B2C eCommerce Market Size to reach USD 8,800.8 Billion By 2026 Growing at 9.7% CAGR | GlobalData Plc
LONDON, UK, October 12, 2022 /EINPresswire.com/ — The global B2C eCommerce market size reached USD 5,532.1 billion in 2021, according to a new report by GlobalData Plc. The proliferation of mobile devices such as smartphones, tabs, convenience, and internet penetration have been key factors contributing to the overall market growth. In addition to this, the pandemic created massive opportunities for online shopping thereby impelling the B2C eCommerce market growth worldwide. Convenience and social distancing norms were primary market drivers during the coronavirus outbreak.
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Mobile commerce or mCommerce is a new and the fastest trend in the B2C eCommerce, with spending via smartphones rising rapidly as consumers continue to turn to their convenient handheld devices to complete everyday tasks. With over 8.0 billion mobile subscriptions worldwide in 2021, according to GlobalData forecasts, smartphones are the primary device for accessing information, communicating, and, increasingly, shopping. Through mCommerce, retailers are focusing on enhancing customer experience and loyalty through personalization and improved accuracy of search results.
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B2C eCommerce Market Report Highlights
• The global B2C eCommerce market is projected to witness a CAGR of 9.7% from 2021 to 2026, reaching a value of $8,800.8 billion. A growing trend toward online shopping driven by social distancing norms, mobile device ubiquity, and connectivity is expected to drive the global demand.
• In 2021, online payment methods in the B2C eCommerce market captured a significant share with a market size projected to exceed US$ 8,000 billion by 2026 at a CAGR of approximately 10% from 2021 to 2026. Online payments
• The availability of a myriad of mobile payments, including virtual wallets, contactless cards, and online payment services such as Apple Pay, Paytm, etc. is boosting growth opportunities in the B2C eCommerce online payment segment.
• Offline payment methods on the other hand captured approximately 5% of the overall market revenue and have been the least popular payment technique among consumers. The proliferation of buy now pay later and other credit shopping facilities in emerging nations is further expected to hamper offline payment segment demand over the forecast period
• The Asia Pacific closely followed by North America captured over 45% of the overall B2C eCommerce demand in 2021. Vendors in these regions are striving to improve customers’ online shopping experience by launching various technology-driven initiatives aimed at enabling customers to make sound purchasing decisions and reduce returns
• The B2C eCommerce market key players analyzed as part of this report Alibaba Group Holding Ltd, Amazon.com Inc, JD.com Inc, Pinduoduo Inc, and Rakuten Group Inc, among others.
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GlobalData Plc has segmented the B2C eCommerce market report by payment type and region:
Global B2C eCommerce Payment Type Outlook (Revenue, USD Million, 2018-2026)
• Online Payment
• Offline Payment
B2C eCommerce Regional Outlook (Revenue, USD Million, 2018-2026)
• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Belgium
• Czech Republic
• Denmark
• Finland
• Hungary
• Ireland
• Italy
• Netherlands
• Norway
• Poland
• Russia
• Slovakia
• Sweden
• Turkey
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• Hong Kong
• Indonesia
• New Zealand
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Malaysia
• Rest of Asia Pacific
• South & Central America
• Brazil
• Mexico
• Argentina
• Chile
• Columbia
• Peru
• Middle East & Africa
• United Arab Emirates (UAE)
• Kingdom of Saudi Arabia (KSA)
• South Africa
• Nigeria
• Rest of Middle East & Africa
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