Global B2C E-commerce Market to Reach US$ 7.0 Trillion by 2028, Impelled by Rising Adoption of Smartphones

July 25, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "B2C E-commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global B2C e-commerce market reached a value of US$ 4.4 Trillion in 2022. Business-to-consumer (B2C) e-commerce refers to a business model that involves selling products and services from businesses to customers directly over the internet. Some of the common types of B2C e-commerce businesses include direct sellers, online intermediaries and advertisement-, fee- and community-based. In comparison to the traditional business model, this method reaches more customers by eliminating geographical boundaries, gaining new customers with search engine visibility, offering a comparison-based shopping experience, and creating markets for niche products. Its utilization also provides abundant information regarding the product and service and enables deals, bargains, coupons, and group buying while reducing overhead costs.

Global B2C E-commerce Market Trends:

The global market is primarily driven by the penetration of high-speed internet connectivity. This is further supported by rapid digitization, the increasing adoption of smartphones and the inflating disposable income levels of the masses. Along with this, the rising preference for online shopping due to the enhanced convenience offered by online platforms and the shifting lifestyle preferences of individuals is creating a positive market outlook. Since B2C e-commerce offers seamless purchase and returns options and easy availability of a wide range of product variants, this is providing a boost to the market growth. In addition to this, several leading players are heavily investing in providing monetary benefits to customers in the form of referrals, discount coupons, giveaways and contests, and loyalty points, which are gaining widespread prominence among the masses. Furthermore, the lockdown restrictions implemented on account of the rapid outbreak of coronavirus disease (COVID-19) have impacted the market favorably. Other factors, including rapid urbanization and continuous improvements across the supply chain distribution channels, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.0 Trillion by 2028, expanding at a CAGR of 8.1% during 2023-2028.

Market Summary:

On the basis of the type, the market has been bifurcated into B2C retailers and classifieds.
Based on the application, the market has been classified into automotive, beauty and personal care, consumer electronics, clothing and footwear, books and stationery, home decor and electronics, travel and tourism, and others.
On the basis of the region, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alibaba Group Holding Limited, Amazon.com Inc., ASOS plc, Booking Holdings Inc., eBay Inc., JD.com Inc., Macy's Inc., Makemytrip Limited, Otto GmbH & Co KG, Rakuten Inc. and Walmart Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Trillion
Segment Coverage	Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Alibaba Group Holding Limited, Amazon.com Inc., ASOS plc, Booking Holdings Inc., eBay Inc., JD.com Inc., Macy's Inc., Makemytrip Limited, Otto GmbH & Co KG, Rakuten Inc. and Walmart Inc.
Customization Scope	10% Free Customization
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Global B2C E-commerce Market to Reach US$ 7.0 Trillion by 2028, Impelled by Rising Adoption of Smartphones

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