Business-to-consumer, or B2C Online companies sell directly to customers through e-commerce, also referred to as retail e-commerce. With the exception of shipping and delivery, almost all e-commerce transactions take place online, providing buyers and sellers with the flexibility and convenience to do business whenever and wherever they choose. Because online purchasing and selling is more convenient than traditional sales, business-to-consumer (B2C) e-commerce has emerged as one of the fastest-growing industries in globalisation.
According to SPER Market Research, ‘Global B2C E-commerce Market Size – By Product Category – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global B2C E-commerce Market is predicted to reach 38.32 trillion by 2034 with a CAGR of 19.36%.
Drivers:
Numerous factors, such as the increasing use of smartphones and high-speed internet, have contributed to the expansion of the global business-to-consumer e-commerce market by making online buying easier and more accessible for customers. The online shopping experience is being improved by technological innovations like AI-driven personalisation, AR/VR integration, and creative payment methods, which are increasing engagement and conversion rates. Because consumers increasingly value the convenience of online buying over conventional in-store experiences, the movement in consumer behaviour towards digital-first shopping is also a major driver of the worldwide B2C e-commerce business.
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Restraints:
In order to successfully implement and operate the global B2C e-commerce sector, enterprises must overcome a number of obstacles. The fierce rivalry in the online business is one major obstacle. There is intense competition among brands as more companies create an online presence, giving customers additional options. Because of this competitiveness, businesses must constantly innovate and set themselves apart from the competitors in order to draw in and keep customers. Furthermore, companies find it tough to stand out in a crowded market without a solid digital marketing plan, which makes it challenging to draw in new clients and keep hold of current ones.
The Global B2C E-Commerce Market is dominated by North America due to its higher disposable income and more understanding of the several online platforms. Some of its key players are – Alibaba Group Holding Limited, Amazon.com, Inc, ASOS, eBay Inc, FARFETCH UK Limited.
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