Limited Availability of Products in Certain Areas Widening Application Scope of Cross Border E-commerce Software for Increasing Product Reach, Fact.MR Report
Limited Availability of Products in Certain Areas Widening Application Scope of Cross Border E-commerce Software for Increasing Product Reach, Fact.MR Report
Fact.MR, a market research and competitive intelligence provider, in its recently updated industry report, reveals that the global cross border e-commerce software market is calculated to reach a value of US$ 3.6 billion in 2024. Revenue from the market is forecasted to accelerate at a CAGR of 15.2% from 2024 to 2034.
Limited availability or unavailability of certain products in domestic areas is driving the demand for e-Commerce software for ensuring the reach of products beyond boundaries. Increasing trade liberalization, minimized cross-line transaction formalities, and development of the retail industry are some of the key factors driving demand for cross-border e-Commerce software. Increasing penetration of the Internet and the development of consumer goods are aiding e-commerce market growth.
On the flip side, constant changes in international customer expectations and demographic differences are adversely impacting global market expansion to some extent. Nevertheless, supportive government policies for focus on digitalization and trade are pushing the growth prospects for market players.
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Key Takeaway from Market Study
“Development of AI-powered chatbots for enhancing customer services by offering instant responses to queries and helping with product recommendations resulting in widening opportunities for market players,”says a Fact.MR analyst.
Rapid Expansion of e-Commerce Ecosystem and Growing Cross-border Purchases in United States
Revenue from cross border e-Commerce software in the United States is evaluated to accelerate at 13.9% CAGR and reach US$ 3.6 billion by the end of 2034. Swiftly expanding e-Commerce ecosystem in the country is generating requirements for software for effective functioning. Presence of key market players such as Flow Commerce, Inc. and others are contributing to increased revenue streams in the country. Leading market players are aiming to strengthen their position while entering into collaborations with well-known brands such as Mark & Spencer, Versace, Marc Jacobs, and others.
Key Market Players
Some of the leading market players include aCommerce, 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, and Asos Inc.
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Cross Border e-Commerce Software Industry News:
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the cross border e-Commerce software market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on deployment (cloud-based, on-premise), platform (business-to-business, business-to-consumer, consumer-to-consumer), organization size (SMEs, large enterprises), and category (consumer electronics, home furnishing, food & beverages, apparel & accessories, personal care & beauty, footwear, healthcare & nutrition), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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Cross-border e-commerce refers to online transactions where goods or services are sold across international borders, allowing consumers to purchase products from foreign retailers.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period longer than one year.
SMEs, or Small and Medium-sized Enterprises, are businesses with a limited number of employees and lower revenue than larger corporations, often playing a crucial role in the economy.
Digitalization is the process of converting information into a digital format, which can enhance efficiency, improve accessibility, and facilitate new business models.
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