Black Friday and Cyber Monday have arrived, and the sales extravaganza is set to continue this year’s global e-commerce boom that could see $3.914 trillion in sales this year.
The accelerated 20 percent e-commerce growth is set to cap off a year that featured cross-border sales in the U.S. surge by 42 percent in May and add to the 18 percent growth in U.S. e-commerce sales in the next two months.
While the U.S e-commerce footprint has experienced success over the last year, countries such as Spain, the Philippines, and Turkey are also forecast to climb in sales with over 20 percent growth.
Merchants are now selling their products worldwide, and by the end of November, the international cross-border market is expected to open more overseas growth opportunities.
This holiday period could be the biggest one yet for e-commerce, and merchants should be leveraging cross-border opportunities to capitalize on the new retail environment.
Sellers are increasing their digital footprint this year which is helping the rise of cross-border trade that was already experiencing an incredible 27 percent year on year growth. Popular international shopping events such as Singles’ Day’s record-breaking 24-hour of sales have already shown us there is a large appetite for international e-commerce. Towards the end of November we could see this number skyrocket as Black Friday becomes less of a US-centric event and more of an international extravaganza.
Now for the first time, nimble online sellers have the opportunity to edge ahead of slow-to-adapt, brick-and-mortar retail giants. With the right network of partners in place, agile cross-border merchants are able to pivot their product mix and keep on top of fulfilment and inventory management with ease, allowing them to compete on a global scale. By partnering with the right payments provider, merchants can alleviate the traditional hurdles of high exchange rates, opening foreign bank accounts, tax conversion, and hidden marketplace fees. This is empowering a new breed of digital entrepreneur to seamlessly move money to all corners of the globe, and expose their products to over half a billion different customers worldwide
Contact us to find out why over 750,000 eCommerce merchants around the world trust PingPong to save them money on cross-border payments, VAT payments, supplier payments, and more.
