The global B2C e-commerce market size is estimated to attain USD 6.2 trillion by the end of 2027 and is projected to register a CAGR of 7.9% from 2020 to 2027, according to the new report by Million Insights. Increasing penetration of smartphones & the internet along with the growing trend of online shopping is projected to surge the growth of market. In addition, online sellers provide various offers like discounts, easy payment methods, fast delivery and availability of a wide range of products is projected to propel the growth of the market.
General agreement in Trade Services (GATS) includes regulations regarding trade services internationally, which is expected to have a positive impact on market growth. Anti-spam laws help to protect the consumer from unwanted materials. Online shopping companies collect data from consumers. In addition, growing trend of virtual reality (VR) & artificial intelligence in shopping help in providing greater consumer experience. For example, augmented reality based solutions provide virtual room experience to consumers to try out products virtually.
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The rising e-commerce sector has opened up ample opportunities for both new & experienced players in the industry. Online channels have faced many challenges owing to factors such as interconnected issues including digital frauds, malpractices, and other cybercrimes. To avoid these cybersecurity problems, it is important to protect consumer data & service security.
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Further key findings from the report suggest:
• In 2019, clothing & footwear segment contributed to highest share in the market. Growing penetration of retailer network and increasing footwear spending is supporting market growth.
• In 2019, Asia Pacific led the market, and is projected to grow at significant rate of CAGR from 2020 to 2027.
• Key players in the market focus on strategic collaborations & to remain competent in the industry.
Million Insights has segmented the global B2C e-commerce market based on type, application and region:
B2C E-Commerce Type Outlook (Revenue, USD Trillion, 2016 – 2027)
• B2C Retailers
• Classifieds
B2C E-Commerce Application Outlook (Revenue, USD Trillion, 2016 – 2027)
• Automotive
• Beauty & Personal Care
• Books & Stationery
• Consumer Electronics
• Clothing & Footwear
• Home Décor & Electronics
• Sports & Leisure
• Travel & Tourism
• Media & Entertainment
• Information Technology (Software)
• Others
B2C E-Commerce Regional Outlook (Revenue, USD Trillion, 2016 – 2027)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa
List of Key Players of B2C E-commerce Market
• ALIBABA GROUP HOLDING LIMITED
• Amazon.com, Inc.
• ASOS
• eBay Inc.
• Flipkart Internet Private Limited
• JD.com, Inc.
• MakeMytrip Pvt.Ltd.
• OLX
• PayPal Holdings, Inc.
• Craigslist, Inc.
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