This is in spite of the wide range of alternative payment methods available in the industry. This perspective highlights exciting opportunities in countries including Spain, Canada, Brazil, and South Korea, where credit cards were already the preferred payment method.
These are the findings of the “Key Business Drivers and Opportunities in Cross-Border Ecommerce” annual research paper. The report is the result of a collaborative global survey by CardNotPresent.com and independent global card processor Payvision.
Established markets are witnessing a growth downturn, while emerging markets are now taking centre stage. In North America and Western and Central Europe, online business growth is tailing off where saturation points are being reached. For the first time, China outstripped the US in ecommerce sales, a trend largely driven by mobile commerce.
According to the 2014 survey, Western merchants show reluctance to tackling the emerging markets in the East, as the majority prefer to rather gain growth via markets in which language and culture are similar to their own. Case in point: the large flow of cross-border ecommerce occurring between the US and the UK. This is despite recent government trade initiatives, such as the Shanghai Free Trade Zone, to open up China to cross-border ecommerce import and export. With more Asian consumers buying online, largely thanks to mobile commerce, opportunities in this region are now in abundance while competition, as it stands today, is relatively limited.
The “Key Business Drivers & Opportunities in Cross-Border Ecommerce 2014” report is available here. Also, you can check out our Cross-border Ecommerce Research section here for more info on country-specific ecommerce facts & figures, preferred payment methods, risk and fraud, as well as ecommerce legislation & regulation for mature and emerging markets.
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