LOS ANGELES, May 05, 2021 (GLOBE NEWSWIRE) -- The Global B2C E-commerce Market is expected to grow at a CAGR of around 13.5% from 2020 to 2027 and reach the market value of over US$ 10.5 Tn by 2027.
Business-to-Consumer (B2C) e-commerce refers to the business model that supports a commerce transaction between a business and an end consumer by selling products or services through a company website featured with an online catalog. Some of the major portfolios across which people are using e-commerce sites include media products, consumer electronics, apparel and footwear, food and drinks, home care, consumer health, personal accessories, and eyewear, beauty and personal care, homewares and home furnishing, consumer appliances, home improvements, and gardening, pet care, and traditional toys and games, video games hardware among others.
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The key factor driving the market growth is the increasing number of online shoppers due to the monetary benefits from discount coupons and referrals. One of the other major drivers is the affordable internet connection in mobile phones for placing orders of choice.
The global B2C e-commerce market is segmented on the basis of product, device, and geography. The product segment is divided into apparel and accessories, travel, electronics, books, music, health, and others. Additionally, on the basis of devices, the market is segmented across PCs, smartphones, tablets, and others.
On the basis of device, the smartphone segment led the market with maximum revenue share (%), and the segment is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The rapidly increasing number of smartphone users across the globe along with the affordable internet connections, particularly in developing economies of Asia Pacific and Middle East & Africa are further boosting the segmental market value.
North America accounted for the maximum revenue share (%) in the global market and the region has also dominated the market throughout the historic period with major revenue share (%). The major economies of the region including the US and Canada are the major revenue contributors for the growth.
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Asia Pacific is estimated to experience the fastest growth over the estimated period from 2020 to 2027 in the B2C E-commerce market. The developing technology infrastructure, telecommunication, globalization, improving supply chain network, increasing urban population along with the uplifting living standard, an increasing number of interested global players in the regional operations are some of the major factors driving the regional market growth.
Some of the leading competitors are 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, and WalMart Stores, Inc. The major players are involved in strategic development activities like mergers and acquisitions, partnerships and collaborations, and new product developments in order to expand their share in the global market.
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Some of the key observations regarding the B2C E-commerce industry include:
- In 2021, Amazon has announced the opening of its first fully-fledged fulfillment center in Dublin to service the Irish market. The e-commerce giant has been served from the U.K. for Ireland for years, for now, it has reportedly talked with the operators of Shannon Airport in the west of the country about opening a distribution center there. In 2021, Amazon leads Walmart.com in U.S. customer reach and has become the first choice among Americans for online shopping.
- According to a new report of 2021by Bloomberg, Amazon has all set to beat the Walmart as biggest US retailer by 2025. Moreover, both the companies have different business models where Walmart having a growing e-commerce presence and third-party platform, in contrast, Amazon operates more like a flea market charging rent.
- Flipkart is planning to shut down some of its Best Price cash-and-carry stores in a few locations and considering turning them into fulfillment centers completely for its eCommerce play. This is one of the major growth strategies of the company after the acquisition of Walmart India’s wholesale operations. Flipkart is ready to utilize the space of Best Price store for warehousing capacity.
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