Cross-Border eCommerce Will Reach $627 Billion By 2022
Forrester estimates that cross-border shopping will make up 20% of eCommerce in 2022, with sales reaching $627 billion — up from Forrester’s previous forecast, which predicted cross-border eCommerce would reach $284 billion in 2017.
Why the increase? Consumers want to shop across borders so they can find cheaper products and buy goods that are not available in their market. Retailers see cross-border commerce as a way to enter new markets with low upfront investment.
Here are some additional key findings:
- Marketplaces are driving cross-border sales. Amazon and eBay are two of the most popular marketplaces for shopping cross-border, especially in North America and Europe. Cross-border sales now account for nearly 25% of third-party units sold on Amazon.
- China is reshaping cross-border commerce in North America. The rise of eCommerce in China, which is now larger than the markets of North America and Western Europe combined, will force cross-border retailers and logistics providers to adjust to a rapid change in global online sales.
- Increased cross-border selling is cultivating more cross-border services. Cross-border eCommerce is driving the creation of new services that protect retailers from the expense of returns, extend and simplify payment services, create local eCommerce ecosystems, and reduce the overall cost of eCommerce logistics.
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