Online marketplaces have delivered soaring revenue growth during the third quarter, fuelled by the transformation of consumer shopping habits.
Etsy, Amazon, and eBay all blew past expectations, reporting 128%, 37%, and 25% revenue growth respectively, as expanding communities of third-party sellers flock online to capitalize on lucrative overseas growth opportunities. A huge 1.1 million sellers are now expected to join Amazon alone by the end of the year!
Since lockdown began, cross-border eCommerce sales have skyrocketed, with data revealing year-on-year sales growth is currently peaking at 135% in October. As the busy holiday season moves into high gear businesses must leverage online marketplaces to achieve growth and global expansion in the new digital retail landscape.
These results have eclipsed all expectations, showing the criticality of having a presence in these virtual malls in the all-telling fourth quarter. The pandemic – and subsequent eruption in online shopping – has forced droves of consumers to rely on international commerce. In response, small to medium online sellers have been competing with heavyweight retailers by tapping into the huge potential of cross-border sales.
The ever-expanding cross-border market is expected to grow 27 percent to reach close to $5 trillion by 2026.
Partnering with the right payments provider can enable merchants to effortlessly move money to all corners of the world, and expose their products to a staggering global reach of half a billion consumers in over 170 countries. Whilst the U.S. is a huge market, it is important for e-commerce sellers to note that 85 percent of the world’s purchasing power lies abroad.