasing preference for online shopping, especially among women, and the growing influence of social networking platforms on shopping habits. Online retail channels provide a hassle-free shopping experience to the consumers while displaying a wide variety of products to choose from, at affordable price-points.
Besides, the advent of private-label and direct to consumer-based business models is also creating a positive outlook for market growth. This enables the organizations to collect and use consumer data and provide personalized products and experiences to the consumer.
The Segment study of the Platform includes an analysis of B2B, B2C, and C2C markets. Cross border eCommerce is not new but the speed at which goods are crossing borders is developing rapidly to mark their online presence together with ease of carrying out business are some factors that are anticipated to drive the market growth of the B2B sector in this market. Business-to-business e-commerce supports businesses by decreasing cost and improving efficiency by making labor-intensive automatic in addition to manual procedures and proposing customer self-service options.
Covid19 Impact Analysis & Post Opportunities:
The outbreak of COVID-19 has brutally affected major countries across the globe. The disruption came in the form of a severe recession. At the peak of the pandemic, most consumers pulled their purchases away from non-essential products to essential products. This move majorly affected the market for cross-border eCommerce. However, as countries began withdrawing the lockdown, cross-border trade resumed, and the market picked up the pace once again.
Regional Overview:
From a geographic segmentation perspective, the report focuses on the regions that have a material and significant effect on the overall market value. The broad level coverage of the report includes the regions of Global, North America, Europe, APAC, MEA, LatAm
Asia-Pacific was the highest revenue contributor, accounting for estimated to reach $ XX million by 2026, with a CAGR of 23.3%. LAMEA is estimated to reach US $ 111.76 Bn by 2026. Asia-Pacific and North America collectively accounted for around xx% share in 2019, with the former constituting around xx% share.
Major Cross-Border E-commerce Market Investment Scenario
• European warehouse demand surges as e-commerce giants like Amazon and Alibaba snap up space: Investors are pouring money for the expansion of warehouses in Europe as online shopping revives during the COVID-19 pandemic. The surge in warehouse demand has driven vacancy rates in Europe to a record low of around 5%, and the number is still declining.
• China and New Zealand signed an agreement to upgrade their existing free trade pact, securing a better deal for both countries through expanded market access, widened tariff-free schemes, and expedited processes for exporters.
Cross-border Ecommerce Market is segmentation
In the report, the market is segmented into Platform, Product, Services and region.
Based on Platform
• Business-to-Business
• Business-to-Consumer
• Consumer-to-Consumer
Based on Product
• Food & Beverages
• Personal Care
• Furniture Products
• Consumer Appliances
• Smartphones & Allied Products
• Fashion & Apparel
• Others
Based on Services
• Digital Content
• Travel and Leisure
• E-Tailing
• Financial
• Others
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