New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The Global International E-Commerce Market Size Was Valued At USD 810.15 Billion In 2021 And Is Expected To Reach USD 1,910.5 Billion By 2030, Growing At A CAGR Of 14.30% During 2021-2030. %. as per the latest research report by Spherical Insights & Consulting.
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E-commerce is the production, advertising, sale, and distribution of goods via electronic means. International e-commerce can take place within and between three primary participant groups: business, government, and individuals. International e-commerce is classified into four types: business to business (B2B), business to consumer (B2C), consumer to consumer, and business to government. Domestic e-commerce is distinguished from international e-commerce by whether the buyer and seller are located in the same country. While the basic definition of e-commerce appears to be straightforward, it has grown in sophistication over the last two decades in the following ways. First, the number of international e-commerce platforms has grown significantly. Most international e-commerce platforms in the early 1990s were simple marketplaces with similar functions. Today's e-commerce platforms include those of incumbent companies (such as Caterpillar, Ikea, and Zara) as well as third-party e-commerce platforms, which include "goods" and "services" e-commerce platforms. Amazon, eBay, and Alibaba are examples of goods platforms, whereas services platforms cover a wide range of industries including transportation, delivery, tourism, entertainment, media, advertising, learning, health, digital labor, and cloud services.
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As part of their marketing strategy, vendors in this market are focusing on increasing customer engagement by offering amusement and entertainment offers on their platforms through the creation of live gaming shows and a variety of mini-games. Furthermore, the incorporation of artificial intelligence and voice search engines in international e-commerce platforms is another technological advancement in the market that is boosting online shopping transactions. With the increasing adoption of smartphones and rising internet penetration, these technological advancements are supporting the region's growth in online shopping. Furthermore, customers find it difficult to identify branded products in the voice search interface. Furthermore, vendors like Amazon are implementing virtual and augmented reality interfaces in the world of online shopping, which is another technological update attracting customers to shop online with an entertaining experience, thereby increasing the global adoption of international e-commerce.
The demand for online sales channels has now become one of the most important attracting segments in most industries across international and domestic markets. For example, the COVID-19 outbreak has disrupted almost all business sectors around the world, resulting in increased international e-commerce platform adoption and a shift in customer behavior from offline to online shopping. In comparison to the previous fiscal year, the total international e-commerce market is expected to grow by 16.53 percent in FY 2021. Furthermore, the region's burgeoning digital demand as a result of the need for a stay-at-home culture presents significant opportunities for international e-commerce.
Browse key industry insights spread across 200 pages with 92 market data tables and figures & charts from the report “Global International E-commerce Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Product (Fashion, Electronics, Publishing, & Media, Beauty & Cosmetics, and Others), By Business Model (Business to Business(B2B), Business to Consumer(B2C), Consumer to Consumer(C2C), and Business to Government (B2G)), By End User (Business, Government and Individual), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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Furthermore, the government is taking initiatives such as anticipating a drop in tax revenues to provide relief and incentives to businesses in various countries dealing with the COVID-19-related downturn and losses. During the forecast period, this is expected to generate significant demand for international e-commerce vendors in the region.
The increasing use of digital channels has resulted in a greater emphasis on international e-commerce. It makes sense for many businesses to not only market their products and services online, but also to sell them. Global internet usage and smartphone ownership rates are rising, and consumers are increasingly inclined to conduct everything from research to final purchase decisions online.
The Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period due to the rapid advancement of regional integration, where various summits are taking place to address international issues. They are receiving international payments as a result of the advancement of technology and the availability of international payments. With the rapid penetration of smartphones, they have become a major driver of the growth in international e-commerce purchases. Because of rising consumer demand, the international e-commerce market will see increased demand from B2B businesses in the future. Along with that, there is a wide range of payment methods available for online transactions, allowing consumers to choose an easy payment method.
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Leading players in the international e-commerce market include Newegg Inc., Lowe’s, Amazon, Walmart, Alibaba, eBay, Macy’s, Wayfair, Best Buy, Target, Home Depot, Zalando, and Etsy amongst several others.
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