B2C E-commerce Platform for Better Shopping Experience

As the name suggests, Business-to-Customer or B2C e-commerce is an exchange of services or goods over the internet among online retailers and customers. B2C retailers and classifieds are the two major types of this e-commerce platform that find numerous applications in industries including consumer electronics, personal care, automotive, stationery, clothing and footwear, tourism, sports and leisure, and many others.

Customer Involvement with AR Technology

In 2016, the B2C retailers segment accounted for the largest revenue share and is likely to continue this trend during the forecast period (from 2018 to 2025). Growing use of smartphones and internet, particularly in tier 2 cities and rising number of middle-class population are the key factors driving the growth of this segment. Many e-commerce companies and retailers are making use of advanced technologies such as Artificial Intelligence (AI) and Augmented Reality (AR) to improve customer’s shopping experience. Thus, advancements, in terms of technology, also play a major role in driving the segment demand.

The AR-based applications allow customers to try product virtually. For instance, Coty Inc. recently announced that its brand COVERGIRL is introducing a new virtual trial application, which includes Spring 18 beauty looks. This application can be used on smartphones, as well as desktops. The customer can virtually apply beauty look to their face by using live camera on computer or mobile devices.

The classifieds segment is likely to exhibit the highest growth during the forecast period on account of the growing adoption of mobile classifieds advertising and preference for online advertising due to low costs. In addition, increasing use of chatbots and AI for promotional activities by many retailers is also anticipated to also boost the segment growth over the next few years.

Market Overview

According to a report published by Grand View Research, Inc.; the worldwide B2C e-commerce market is expected to reach USD 7,724.8 billion by 2025 growing at a CAGR of 11.7 % from 2018 to 2025. Increasing disposable income levels in developing countries and growing usage of mobile devices such as smartphones and tablets and high-speed internet and can impel the market expansion over the coming years.  In 2016, Asia Pacific region captured the largest revenue share and will expand further during the forecast period. Some of the leading companies operating in the B2C e-commerce market include eBay. Inc.; Amazon.com, Inc.; Alibaba Group Holding Ltd.; JD.com, Inc.; and PayPal Holdings, Inc.

Read more at:
https://www.grandviewresearch.com/industry-analysis/b2c-e-commerce-market