Demand for cloud-based software has especially spiked in the past few years, given the increased migration of business activities to the virtual space. This transition was further expedited when the COVID-19 pandemic struck. Building up on the pandemic experience, major retailers including Amazon are doubling down technological advancements which helped sustain their revenue streams.
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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 Segments Covered in the E-Commerce Software Industry Survey
- Cross Border E-Commerce Software Market by Deployment :
- Cross Border E-Commerce Software Market by Application :
- Large Enterprises
- Cross Border E-Commerce Software Market by Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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
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Key players in the E-Commerce Software Market
- Flow Commerce Inc.
- Anchanto Services Pvt. Ltd.
- OpenCommerce Group
- WiseTech Global
- FedEx Corporation
Key Takeaways from E-Commerce Software Market Study
- Cross border e-commerce market growth to quadruple until 2032
- By deployment, cloud-based cross border e-commerce software to flourish at a 15.1% CAGR
- Large enterprise to be the top application area for cross border e-commerce software, growing at over 15% CAGR
- U.S to emerge as the most fertile market, expected to flourish at a 14.6% CAGR
- China to generate a dollar opportunity worth US$ 587 Million from 2022 to 2032
- U.K, South Korea & Japan to register market values of US$ 505.3 Million, US$ 386.3 Million and US$ 649 Million respectively
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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