Cross-border ecommerce that comes with immense growth potential is the new buzzword that is ticking the world. While it could be said that globalization was the early cousin of expansion of businesses and markets through trade and commerce, ecommerce has a pretty straight forward goal.
Business growth through international expansion is said to be the only goal that has been set for the growth of ecommerce across international commerce in other words.
cross-border ecommerce now accounts to over 25% of global commerce sales. Emerging markets have shown great potential and appetite favoring the growth of ecommerce.
When it comes to project the growth data, the global B2C cross-border ecommerce is said to expand to the size of $1 trillion by as early as 2020. The sector did about $234 bn in 2014.
Cross-border online shopping is making great gains in emerging markets. China-based Alibaba group’s Tmall.com has been a pioneer in this regard since it curates and hosts merchants from across the world.
As far as the next largest market such as India is concerned, the numbers predict a massive growth in this country too. Online shoppers in India are expected to spend Rs 54,000 crore in order to buy products from other countries. By the end of 2016, the number will increase by 75%.
The average cross-border spend is estimated at $3.8 million, making it a notch higher than domestic online shopping spends. Out of 10 million online shoppers in India, nearly 40% shop across borders. Global retailers with online presence will reap large benefits out of this emerging market space.
credit cards are a truly universal method of payment. Hence, it would be rather interesting to see if the wings developed by businesses, will help them change the way world views money, and pays for products.
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