According to the 2017 Global Ecommerce Report, the global retail industry is at a “crossroads”. This wide-ranging study of e-commerce surveyed 1,200 retailers from 8 countries and 12,000 consumers from 11 global markets. The perspectives of both consumers and retailers revealed interesting data for those concerned with card-not-present payments.
The key points this study uncovered include:
- Cross-border is figuring more prominently in the plans of consumers and retailers.
- Marketplaces are becoming a global force in e-commerce.
- Digital wallets continue to make inroads as a preferred online payment method in many international markets.
Additional findings by this survey support that these changes will continue in this same direction in the future. Seventy percent of online shoppers made a cross-border purchase this year – up 6 percent from last year. In addition, 62 percent of retailers currently engage in cross-border e-commerce. By next year, that percentage is predicted to increase sharply to 93 percent.
Last year, credit cards were more popular than digital wallets from a payment method perspective. This year, more global consumers (41%) preferred digital wallets to credit cards (39%) when making cross-border purchases.
Lila Snyder, executive vice president and president of Global E-commerce and Presort Services at Pitney Bowes explained that “It is important that cross-border retailers focus on the consumers they are trying to reach; not necessarily the consumers they are most used to dealing with.”
She went on the explain, “That goes for developing their strategies around payment options and just about every aspect of their global e-commerce business.”
Creating a Safe Payment Processing Experience for Your Customers
There is little doubt that e-commerce has become a global force. With online sellers reporting all-time sales records for Cyber Monday 2017, it is no secret that more and more customers taking their shopping online. This has many businesses looking for their best option for protecting themselves and their customers by providing the safest payment processing experience possible.
This is seldom an easy task, considering how many merchants struggle to secure the payment processing services they need from traditional processors. If your business is one of the many that has found this task riddled with obstacles, consider what eMerchantBroker.com can offer your business. In as little as 24 hours, your business can gain access to a merchant account with secure payment processing services and multiple gateway options. Your business also benefits from EMB’s team of experts with years of experience helping industries other providers consider “too risky”.