The Asia Pacific (APAC) region is key to the international growth strategies of countless eCommerce merchants across the United States, the United Kingdom and Canada. Home to 4.3 billion consumers, the region represents a massive market potential that many businesses aim to unlock through expanded and localized payment options.
“The Emerging APAC Opportunity,” a PYMNTS and Citcon collaboration, dives into how and why U.S., U.K. and Canadian eCommerce merchants are strategizing their APAC expansion plans. We surveyed 500 business leaders from across four key segments in all three nations to surmise the scope of their APAC expansion strategies, the hurdles they foresee, and how they plan to use payments to achieve their goals.
Key findings from our research include the following:
• APAC expansion is central to U.S., U.K. and Canadian merchants’ growth strategies. Fifteen percent of merchants plan to expand into the APAC region in the next year, and 70% of all merchants expect their APAC sales to increase in the next three years.
• Merchants lose 52% of their APAC sales to cart abandonment. More than one-third of merchants believe payment frictions drive local shoppers to abandon their carts.
• Merchants that do not offer local payment options for APAC shoppers pay the price, with cart abandonment rates 32% higher than those that do. Local payment method acceptance is an untapped opportunity to convert sales from APAC consumers.
These key findings offer only a glimpse into the complex calculus that U.S., U.K. and Canadian firms must maneuver to maximize their three-year APAC growth potential.
To learn more about how international eTailers headquartered in these three nations are working to boost their cross-border APAC sales, download the report.
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