The global B2C e-commerce market size is anticipated to reach USD 6.2 trillion by 2027, registering a CAGR of 7.9% over the forecast period, according to a new report by Grand View Research, Inc. The increasing disposable income level, escalating usage of internet and smartphones, and an increasing number of online shoppers are expected to drive the market growth. Online goods and service providers offer various options to its customers, such as vast product portfolio, discounted price rates, convenient payment methods, same-day delivery, and easy return policies while purchasing any goods or services, resulting into growing customer preference toward e-commerce platforms.
The General Agreement on Trade in Services (GATS) provides the rules and regulations governing international trade in services, with significant implications for e-commerce. The anti-Spam Law is placed to protect consumers from receiving unsolicited marketing material. Although online businesses collect information from consumers, they are legally prohibited to spam people’s inboxes without their consent. Technological advancement supported by increasing usage of artificial intelligence (AI) is providing customers with the real-time shopping experience. For instance, augmented reality (AR) technology offers customers ‘virtual changing rooms’ wherein customers can try a product virtually.
The rapid evolution of e-commerce has brought numerous opportunities to both nascent as well as established players in the market. However, online payment processes have witnessed few challenges in the recent past. The interconnected and instantaneous nature of online payment channels have increased vulnerability towards cybercrime, digital frauds, and other malpractices. To overcome these cyber security concerns, it is essential to emphasize service security and protection of consumer’s data.
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Further key findings from the report suggest:
- Clothing and footwear segment accounted for the largest market share in 2019, owing to increasing penetration of retail sales over online channels, accessories, and footwear spending
- Asia Pacific dominated the market in terms of revenue in 2019 and is expected to register significant growth over the forecast period. The growth is attributed to the presence of a large number of B2C e-commerce providers in the region
- Partnership, collaboration, and business expansion remain the major strategies adopted by the leading market players