One of the key factors driving the E-commerce logistics market growth is the increase in cross-border e-commerce activities.
Due to rising per capita income and greater consumer access to foreign brands, cross-border e-commerce is becoming more and more popular with consumers.
A rise in the number of trade corridors is another reason of growing cross-border trade. Trade corridors are comprehensive transportation networks that link different geographic areas to ease trade and advance the economy. These corridors are made up of integrated infrastructure that connects cities or nations, like railroads and highways.
Furthermore, logistics is important in cross-border e-commerce because the flow of commodities is dependent on transportation and distribution networks. Hence, with the expansion of cross-border e-commerce, demand for e-commerce logistics is likely to rise concurrently during the projection period.
360 Researh Reports published a new research report on the global “Cross-border E-commerce Logistics Market“. The research gives information on market variables that affect the market, market scope, and market segmentation and casts shadows over the top market players while highlighting the thriving competitive environment and prevalent trends over time.
This report focuses on the Cross-border E-commerce Logistics in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
The Global Cross-border E-commerce Logistics market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2029. The size of the worldwide B2C cross-border e-commerce market in 2021 was US$ 719.73 billion.
By 2030, the size of the worldwide cross-border B2C e-commerce industry is anticipated to reach US$ 6,209.29 billion, expanding at a compounding yearly growth rate (CAGR) of 26.2% from 2022 to 2030.
Cross-border E-commerce trends to look out for in 2023
Artificial intelligence
Artificial intelligence (AI) is used in most cutting-edge technologies, including intelligent chatbots, customized product suggestion engines, and voice searches. AI enables internet merchants to provide a more individualized shopping experience.
Sellers may utilize it to improve forecasting, order tracking, and post-sales support. 70% of online business owners believe that AI for E-commerce will enable them to customize their online stores, therefore creating a better user experience. This technology will be more crucial for the e-commerce industry as users’ and customers’ expectations are becoming at par with the online platform giants who are using this technology such as Amazon. Artificial intelligence can help create more relevant and personalized suggestions for customers that might aid their purchasing decisions.
24/7 customer service
In 2023, customer service will be a linchpin for both e-commerce businesses, especially those that are catering to international consumers transacting from different time zones. Customers want assistance – immediately – when they have questions about selecting a size, tracking a shipment, or obtaining a refund, therefore retailers must prioritize this. That entails making it simple for users to find assistance via their preferred channel, be it live chat, social media, or the phone.
Use of chatbots
With our first two points, the use of chatbots in e-commerce has also skyrocketed recently. By 2027, 25% of businesses will use chatbots as their primary customer care tool, according to Gartner. Chatbots are beneficial to businesses as it helps in saving money, provide better customer service, engage with customers through a variety of channels at scale, provide 24/7 customer assistance, and expand worldwide without adding more overhead.
Social Commerce
Social media-based direct purchasing and selling of goods and services is referred to as social commerce. Compared to current e-commerce models, social commerce has a bigger room for expansion. During the years 2022-2028, this sector is anticipated to expand consistently by 22.8%. Customers heavily rely on their social media feeds for shopping, recommendations, and straightforward e-commerce sales. One study claims that 48% of consumers are now inclined to make a direct purchase from TikTok.
Transparency in shipping
Transparency in product and delivery has always been a must for consumers. When customers are unaware of a shipping delay, 69.7% say they are less inclined to make another purchase from that merchant. Integrating the right technology with your e-commerce storefront or marketplaces can help generate the proper data and real-time updates which can then be shared with customers for them to track and be updated about their online orders.
Sustainability
Green commerce is expanding. Following the pandemic, 52% of customers began to value sustainability. Consumers are now willing to spend more to purchase sustainable products, even in times of financial uncertainty.
Supply chain vulnerability and global crisis
Without addressing the problems that need to be solved, no study on retail trends for 2023 would be complete. In 2022, there was a big global upheaval that is making it difficult for shops worldwide. Retailers must be adaptable and agile in the years to come. Utilize technology, be innovative, and keep up with retail trends to find solutions to these demands.
Buy now, pay later (finance)
Unbelievably, problems with payment processing cause eCommerce businesses to lose a lot of potential customers. Cart abandonment rates skyrocket when an online retailer makes it too tough to pay for an item. Buy now, pay later schemes have been seen to quite improve the payment process for customers since they do not have to worry so much about the transactions at the moment.
Over the last few years, BNPL (buy now, pay later) has been extremely popular. Due to the pandemic’s financial instability, there was an increase in apps that allowed customers to spread payments out over monthly installments. This was advantageous for both individuals and businesses. By offering cheaper upfront costs, brands may attract more customers, and consumers can purchase more expensive goods without breaking the bank in one go.
K-Parcel provide cost-competitive and fully compliant end-to-end e-commerce logistics solutions outbound from China to worldwide destinations, and inbound from worldwide to China and South East Asia.
With K-Parcel, crossborders logistics is made easy!
For more information, contact our team at Project.Kparcel.Marketing@k-parcel.com
Sources:
- Cross-border E-commerce Logistics Market 2023: Key Product Segments, Application Analysis, and Industry Growth Forecast by 2029, Market Watch, https://www.marketwatch.com/press-release/cross-border-e-commerce-logistics-market-2023-key-product-segments-application-analysis-and-industry-growth-forecast-by-2029-2022-12-13
- Cross-border B2C e-commerce market trends to look out for in 2023, RSA Global https://www.rsa.global/blog/cross-border-b2c-e-commerce-market-trends-2023
