A report by Precedence Research projects the global B2C e-commerce market size to surpass $ 7.45 trillion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.
In 2021, the global B2C e-commerce market size was valued at $3.86 trillion, boosted by the improved digital and telecommunications technologies and infrastructure, business globalization, government support, and improved logistics infrastructure.
The market growth was further augmented by rising disposable income, adoption of smartphones, demand for convenient shopping, and availability of products on e-commerce platforms. Other factors pushing this growth include aggressive marketing strategies, increased investments in social media marketing and digital marketing, easy payment options, 24/7 customer support, broader home delivery capabilities, and convenient refund and replacement policies, the report revealed.
Asia Pacific dominated the global B2C e-commerce market, capturing a 37% market share in 2020. The region’s huge customer base comprises almost 60% of the global population.
Moreover, increased adoption of smartphones, improved access to the internet, increased demand for the convenient shopping, and growing awareness of the benefits of e-commerce are accelerating the B2C e-commerce market growth in the region.
According to the International Telecommunication Union, around 4.9 billion (63% of the global population) individuals had internet access by 2021, an increase from 4.1 billion in 2019 and marketing a 782 million growth in a two-year span.
A major obstacle that could hinder the market growth of B2C e-commerce is illiteracy and lack of knowledge about operating the smartphones and the internet in the rural areas of underdeveloped countries.
However, this could be offset by government hefty investments to improve connectivity by building networks of road, airways, and railways to support logistics and delivery operations of the e-commerce platforms.