International

X-Border Commerce Sees Double-Digit Growth

Not only is cross-border commerce on the rise but the latest data from Research and Markets shows global business-to-consumer (B2C) eCommerce will experience double-digit growth into 2017.

According to the market research company’s “Global Cross-Border B2C E-Commerce 2015” report, which was released yesterday (Aug. 31), much of the expansion and popularity of global cross-border is due to the motivation shoppers have to buy their goods directly from foreign online merchants.

While challenges such as customs charges, higher shipping costs and longer delivery times still face many global shoppers, the potential to have greater product availability and prices keeps consumers coming back for more.

The report also showed that clothing and footwear reigned supreme as the product category most sought after and purchased by cross-border online shoppers across all global regions in 2014.

In the coming years, the Asia-Pacific region is predicted to generate a share of nearly 40 percent of all cross-border sales, solidifying its spot as the largest global cross-border region in online retail.

"China is an important country for both cross-border online imports and exports. Close to a third of active online shoppers in China have made purchases across borders, and China-based eCommerce marketplace AliExpress of Alibaba Group is a popular destination for online shoppers in countries such as Brazil, Russia and others,” Research and Markets said in a company release detailing the report results.

According to a recent report by Accenture, China is expected to become the world’s biggest cross-border B2C market by 2020.

The Research and Markets report also provided insight into the behaviors of global shoppers when it comes to reaching online merchants in the U.S.

Amazon was identified as the most popular way companies from the U.S. participated in cross-border trade. In 2014, the company reported the cross-border sales volume on its marketplace nearly doubled, Research and Markets confirmed.

Earlier this year, Amazon Web Services announced it would accept bill payments and offer card support in 11 additional currencies — helping its customers save money on foreign transactions and make payments easier.

To check out what else is HOT in the world of payments, click here.

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