The latest publication from Hamburg-based market research company yStats.com titled “North America B2C E-Commerce Market & Payments Innovation Trends 2024” provides an overview of North America’s B2C E-Commerce market and payment innovation trends, focusing on the U.S. and Canada. It highlights key market dynamics, encompassing product categories, mobile and Omnichannel commerce, social commerce, and payment trends including digital payments, POS, real-time payments, and BNPL services.
North America’s Rise in B2C E-Commerce and Future Payment Trends
North America emerged as a significant force in B2C E-Commerce, securing the second global ranking in 2022. Digital wallets saw a surge in popularity, with over 40% of consumers using them for monthly payments. Despite this, credit cards maintained their stronghold, commanding over 50% of online transactions for large purchases. Looking ahead, real-time payments are expected for significant expansion, projected to reach 13 billion transactions by 2027.
Cross-Border B2C E-Commerce Faces Growth and Challenges in North America
Despite challenges like regulatory compliance and logistical issues, cross-border B2C E-Commerce in North America is expanding. Technological advancements in trade documentation are aiding this growth. As found in the new yStats.com report, cross-border B2C E-Commerce constituted over 20% of B2C E-Commerce sales in North America in 2023.
U.S. B2C E-Commerce Market Driven by Advanced Technologies
Advanced technologies such as AI, AR, and blockchain are propelling the U.S. B2C E-Commerce market. These innovations enhance shopping experiences and supply chain efficiency, driving growth in sectors like groceries, apparel, and consumer electronics.
Online Payment Market Shifts Toward Mobile and Real-Time Solutions
The online payment sector is increasingly adopting mobile and real-time solutions. By 2025, digital wallets are expected to account for over a quarter of Canada’s online payments market, highlighting the move towards more efficient payment methods.
