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E-commerce Industry to Hit New Heights with Increasing Trend of Buy Now Pay Later - Grand View Research, Inc.
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B2C e-commerce is likely to witness exponential growth in the wake of the surging footfall of online intermediaries, advertisement-based sites and fee-based platforms. Businesses have furthered their investment in e-commerce to minimize overhead costs, expand customer reach and personalize marketing. It also helps collate customer and visitor data to boost online success and tap into business opportunities. The B2C e-commerce market size was pegged at USD 4,378.9 billion in 2022 and will observe an impressive CAGR of 9.7% during the assessment period. The growing footprint of companies, such as Amazon, eBay, Meta (Facebook) and Netflix will bode well for the industry growth.
Dynamics that are poised to have a notable impact on the global market are delineated below:
Asia Pacific e-commerce industry share could be pronounced with soaring internet penetration, expansion of 5G networks and buoyant government initiatives. For instance, Government e-Marketplace (GeM) of India has reportedly served 12.28 million orders, translating into USD 40.97 billion , from over 5 million registered sellers and service providers as of November 2022 . Moreover, 5G smartphones have gained exponential uptake across China , India and Japan , boosting regional growth. According to Global Times, China had 757 million 5G users in January 2022 . A significant uptake in social shopping and branded shopping apps will further the penetration of Asia Pacific in the global market.
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The competitive landscape suggests the organic and inorganic strategies could be pronounced with an increased emphasis on product offerings, technological advancements, innovation, collaboration and mergers & acquisitions. For instance, in February 2023 , eBay announced the acquisition of 3PM Shield to bolster its monitoring solution to avert the sale of unsafe and counterfeit products and illegal goods. Meanwhile, in April 2022 , Amazon rolled out a USD 1 billion fund to foster delivery speed and enhance the experience. The bullish investment will focus on companies developing logistics, supply chain and fulfillment technologies.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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