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C2C E-commerce Market 2024: Global Trends, Growth Insights, and Future Outlook
C2C E-commerce Market 2024
According to The Business Research Company's, The C2C e-commerce market size has grown exponentially in recent years. It will grow from $2,003.69 billion in 2023 to $2490.06 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increasing internet penetration and smartphone usage, rising trend of online shopping and digital transactions, growth of the sharing economy and peer-to-peer transactions, expansion of social media platforms facilitating C2C commerce, consumer preference for variety and unique products, convenience and accessibility of online marketplaces, emergence of trust-building mechanisms and user reviews.
The C2C e-commerce market size is expected to see exponential growth in the next few years. It will grow to $5983.83 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to continuation of the shift towards online shopping habits, expansion of cross-border c2c transactions, adoption of mobile payment solutions and digital wallets, rising popularity of niche and artisanal products, growth of influencer marketing and social commerce, increasing focus on sustainability and second-hand goods, regulatory support and consumer protection measures. Major trends in the forecast period include rise of social commerce platforms, integration of user-generated content, growth in demand for niche marketplaces, development of secure payment gateways, collaboration between platforms and providers, expansion of cross-border trade, adoption of artificial intelligence, integration of sustainability practices.
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Market Drivers and Trends:
The increasing adoption of online payment methods is expected to propel the growth of the C2C e-commerce market going forward. Online payment methods refer to a digital or electronic system that enables individuals and businesses to make and receive payments over the Internet. These payment methods are on the rise due to increasing mobile penetration and Internet availability, pandemic impact, and security enhancements. Online payment methods automate various aspects of the payment process, reducing manual intervention and streamlining operations for C2C e-commerce platforms. These methods also enable C2C e-commerce platforms to reach a global audience. For instance, in September 2023, according to reports published by Electronic Payments International, a UK-based payments company, in 2022, the total number of digital payments in the UK increased to 45.7 billion, representing an increase of 13% from 40.4 billion in 2021. Additionally, the number of contactless payments rose by 30% to 17 billion. Nearly a third of adults are registered for at least one mobile payment service. Therefore, the increasing adoption of online payment methods is driving the growth of the C2C e-commerce market.
Major companies operating in the C2C e-commerce market are focusing on the adoption of strategic collaborations to gain a competitive edge in the market. These collaborations enhance C2C e-commerce providers' offerings, expand their reach, and improve the overall user experience. These organizations may combine their expertise and resources to build a more robust and comprehensive e-commerce ecosystem. Flipkart Commerce Cloud refers to a cutting-edge platform designed to revolutionize retail and e-commerce operations globally. For instance, in February 2022, valU, an Egypt-based fintech platform, and PayTabs Egypt, an Egypt-based payment processing company, partnered with Mazadat, an Egypt-based provider of C2C e-commerce platforms, to enhance payment solutions and services within the entertainment industry and e-commerce businesses. This collaboration will allow Mazadat's users to utilize valU's BNPL services for C2C and B2C e-commerce and process online payments via PayTabs Egypt's payment gateway. This agreement represents valU's first move into the C2C e-commerce market, and it comes at an important time given the rapid changes in customers' shopping patterns, the online purchase boom, and the ever-increasing usage of technology in all aspects of life, particularly in light of the COVID-19 pandemic.
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Major Key Players of the Market:
Amazon.com Inc, JD.com Inc, Alibaba Group Holding Limited, PayPal Holdings Inc, Taobao, eBay Inc, Airbnb Inc, Flipkart Internet Private Limited, Shopify Inc, ASOS plc, Etsy Inc, OLX Inc, Squarespace Inc, Craigslist Inc, Fiverr International Ltd, Make My Trip Pvt. Ltd, BigCommerce Holdings Inc, Poshmark Inc, Depop Ltd, Shopee Pte. Ltd, Tradesy Inc, uBid Holdings Inc, Auctions.com LLC, Quikr India Private Ltd, WooCommerce
C2C E-commerce Market 2024 Key Insights:
• The C2C e-commerce market size is expected to see exponential growth in the next few years. It will grow to $5983.83 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%.
• Online Payment Methods Fuel The C2C E-Commerce Market Growth
• Strategic Collaborations Are Revolutionizing The C2C E-commerce Market
• North America was the largest region in the C2C E-commerce market in 2023
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