The global B2C e-commerce market is evaluated at US$4,870.005 billion for the year 2019 and is projected to grow at a CAGR of 14.14% reaching the market size of US$12,294.325 billion by the year 2026.
The process of exchanging goods and services for a price or conducting transactions over the internet is called E-commerce or electronic commerce or EC. Under the typical B2C business transaction, a consumer decides the requirement, looks out for the requirements from available items on the website, compares products and other conditions for the purchase, and places the order.
The global market of E-commerce is largely driven by the increasing usage of smartphones and desktops coupled with the growing penetration of internet subscriptions across the globe. The ongoing improvement of ICT infrastructure in regions like Africa and South America provides numerous opportunities for the B2C E-commerce market to grow over the forecasted period. Other factors propelling the B2C E-Commerce market include an increasing population base coupled with rising disposable incomes and rising living standards. In addition, the easy availability of a diverse variety of products such as books, apparel, cosmetics among many others largely contributes to the market growth. However, some issues such as limited interaction between retailer and consumer, the threat of security over the internet, and the need for a continuous supply of high-speed internet service are few factors restraining market growth.
Key market drivers.
A rise in digital awareness coupled with the advent of new e-commerce platforms with the support of emerging technologies like the Internet of Things (IoT), big data, and analytics in mobile devices are the key factors that escalate the market growth. Furthermore, the need for time-saving and efficient solutions has resulted in the rise of the adoption of e-commerce platforms that will fuel the market's growth.
The advent of COVID-19 had a positive impact on the B2C e-commerce market given the rise in the shift towards e-commerce platforms for day-to-day shopping to reduce human contact owing to the strict government protocols imposed by the government to curb the widespread of the disease. There were several consumers who opted for e-commerce platforms for the first time during the year. Even though the companies faced restrictions during the year in order to abide by the guidelines put forward by the government due to which they operated at lesser capacities resulting in delaying of deliveries for initial months. The trend is expected to continue during the forecast period as the consumers have realized the time saved and the efficiency achieved through shopping on online platforms.
The growing demand for online apparel stores is expected to fuel the market during the forecast period.
The shift toward e-commerce is a significant, palpable movement in most economies. A quarter of spending on clothing, accessories, and footwear (fashion) already occurs online and, is still rapidly growing.
|Market size value in 2019||US$4,870.005 billion|
|Market size value in 2026||US$12,294.325 billion|
|Growth Rate||CAGR of 14.14% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Device, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Amazon, E-Bay, Alibaba Group Holdings Ltd, Jingdong (JD.com Inc.), Flipkart, Zalando, Pinduoduo, Walmart, Meituan|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the B2C e-commerce market size by 2026?
A1. The global B2C e-commerce market is projected to reach a market size of US$12,294.325 billion in 2026.
Q2. What is the size of global B2C e-commerce market?
A2. B2C E-Commerce Market was valued at US$4,870.005 billion in 2019.
Q3. What are the growth prospects for the B2C e-commerce market?
A3. The B2C e-commerce market is projected to grow at a CAGR of 14.14% over the forecast period.
Q4. What factors are anticipated to drive the B2C e-commerce market growth?
A4. The global B2C e-commerce market is largely driven by the increasing usage of smartphones and desktops coupled with the growing penetration of internet subscriptions across the globe.
Q5. How is the global B2C e-commerce market segmented?
A5. The B2C e-commerce market has been segmented by product, device, and geography.