A new study highlights the leading cross border opportunities and markets for International retailers
Cross-border online shoppers spend twice as much as consumers who shop online domestically, according to a recent report by PayPal and research firm Ipsos. The study examined data from 175,000 consumers in 22 countries, analysing their cross border shopping habits.
China, Mexico and Russia are highlighted as countries with substantial room for cross border growth. 52% of Chinese online shoppers intend to begin cross border shopping, or increase their cross border purchases in the next 12 months. 59% of Mexican and 54% of Russian online shoppers intend to increase or begin cross border shopping in the next year.
“You have people who shop domestically, cross-border and domestically, and cross border only, but in some countries the amount of shopping that’s done cross border is really quite significant,” says, PayPal’s director of global merchants and cross border trade initiatives, Melissa O’Malley.
Globally, U.S. goods account for 26% of cross border purchases, with Chinese goods accounting for 18%. US products are favored by North Americans, Latin Americans, the Nordics and the Middle Eastern shoppers. In western Europe, German goods dominate the market, with central and eastern Europeans preferring Chinese goods.
International retailers need to continually evolve their cross border strategy to ensure they are taking advantage of the right emerging markets. The global retail map is shifting and digital shopper numbers are growing. As more consumers become comfortable with shopping cross borders, they will spend more. It’s up to international retailers to position their brands and create the cross border infrastructure, or partner to take advantage of these emerging opportunities.
Source: National Retail Federation