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Factors Affecting the Growth of Cross-Border Internet Commerce - New Study Describes
Trends in the development of cross-border e-commerce in the world.
PayPal has released its third annual global report on cross-border e-commerce, which surveyed 28,000 consumers in 32 countries. They talked about how and why they make purchases online, including on foreign sites.
The key trends identified by the study are as follows:
However, when it comes to motivating them to shop online across the border, consumers cite other reasons that might push them to do so. First of all, these are free shipping (46% of surveyed users in the world), as well as payment security (44%).
Among the factors influencing the choice of a payment method when making an online purchase in foreign online stores, the most important are safety and convenience.
The main factors influencing the choice of payment method when making an online purchase.
PayPal was the preferred payment method for cross-border transactions among US shoppers surveyed this year. 64% of respondents paid with PayPal for purchases in local online stores, 52% - in foreign ones.
Online shoppers all over the world still prefer to shop from a PC or laptop. At the same time, the popularity of mobile shopping is highest in the Asia-Pacific region, and the lowest among Europeans.
Trends in the development of cross-border e-commerce in the world.
PayPal has released its third annual global report on cross-border e-commerce, which surveyed 28,000 consumers in 32 countries. They talked about how and why they make purchases online, including on foreign sites.
The key trends identified by the study are as follows:
- Despite concerns over Brexit, UK consumers remain active online shoppers. The share of cross-border online purchases among the total volume of e-commerce decreased slightly (from 36% in 2020 to 33% in 2021). Most often, the British choose the USA from foreign destinations.
- China is the most popular cross-border trade destination for online shoppers around the world. It is followed by the United States and the United Kingdom.
- Consumers in Eastern Europe are less likely to shop at large global online stores than those in other regions. This presents a significant prospect for small traders from different countries.
Transparency is the key
Shipping costs, taxes, and worries about choosing a payment method are key factors driving consumers away from cross-border online shopping. Therefore, merchants need to provide the most transparent information: data on delivery and its cost should be clearly visible on the site, as well as data on taxes and additional fees. Customers do not want to know about this at the final stage of the checkout process.What motivates cross-border buyers
In order to make a purchase in a foreign online store, the user must be really interested in it. 76% of respondents cite a good price as the main reason for making such a purchase. 65% of consumers point to the opportunity to purchase a product that is not available in their home country as one of the reasons.However, when it comes to motivating them to shop online across the border, consumers cite other reasons that might push them to do so. First of all, these are free shipping (46% of surveyed users in the world), as well as payment security (44%).
Among the factors influencing the choice of a payment method when making an online purchase in foreign online stores, the most important are safety and convenience.
The main factors influencing the choice of payment method when making an online purchase.
PayPal was the preferred payment method for cross-border transactions among US shoppers surveyed this year. 64% of respondents paid with PayPal for purchases in local online stores, 52% - in foreign ones.
What and how consumers buy
The most popular categories for cross-border shopping are clothing and accessories, as well as electronics (computers, tablets, smartphones).Online shoppers all over the world still prefer to shop from a PC or laptop. At the same time, the popularity of mobile shopping is highest in the Asia-Pacific region, and the lowest among Europeans.
