According to the annual Global Online Shopping Survey conducted by Pitney Bowes Inc., one-third of online shoppers around the world have purchased goods from outside their own country. The numbers are encouraging to those looking to offer diverse online payments to global markets.
In buying outside their own borders, 71 percent of shoppers made an international purchase from the United States, the study showed. Germany and the U.K. were also popular sources of products. Online marketplaces and retailer websites were the places of choice to shop, while consumers were significantly less interested in using search engines or social media.
Many shoppers turned global due to favorable prices, quality and availability. Those who did not shop internationally cited reasons such as language barriers, limited payment options and nonlocal currencies. Forbes pointed out that the latter is good to keep in mind if you're considering expanding your business into international markets. Using only the standard exchange rate to price your product may keep it from being competitive; one must also consider the price of existing similar products within the region. Forbes also noted that adopting the local payment preferences will help consumers feel more comfortable and likely to complete a purchase. For instance, wire transfers are popular in Germany, so try to offer that service when entering the German market.
When considering electronic payments in regards to your organization, it's best to think globally sooner rather than later. A Remarkety infographic shows that due to the rising popularity of online shopping, China has overtaken the U.S. in terms of e-commerce spending and is currently the world's largest Web-based market. In 2014, eMarketer noted the rapid increase of online consuming in BRIC economies. It attributed this rise in spending to the fast expansion of Internet access. Online sales in the Asia-Pacific region increased from $301.2 billion to $383.9 billion between 2012 and 2013 and are expected to reach $855.7 billion in 2016.
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