Global Cross-Border B2C E-Commerce Market Analysis Report 2023: Digital Wallets are Gaining Momentum as the Preferred Payment Method
The “Global Cross-Border B2C E-Commerce 2023” report has been added to ResearchAndMarkets.com‘s offering. Digital wallets are gaining momentum as the preferred cross-border B2C E-Commerce payment method
As the cross-border B2C E-Commerce market is gradually evolving, the transaction value of cross-border B2C payments has shown an increasing trend between 2020 and 2022.
Although card-based payment methods are among the most preferred payment methods for online cross-border shopping, mobile wallets such as PayPal, AliPay among others are gaining popularity among online shoppers across regions, according to the report.
For instance, Japan and Singapore accounted for more than half of online shoppers using credit cards to pay for their cross-border purchases as of January 2022.
While digital wallets such as PayPal and Alipay were preferred among nearly half the online shoppers in Australia and China respectively, the growth of cross-border B2C E-Commerce across Asia-Pacific also led to an emergence of embedded finance options to pay for cross-border purchases. Companies such as PayPal and Currency Cloud support the embedded finance ecosystem across Asia-Pacific.
Payments via mobile phones, websites, and wearable devices are becoming popular in the region due to the rise of QR codes and tokenization, as spelled out by the report. The popularity of digital wallets is not limited to Asia-Pacific and can even be seen across Europe.
For example, PayPal, followed by credit card and direct transfer were the top 3 cross-border payment methods that online shoppers used as of April 2022. Similarly, Italy also saw more than half of online shoppers inclining towards PayPal when it came to their cross-border purchases as of January 2022.
Clothing and footwear accounted for the most bought product categories, with China being the preferred purchase destination
The growing demand for online shopping during and post pandemic also led to the gradual shift towards cross-border B2C E-Commerce. More than one-fourth online shoppers globally preferred cross-border purchases due to lower prices and better quality of products as of November 2021, with clothing, apparel and footwear being the most purchased categories among more than one-third of online shoppers.
Fashion items such as clothing and footwear were also popular cross-border purchase categories among more than half of online shoppers in Germany and the Netherlands as of H1 2022, as revealed by the report. Furthermore, more than half of online shoppers in Luxembourg also preferred to purchase clothing, footwear, and accessories via online cross-border channels as of 2021.
While in China and Australia online shoppers inclined more towards the purchase of cosmetics and games & toys respectively when it came to online shopping. China was the preferred cross-border purchase destination worldwide, with its share being the highest in Greece, Latvia, USA, and Indonesia among other nations.
Despite this, the country’s share in E-Commerce market decline as of 2021 in comparison to its share in 2020. Moreover, in terms of the country of most recent cross-border purchase, China’s share in Japan, India, UK, New Zealand, as well as the U.S. saw a dip compared to its share in 2020.
What is the forecasted value of the cross-border E-Commerce market including B2C E-Commerce in 2026?
What are the emerging trends that are changing the global cross-border B2C E-Commerce market?
What is the estimated turnover of the cross-border B2C E-Commerce market in EU 16 countries as of 2022?
What were the most used marketplaces globally while shopping cross-border as of October 2022?
Key Topics Covered:
Cross-Border B2C E-Commerce Market Overview, November 2022
Cross-Border B2C E-Commerce Market Size, in USD trillion, 2022e & 2026f
Share of Online Shoppers Making Cross-Border Purchases, by Select Countries, in %, September 2022
Share of Retailers Selling Internationally, by Select Countries, in %, September 2022
Share of Cross-Border E-Commerce Value of Total E-Commerce Transactions, in %, 2023f
Share of Online Shoppers Who Made Purchases Outside Their Country, in %, 2019 & 2021
Share of Online Shoppers Who Are More Comfortable With Cross-Border Shopping Now Than in 2020, in %, January 2022
Preferred Platforms Among Online Shoppers for Buying a Branded Product Internationally, in % of Online Shoppers, July 2022
Breakdown of Top Online Platforms Used for Cross-Border Shopping, in % of Cross-Border Purchases, October 2022
Breakdown of the Most Used Devices for Making International Online Purchase, in % of Online Shoppers, July 2022
Share of Shoppers Who Prefer to Buy Directly From International Brands Instead of Using Marketplaces, by Generation, in % of Shoppers, Q2 2022
Share of Shoppers From Select Countries Who Shopped for Luxury Products Internationally, in %, Q2 2022
Most Popular Market for the Purchase of Cross-Border Luxury Products, in % of Shoppers, Q2 2022
Share of Luxury Cross-Border Shoppers Who Are Willing to Forgo In-Store Shopping Experience to Receive Their Products Quickly When Purchased Online, in %, Q2 2022
Top Luxury Product Categories That Shoppers Buy Internationally, in % of Shoppers, Q2 2022
Top Product Categories Purchased via Cross-Border B2C E-Commerce, in % of Online Shoppers, October 2022
Share of Cross-Border Online Purchases, by Product Value, in % of Online Shoppers, October 2022
Breakdown of Cross-Border Online Purchases, by Product Weight, in % of Online Shoppers, October 2021
Top Reasons for Cross-Border Shopping, in % of Respondents, September 2022
Top Reasons for Making Cross-Border Purchases, by Generation, in % of Respondents, November 2021
Top Reasons for Cart Abandonment When Shopping Online Internationally, in % of Online Shoppers, July 2022
Share of Cross-Border Online Purchases, by Delivery Speed, in % of Online Shoppers, October 2022
Top Countries From Where The Most Recent Cross-Border B2C E-Commerce Purchases Were Made, in % of Online Shoppers, October 2022
Breakdown of Cross-Border Online Purchase Frequency, by Generation, in % of Respondents, November 2021
Breakdown of Online Shoppers’ Future Intentions to Buy Online From Domestic and Foreign Retailers, in %, October 2022
Cross-Border Payment Transaction Value, by B2B, B2C, C2B and C2C, in USD trillion, 2020-2022f
Top 10 Shopping Apps by Downloads, incl. “Cross-Border B2C E-Commerce Apps”, 2020 & Q1 2021-Q3 2021
10 Most Downloaded Shopping Apps, incl. “Cross-Border B2C E-Commerce Apps”, by Number of Downloads, in millions, H1 2022
A selection of companies mentioned in this report includes
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