International demand for foreign products and services continues to expand. A recent PayPal study, which focused on the x-border strategies of U.S. businesses and corroborated the Q1 PYMNTS.com X-Border Payments Optimization Index, reported that consumers value their time and money over all other factors. Now, more than ever, people expect to be able to purchase what they want, when they want and from wherever they want.
This trend was visible worldwide this month, as advancements were made to cross-border payments in a number of countries. China added 2 million international products to its Amazon website, bringing the total number of foreign goods offered on the channel to 10 million. The eCommerce site will continue processing international transactions through Alipay. In Brazil, the impending Summer Olympics have increased the demand for cross-border payment technology. As a result, Align Commerce will start offering its services in Rio de Janeiro.
The April edition of the X-Border Payments Optimization Tracker™ highlights innovations being made by a growing directory of industry layers, as well as news and stories from throughout the cross-border space. The Tracker includes four updated player profiles, as well as five new additions.
Studies confirm consumer priorities influencing x-border sales
This month’s cover story features a PayPal study, results of which were eye-opening and confirmed many of the trends noted in the Q1 PYMNTS.com’s X-Border Payments Optimization Index.
Here’s a sneak peek:
According to PayPal’s research, U.S. businesses looking to increase their overseas sales should make sure their sites can be read in the local language and are customized to individual locations. In Brazil, for example, 57 percent of shoppers said that they weren’t comfortable buying from international sites that cannot be read in their native language.
What’s more, one of PayPal’s chief findings shows that companies that allow customers to conduct transactions in their native currency are “more likely to find sales success.” Among the top export markets for U.S. merchants, more than 30 percent say that the option to pay for their purchase with their own currency makes them more likely to shop across borders.
The outcomes of those consumer preferences is mirrored in the data in PYMNTS’ Q1 Index. The Index’s second key finding emphasizes the importance of accessibility in the international marketplace.
To download the April edition of the PYMNTS X-Border Payments Optimization Tracker™, click the button below.
About The Tracker
The PYMNTS X-Border Payments Optimization Tracker™ is designed to provide an organizing framework for evaluating the many players that provide merchant payment processing services geared for cross-border payments.