The global e-commerce platform Borderfree announced yesterday (June 17) that it’s adding 120 new countries and 15 new currencies to its platform. Merchants using the global e-commerce platform will now reach more than 220 countries and territories, including high potential emerging luxury ecommerce markets such as Nigeria and Kazakhstan.
“Ecommerce is inherently global, and we are leading the charge to help retailers sell from anywhere to anywhere,” said Lila Snyder, President, Global Ecommerce at Pitney Bowes Inc. “This expansion of our platform illustrates Borderfree’s consistent efforts to grow global awareness and sales for our retail partners, and to position them for success in marketplaces that are on the cusp of significant growth."
Cross-border e-commerce has grown so quickly that 25 percent of PayPal’s transactions are now international, with about 2,000 cross-border transactions per minute. A PayPal report estimates that by 2018, about 130 million shoppers will be spending over $300 billion a year across the border, up from $105 billion in 2013.
“The long-tail market opportunity we’ve added to the Borderfree platform presents a compelling growth opportunity retailers wouldn’t be able to tap into on their own,” added Snyder. “We are excited to provide our merchants with a turnkey way to reach a new frontier of international customers that promises to continue to grow for the foreseeable future.”
One of the biggest hurdles for international shopping is to get rid of the misconception that it costs a lot and takes a long time. This is where Borderfree comes in - not only to provide a large borderless online marketplace, but also to facilitate shopping for consumers who prefer ordering online when products are difficult to find in their home country. This is the case for consumers based in emerging markets like Nigeria and Kazakhstan which represent a long-tail opportunity expected to reach $30 trillion by 20251 in retail market share.
To check out what else is HOT in the world of payments, click here.