The Global Cross-Border E-commerce Market was valued at US$ 578.57 Bn in 2019 and is expected to reach US$ 2,248.57 by 2026, expanding at a CAGR of 17.4% during the forecast period. The market is witnessing growth owing to the unavailability of products domestically, affordable costs, consumer-focused targeting by market players, and higher quality of goods are leading to an increase in the demand for the cross-border e-commerce market. Moreover, cross-border e-commerce offers a lot of advantages for SMEs to expand their businesses and become multinational, and it also presents an opportunity for OEMs to sell their products directly to consumers, relieving them from the complex supply chain.
The market is further driven by the increasing preference for online shopping, especially among women, and the growing influence of social networking platforms on shopping habits. Online retail channels provide a hassle-free shopping experience to the consumers while displaying a wide variety of products to choose from, at affordable price-points. Also, the advent of private-label and direct-to-consumer-based business models is creating a positive outlook for market growth. This enables the organizations to collect and use consumer data and provide personalized products and experiences to the consumer.
As per the recent survey of AllTheResearch, ~60% of platform developers are keen on integrating technologies like Artificial Intelligence, Data Science, IoT, Blockchain, and AR-VR. Owing to such integrations, Cross-Border E-Commerce platforms have become more vigilant to customer behavior, which has gained importance in CXO meetings over the last couple of years.
Author Name: Nitish P.