Globally, consumers are becoming more comfortable placing orders from e-commerce stores located beyond their borders and retailers are reaching across borders to satisfy that demand, according to a new report from Juniper Research. The U.K.-based research firm predicts the value of global cross-border e-commerce will reach $2.1 trillion in 2023—the first time cross-border has exceeded $2 trillion. That’s 13 percent higher than the $1.9 trillion this year and will account for 38 percent of all e-commerce sales in 2023.
The report, titled Cross-Border eCommerce: Emerging Opportunities, Future Challenges & Market Forecasts 2022-2026 ($), notes that e-commerce models are getting more varied (e.g., Buy Now, Pay Later, click and collect, etc.) and cross-border options must keep pace, with merchants taking advantage of local distribution and payment partnerships.
“The marketplace model within e-commerce takes the complexity away, meaning that cross-border merchants can provide a localized service,” said research co-author Nick Maynard. “As such, marketplaces are an excellent way to gain immediate access to an existing user base, albeit one that can be restrictive compared with having a direct-to-consumer relationship.”