The instant connectivity due to the internet has made the world smaller. We can connect with each other within a few seconds, and we can get every piece of information in just a single click. It has made everything easier and convenient, and eCommerce is no exemption.
With the growing technology, the eCommerce industry is evolving rapidly. Additionally, it is easier to order and receive products from all across the globe, directly to your doorstep. Cross-border eCommerce has made it so much easier for businesses to get connectivity and improve conversions. You can target a large audience all across the globe and improve your sales. However, last year, US eCommerce saw the highest jump (44%) in annual growth in two decades.
When a customer makes purchases from a business from another country, it is known as cross-border trade. Whenever a product is unavailable in a certain country, cross-border trade makes it easier for customers to get them. In cross-border trade, businesses have different policies according to different countries.
Merchants are usually expected to deliver their services and products to another country, maintaining the guidelines of each country. Cross-border eCommerce makes it easier for businesses to improve their conversions and enhance the business.
Lets’ take a look at some statistics about cross-border eCommerce.
- A survey conducted in October 2020 stated that one-third of the total retailers (around 33k) had benefited from cross-border trade.
- 15% of responders said that it took more than 30 days for product delivery in cross-border trade.
- 44.5% of the total responders (around 600) reported issues during the cross-border trade.
- In the USA, the total cross-border purchase revenue was around $270.1 Billion in 2020. 49% of that came from China, and 12% came from the UK.
Unfortunately, 18% of the cross-border trades were declined in the USA. That worries the retailers about the implementation of cross-border trades. Businesses need to implement the most secured and authentic payment gateways in cross-border trades to deliver a seamless customer experience.
As a retailer, there are few things you need to know before diving into cross-border trade.
- Strictly follow the rules and regulations of the respective country where you deliver your products.
- Work with local banks and get the best foreign exchange rates available to increase the price competitiveness and increase sales.
- Be aware of the regional payment difference to improve the competitiveness in the local market.
- Study all the payment methods of the respective country and determine their preferred payment method
Although cross-border eCommerce seems a bit hard, you can expand your business globally and enhance your revenue with proper strategies. Once you get the popularity across the globe, your conversion rate will increase automatically, and you’ll get a wider reach.
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