Cross-Border B2C e-commerce market value predicted to surge by 2026

By Joy Dumasia

The report “Global Cross-Border B2C E-Commerce 2021” discloses that in 2020, most online consumers preferred international online shopping over local due to a greater variety of products and reasonable prices.

With the projected decrease in global cross-border payments from 2019 to 2020 by 8%, after the COVID-19 onset, the overall cross-border B2C E-Commerce market value was predicted to surge by 30% from 2019 to 2026.

Cross-border B2C E-Commerce adoption spread differently in countries all over the world. In some nations, domestic online sales/purchases prevailed the international ones in 2020. In Germany, most online sales were made nationwide, while only about 30% were performed outside the country in the first quarter of 2020.

The same pattern was seen in Russia, Poland, Turkey and Latin America, with the nationwide B2C E-Commerce market outweighing the international demand the same year. In Italy, most online sales were performed across the borders, outweighing the domestic digital in 2020.

Due to the acceleration of cross-border B2C E-Commerce, more consumers turned to international digital retail platforms for shopping. The three most commonly used worldwide were Amazon.com, Alibaba/AliExpress and eBay in 2020 based on the preferences of surveyed consumers.

Most experts chose Amazon and eBay within the E-Commerce industry to sell on in 2020. Based on the number of monthly visits over the last six months in 2020, the most popular digital commerce platform was Amazon.

Recently IBS Intelligence reported that Bank of America, a leading financial institution serving individuals, small- and middle-market businesses and large corporations, has announced adding a new payment solution, ‘Pay to Card’, to its suite of business-to-consumer (B2C) payment capabilities.