Technology also enabled MVMT to better focus on their online customer experience. Only a set number of providers ship internationally, plus different countries have their own limitations: In France, for example, many streets are too narrow for delivery trucks. … Processing costs decreased by 20 percent; shipping savings were even greater, going down 30 percent. 1 0 obj <>stream Global e-commerce is one of the fastest-growing industries and, until now, it has not been fully understood by governments. Source: eMarketer. As more competitors move in that direction, it is worth investigating the prevalence of social media shopping in your target country. E-commerce was first introduced in the 1960s via an … In Germany, payment on account is popular: 58 percent of online shoppers do not pay immediately, preferring to receive an invoice after shipment. Even if companies do limit payment to credit cards, the question remains which one. Translation, Commerce continues, “enables the company to be multilingual and to be sensitive to cultural conventions without the need for extensive redesign. According to Statista, the global B2B e-commerce market in 2019 was valued at 12 trillion dollars – or six times the B2C market’s value. The U.S Bureau of Labour Statistics (BLS) has revealed that from 1997 to 2016, employment in the ecommerce sector increased by 80%. Global Tech Companies: Ethical and Regulatory Challenges Additionally, examine international e-commerce figures that measure which products consumers in the target country are accustomed to buying online: For example, 47 percent of India’s online spend goes toward electronics, the country’s most popular e-commerce category. E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce is an online store. While most developing countries have greater internet penetration in cities, culture also affects target market demographics. endstream Of course, there’s more to customer service than returns. While zip codes are required in the United States, they don’t exist in many other countries. It’s time for a consumer-centred metric: introducing ‘return on experience’, Global Consumer Insights Survey 2019, PWC. Global e-commerce payment methods 2019, by share of transaction volume Usage or interest in B2C payments services among companies globally 2019 Active PayPal accounts worldwide 2010 … When timepiece and accessories company MVMT expanded internationally, the brand initially took a low-impact approach. This data-driven approach not only improved customer service, but it also grew sales. If the rate of growth keeps up, it will be over $5.3 Trillion in 2017. You may unsubscribe at any time. In Belgium, Sint-Maarten is a big shopping day on November 11th. BTX’s scalable and adaptable facilities and operations teams use cutting-edge warehouse management systems to streamline all e-commerce logistics processes with precision and efficiency. How the Concept of Global Reach Becomes Important The rapid development of E-commerce is not seen in the business world … Even in the United States, psychological pricing is essential. … Not only is it important to test these methods, but also test how many options you display at once, as the paradox of choice can lower checkout conversion. Online retailers are now facing their greatest chance in industry history to expand internationally, especially as the growth of these individual markets directly correlates with profitable opportunities in cross border e-commerce itself. The Global E-Commerce Council (GECC) is a central platform for global coordination and networking in play when doing business in the New Online Economy. Similarly, Statista expects that U.S. market revenues will exceed $490.9 billion by 2024, while revenues in Europe will reach $516.2 billion in the same time frame. In Canada, Ireland, and the United Kingdom, they are alphanumeric. Just like the United States, many foreign countries have culturally-unique regions with specific product and marketing preferences. The name is self-explanatory, it is the meeting of buyers and sellers on the internet. Less than 65 percent of the population is online, meaning this market is far from peaking: Internet penetration is slated to double by 2021. Global Consumer Insights: Shopping Expectations for the E-Commerce Experience, Flow Commerce, 2020. Early in the planning process, determine what level of infrastructure is required to be successful. With the rise of the delivery drones, it is also becoming a lot more convenient than driving to a store, browsing merchandise, waiting in a line, buying a product, and driving all the way back whence you came. The W3C worked with bu… Source: eMarketer. The Asia-Pacific region is the fastest growing ecommerce region in the world. It’s important to stay current not just on what does and does not work for your brand, but also on larger market preferences and pressures as well. Take Taiwan, for example, an independent country still claimed by China. International E-commerce: A Comprehensive Guide. E-commerce is an online store. To build your first international budget, research performance data in the target country, estimate acquisition and marketing costs, and align these expenses with the company’s larger sales goals. The company also streamlined the addition of 60 new local payment options. It is only then that people embrace the possibilities of making significant transactions through the internet. On a less political front, countries regulate skin care, beauty, and other chemically-based products in different ways. E-commerce activities in the Asia-Pacific region represent over 70% of global eCommerce. As e-commerce shifts to the East, retailers will be forced to adopt local strategies and work with local partners who understand the market. Canada, Mexico, and Europe have long been traditional early markets for U.S.-based retailers, but as the European Union faces economic slowdowns, e-commerce’s most rapidly growing opportunities are actually in India and China. For more information on the right questions to ask a cross border e-commerce solutions provider and technology vendor, check out our Request For Proposal here. It does beg fundamental questions about the way our taxation systems work – whether it’s taxation of company profits or taxation of private consumption. Even as consumers transitioned en masse to ecommerce during the pandemic, the drag caused by multiple recessions internationally has reduced the overall outlook. When expanding internationally it’s important to consider how your business will address each country’s return policy. 4 0 obj<> In foreign countries, landed costs can be unexpectedly higher. As with any other initiative, the better the company defines its needs, the more likely it will succeed. In a Global Market Outlook report, projections estimate that global e-commerce will grow at a CAGR of almost 20% to reach $18.89 trillion by 2027. Global e-commerce reached $3.4 trillion last year, according to a new report from Activate Consulting. In 2017, Chinese shoppers spent more than $1 trillion online — an e-commerce first. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Our reports on e-commerce payment market provides a holistic analysis, market size and forecast, trends, growth … Just a few e-commerce marketplace giants control the $3.4 trillion global e-commerce space. Fifteen percent of British retailers say shoppers abandon carts when prices aren’t displayed in pound sterling. These business … Globally, retail sales in 2016 were estimated to be $22 Trillion. Global e-commerce sales Vs. As governments try to close the import revenue gap, they will change how global and local e-commerce participants, trading partners and logistics services providers act. This includes taxes, duties, currency exchange fees, customs, tariffs, insurance premiums, shipping and handling expense, and payment processing charges; however, it does not include the cost of manufacturing (or for resellers, acquiring) the actual product. Every global market deserves its own methodical planning and consideration. Localization and translation are often used interchangeably despite being quite different. But for cross border e-commerce, mobile options are even more essential. eBay: eBay was founded by Pierre Omidyar. 1. High conversion rates and/or average order values from a particular region are strong indicators as well. Analysis of the e-commerce market. Once the World Wide Web came along and the Internet was opened to commercial activity, however, cyberspace became tied to the conflict-ridden world of … As you assess all the necessary components for a successful international e-commerce strategy, think about which operations can be managed by technology. International expansion doesn’t necessarily need a brand new pool of resources, but it does take commitment from the ones you already have — namely, people and finances. It’s currently ranked 40th in the world and 23rd in the United States according to Alexa. They also spend across 29 percent more product categories. International growth is typically much easier for e-commerce operations than for brick and mortar. From a financial standpoint, it is recommended that business with global aspirations carve out an international marketing budget separate from their domestic marketing budget — depending on overall growth strategy and market conditions, of course. This trend is further validated by a separate report revealing that high cross-border online shopper penetration in those countries as well as in China and Mexico. Only 25 percent of British consumers have actually made social media-based purchases, though, so this option is far from required. After further investigation, they realized that an increasingly larger percentage of goods inbound from China were direct-to-customer shipments of electronics and other goods. It’s like having your own shop, selling your own items, but to a much wider audience, at any time and in any country. 2 0 obj<> The cross-border shopping trend is certainly not slowing down and continues to gain traction and grow. In addition to traditional customer service elements like returns or shipping, there are market-specific expectations. The market value of e-commerce websites is … × To Support Customers in Easily and Affordably Obtaining the Latest Peer-Reviewed Research, Receive a 20% Discount on ALL Publications and Free Worldwide Shipping on Orders Over US$ 295 Additionally, Enjoy an Additional 5% Pre … Global e-Commerce McKinsey reported that 1.4 billion people will join the global middle class by 2020 and 85 percent will be in Asia Pacific (APAC). Retailers should consider customizing sales, marketing, and customer service efforts for these individual markets as needed. The Definitive Guide to Omnichannel Real Estate, cross border purchases averaging higher than domestic, 47 percent of India’s online spend goes toward electronics, the country’s most popular e-commerce category, the European Union faces economic slowdowns, In China, Hong Kong, Japan, India, Brazil, and Argentina, items sell better when prices end in a zero, the average ship rate for sending an American product to Canada is around 25 percent lower than domestic, In Australia, a 1000 AUD duty threshold and low local supply make U.S. sites more affordable, 15 percent of the population has a credit or a debit card, half of e-commerce transactions in Malaysia, Customers in India expect a one-day delivery guarantee, which existing market leaders Amazon India and Flipkart gladly, 80 percent of high-ticket, e-commerce purchases, nearly 60 percent of consumers buy clothing online, but these buyers aren’t driven by variety: They shop on sites that give them style advice, customers expect to e-commerce sites to have a chatbot, a Communications Authority of Kenya (CAK) license, Entities cannot collect sensitive information without explicit consent by the consumer, customer concern over online payment security, one-third of all U.S. e-commerce purchases, 25 percent of British consumers have actually made social media-based purchases, When timepiece and accessories company MVMT expanded internationally, one group may advise retailers to cross dock, while another recommends direct shipping. Why Choose BGE Corp? Yes, please contact me regarding Flow. The company turned to technology for a solution, selecting a tool that helped MVMT address these and other operational challenges. The US is 22% of global … … How to get started may seem murky, though. As Harvard Business Review reports, customer perception of price is just as important as price itself. The true solution for your customers’ needs will vary by location. This data is crucial in determining which country offers the best growth opportunity for you. Development of E-Commerce Strategy for Global Reach 2. While some contend that having a website makes the company international by default, successful cross border e-commerce takes more thorough planning. How High Will E-Commerce Sales Go? Consumers in these countries will likely be more sensitive to how their data is gathered, stored, and used. We define global ecommerce as selling products or services across geopolitical borders from a company’s country of origin – normally defined as its founding or incorporating location. For example, one group may advise retailers to cross dock, while another recommends direct shipping. Fluctuations in exchange value could make the difference between a well-executed sales strategy and the inability to turn a profit. By staying up to date on different countries’ market conditions and by using innovative technology to execute, e-commerce leaders can lay a strong foundation for international growth. While some e-commerce best practices are static from one industry to the next, what’s best for one retailer may not be for another. "International expansion is a great way to mitigate risk and reliance on a single market for all your sales," noted Chris Vincent, global CEO of Practicology. DHL Global Mail's aim is to become a leader in global e-commerce related logistics activities focusing on three areas: fulfillment, cross border delivery and domestic delivery. Localization works best when paired with translation. And in India, customers expect to e-commerce sites to have a chatbot to answer purchasing questions. The best way to handle any advice is to thoroughly research and analyze which options work best for the company, the product, and the new market. Director of e-commerce Alicia Radabaugh identified the problem, realizing MVMT was missing a significant revenue opportunity. In the United States, it’s standard not to charge customers for shipping at cost, rather a flat rate commensurate with total purchase amount. In India, for example, e-commerce finds tremendous potential: Customers spent $38.5 billion in 2017, with $64 billion projected for 2020 and $200 billion forecast for 2026. GDPR started in Germany, but was later implemented by the entire European Union and the United States. In Belgium, for example, German, French, and Dutch companies actually have larger market shares than Belgian retailers for this very reason: Domestic businesses were too concentrated on brick and mortar while foreign competitors seized the online opportunity. E-commerce law. Regarding human resources, executing marketing and operations on a global level requires a unique skillset. But in China, clothes and paper towels are hot ticket items, selling better online than in-store: Digital Commerce 360 reports these and other “tangible items” make up 28 percent of the country’s e-commerce sales. The highest incidence of cross-border shoppers according to our research report was in Brazil, Australia, and Canada, however most of the other countries surveyed, including the U.S. and China, were well over 50%. To succeed internationally, e-commerce retailers need to ensure two different types of product/market fit: (1) The actual items sold must be desired in other countries and (2) products must be sold on platforms and devices where target customers shop. Here are the five major trends in global ecommerce today. E-wallets like GCash and SmartMoney are popular in the Philippines, and some countries have a small, but growing number of consumers who pay with cryptocurrency. The internet or more accurately, search engines allow online businesses to reach global markets. Cross border customers were making their own tax and duty calculations and were also responsible for remitting their own fees to local authorities. Global team of e-commerce experts are dedicated to providing innovative solutions that create a great online shopping experience. The concept of connecting with customers via internet … In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. Recently, the growth of ecommerce has expanded to sales using mobile devices, which is commonly known as ‘m-commerce' and is simply a subset of ecommerce. This column shows, however, that the lack of market selection can lead to severe congestion in consumers' search process and, when firms' intrinsic quality is not perfectly observed, hinder market When a customer is unhappy with their order, it’s important to have a plan for handling returns, exchanges, and refunds. In countries like Canada, Belgium, or Luxembourg, where multiple languages are spoken, this is much more important. As e-commerce shifts to the East, retailers will be forced … Visibility for your brand around the clock, anywhere. If translation is too intimidating, try buying foreign domains that redirect to your company’s main page. In the United States, if a company doesn’t accept credit cards, then it might as well not exist. This is also common in Canada where national goods and services tax (GST), provincial sales tax (PST), and/or harmonized sales tax (HST) can be added at point of purchase, depending on the region. Accepting credit cards is a given in e-commerce, with 72 percent of all online transactions via credit or debit. Here are the five major trends in global ecommerce today. To put it more precisely, China has 54.7% of the global market share. Also be sure to note that a country’s online demographics may not mirror its population. You will also receive monthly blog posts via email. Before expanding internationally, look to the company’s domestic successes for early guidance. Any early, international e-commerce strategy should start here, then move toward areas uniquely affecting the business. Google Insights and similar SEO measurement tools can track how often consumers search for certain items, as well as measure existing foreign traffic to your site. Time zones are also significant, as the difference can actually result in the company and the customer having two different purchase dates. Global e-commerce platforms present new export opportunities for small and medium-sized enterprises in developing countries by significantly lowering the entry barriers of exporting. If the rate of growth keeps up, it will be over $5.3 Trillion in 2017. Translation converts one written language into another, while localization adapts everything else for the local audience: logos, website images, colors, and any other non-linguistic elements affecting sales. A strong, global social media following drove site traffic, but international conversion was significantly lower than domestic. As a solution, most e-commerce marketers sell items at fixed prices to ensure that their customers are not charged a different amount later once the item ships. A/B testing can help companies experiment with different shipping and delivery options and use the results to iterate quickly. Then there are the markets in between: Canadians don’t return as often as Americans, but still expect a 30-day window. In France, Carte Bancaire is the leading card with more than 10 billion transactions a year, and Barclaycard is popular in the United Kingdom. Even with the cooling off of China’s previously hot consumer economy, Asia-Pacific will still lead the global ecommerce growth charge in 2019. Sixty-one percent of American shoppers have two or more credit cards, compared to Mexico, where only 19 percent hold a Visa, the country’s most popular card. Even businesses like Eventbrite allow customers to pay over time. This doesn’t just pertain to developing world countries: 29 percent of British retailers say cart abandonment comes from not offering the right payment options. This regulation may be marketing directed (for example, France has strict requirements regulating which foodstuffs can be labeled as organic) or it may focus on how products are made. 3 0 obj <>stream Contact now. 58% of global e-commerce is concentrated in just six companies. On Alexa, the ecommerce site is … Certain countries’ marketing channels charge more, and pay-per-click rates, for example, vary by location. and then you make the paym… Most foreign countries also have trade offices to help American companies expand, such as Invest in France or the United Kingdom’s Department of International Trade. Note that brick and mortar dominance does not equate to dominance in e-commerce. Keep SSL certificates up to date, provide a guest checkout option, and don’t ask for more information than the company truly needs to complete the transaction and ship the product. Foreign companies have higher market penetration in Belgium than in the Netherlands, for example, because traditional Belgian retailers were slow to offer e-commerce. E-commerce is a popular term for electronic commerce or even internet commerce. According to a recent study conducted by Flow Commerce, 67% of online apparel shoppers across 11 top global markets have made a cross-border purchase in the prior six months. For international customers to complete checkout, this field must be open and non-required, or adapted completely for different markets. Shipping costs can often seem out of a retailer’s control, as UPS, FedEx, and others establish rates the company is forced to pay. In other countries, social media is a growing venue. 2 with … People who live there speak Chinese, but may not like being forced to select the Chinese flag to identify their language. Then use your learnings from these larger trends in your testing strategy to see how your global customers respond. Adding the amount later may make your brand look like it’s nickel and diming its clientele. 2. UK Phone: +44 (0) 2039 151 930 US Phone: +001 (646) 500-8643 Increments vary from two to 12 months by retailer. With over $1.935 trillion in ecommerce sales, China was the biggest ecommerce market in the world in 2019. The Definitive Guide to Omnichannel Real Estate, Forecast e-commerce sales Figure 1: Forecast E-commerce Sales and Share of Total Retail, CBRE. Radabaugh’s team used the software to determine local currency pricing for 200 countries, to manage exchange rates, to set rounding functions, to apply proper taxes and duties, and to provide customers with multiple payment and shipping options. No matter which route you choose, a lack of flexibility in shipping options is often an e-retailer’s greatest pain point. %PDF-1.3 Fully translated sites on local domains perform better in SEO, helping brands attract new customers in those markets. While PayPal is popular on mobile, where nearly a third of its payment volume occurs, only 12 percent of online transactions are paid that way. This includes Visa and MasterCard, as well as local providers like Boleto Bancário, which processes 15 percent of the country’s online transactions. In developing countries, new markets show sharp increases in the number of consumers using mobile to go online. The right technology vendor will have available connectors to major platforms and APIs with hundreds of open endpoints. Scandinavian countries often require proof that imported products were manufactured in ethical and environmentally-safe ways. New countries might mean new challenges, but they don’t necessarily mean completely new work. Going global is far more complex than converting the company books from the dollar to the pound sterling. Similarly, consider whether display pricing should include tax. Unfortunately, advice from these organizations can often conflict. For some time, let’s concentrate on the US alone. But global e-commerce companies should also consider the age of the market. How High Will E-Commerce Sales Go? Global ecommerce is a necessity, not a luxury. To be successful in global markets, you will need to carve out or create an entirely separate budget to support marketing efforts for product promotion. Avoid asking users to choose their language by clicking on flags as some consumers may find this offensive. In South Africa, 38.51 percent of consumers shop by phone. The global nature of search and increasing use of search engines facilitates the discovery of new brands and online retailers. In India, that figure is 65 percent and in Japan, nearly half of consumers prefer mobile browser to app. Ecommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. Many Internet pioneers hoped to keep the medium more or less free from government controls. iText 1.4.1 (by lowagie.com) endobj Alternatively, choices generate growth: In a customer survey, shipping provider DHL found that companies offering ‘premium’ delivery alternatives and delivery times grow 60 percent more quickly than average — particularly those in fashion or technology. Even customers who aren’t mobile-first like having the option: In China, consumers who shop via computer and phone spend 17 percent more time shopping than those limited to one device. *Flow Global Research Report: Cross-Border E-Commerce Trends, Flow Commerce, 2020. Localization or internationalization must be part of the online exporter’s corporate strategy for website and business development.” A fully-optimized site will utilize IP sniffing or other geolocate features to identify which country the user is in, then automatically display the correct language for that locale. Activate consulting. The story starts with a conversation that one of my European colleagues, Paul Simon Thomas, had with the French customs authority. Additionally, address forms should be internationally optimized. It has a global ranking of 15 and a rank of 1 in China. Does the company need a brick and mortar store or is this global expansion strictly e-commerce? 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