Cross Border e-Commerce Software Market Revenue is Analyzed at US$ 14.8 billion by 2034
swatichaudhari
Revenue from cross border e-commerce software sales is forecast to reach US$ 3.6 billion in 2024, as stated in a recent Fact.MR industry research report. The global cross border e-commerce software market is analyzed to expand at a 15.2% CAGR and reach US$ 14.8 billion by the end of 2034.
High preference for online shopping, particularly among women, is contributing to the expansion of e-commerce platforms, which is generating demand for supportive facilities such as software. There is an increasing influence of social media platforms on individuals’ shopping habits. Several online retail channels offer a hassle-free shopping experience to end users and are offering features such as displaying a wide variety of products at affordable price points.
The advent of direct-to-consumer and private label-based business models is also creating remunerative opportunities for global market growth. These models enable organizations to collect and use consumer data, thereby ensuring personalized experiences and products for consumers.
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The concept of a digital economy is likely to prevail in the coming years. Naturally, business are revving up their capabilities and strengthening their virtual presence. As globalization continues to acquire pace, geographical boundaries are diminishing to a very large extent, making cross-border e-commerce a reality. It is estimated that over 70% of millennials are engaged in B2B buying processes, leading to global payment flows to reach US$ 156 Trillion in 2022. Cross-border e-commerce is one of the fastest-growing e-commerce segments.
Prominent Cross Border E-Commerce Software Market Drivers
Increase in Global E-Commerce Transactions to Stimulate Uptake
It is expected that global e-commerce is likely to surpass US$ 5 trillion by 2022-end. This figure is only slated to experience further incline in forthcoming years. Needless to say, prospects for cross border e-commerce software is expected to incline even further, opening new avenues for growth.
Studies conclude that a mere 18% of sales were made from online purchases as of 2020, which is expected to reach 21% by 2022, representing a 17.9% increase. Amongst all geographies, China continues to dominate the global e-commerce market, representing over half of all retail sales worldwide. As globalization continues to acquire pace, geographical boundaries are diminishing to a very large extent, making cross-border e-commerce a reality. It is estimated that over 70% of millennials are engaged in B2B buying processes, leading to global payment flows to reach US$ 156 Trillion in 2022.
Cross-border e-commerce is one of the fastest-growing e-commerce segments. Over the last few years, cross-border e-commerce has been expanding rapidly due to the growth in online retail and consumers’ preference for international products.
Another factor is the steady increase of consumers using social media. Studies show that consumers are more likely to purchase after seeing a product on social media. Social media platforms such as Facebook and Instagram also provide convenient ways to buy directly through their sites or apps. Moreover, prominent platforms such as Amazon, E-Bay and Alibaba are collaborating with major social media giants so as to solidify their influence in the cross-border e-commerce software domain.
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Key players in the E-Commerce Software Market Zonos; FlavorCloud; Jagged Peak; Flow Commerce Inc.; Amazon.com; FedEx Corporation; Anchanto Services Pvt. Ltd.; WiseTech Global; OpenCommerce Group; AirBridgeCargo Ltd.; Ebay Inc.; Vipshop Inc.; JD.com; Asos Inc.
Key Segments Covered in the E-Commerce Software Industry Survey
- By Deployment :
Cloud-based
On-premise - By Platform :
Business-to-Business
Business-to-Consumer
Consumer-to-Consumer
By Organization Size :
SMEs
Large Enterprises - By Category :
Consumer Electronics
Home Furnishing
Food & Beverages
Apparel & Accessories
Personal Care & Beauty
Footwear
Healthcare & Nutrition - By Region :
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
MEA
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Competitive Landscape
Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent cross border e-commerce service providers. Some prominent market developments are as follows:
- In May 2021, Flow Commerce Inc. introduced a new visual identity to better support growth for cross border e-commerce. This rebranding initiative reflected the company’s position as a leading provider of flexible and frictionless cross border e-commerce experiences for international customers
- Since April 2022, Zonos has entered a contractual agreement with the U.S Postal Service to extend their international services by leveraging the company’s scalable technology to simplify international commerce. Zonos APIs will empower USPS services with new features to calculate duty and tax quotes. Furthermore, it
- Anchanto Services Pvt. Ltd. penetrated the UAE market in May 2022 as an initiation to expand and solidify its position as a prominent e-commerce service provider across the Middle East. The company has partnered with Logistics Executive Group and opened an office to support expansion across the Arab world
