According to a recent study by Pitney Bowes, a fulfillment and cross-border technology provider, cross-border plays an important role in the plans of consumers and retailers. Marketplaces are turning into a global force in eCommerce. Digital wallets remain a preferred online payment method in many international markets.
eCommerce is growing and evolving. The industry is expected to be worth $424 billion by 2021. Global eCommerce was worth $1.9 trillion in 2016 with double-digit gains year-on-year. There are many tech companies focused on growth that are providing merchant services to eCommerce businesses.
The study mentioned above shows that 70% of online shoppers made a cross-border purchase, which is up 6% from 2016. 62% of retailers are now engaged in cross-border eCommerce and the number was projected to jump to 93% by 2018.
When it comes to more global consumers having participated in the survey, 41% of these consumers prefer digital wallets to credit cards (39%) when making cross-border purchases. In 2016, the opposite was the case.
In the US, credit cards were more popular as compared to digital wallets, but only by a margin of 40% to 32%. Digital wallets are a popular way of making payments for Germans and Austrians, while credit cards are still popular among the Japanese and South Koreans.
eCommerce Market in the UK
Each market has its preferred way of paying. As it was mentioned above, credit cards are the preferred method in highly banked markets like the US, UK, and South Korea. Top providers in these markets, such as PayPal and Apple Pay, support cards as funding sources.
The UK is Europe’s largest eCommerce market. It has a major power in the global digital economy. 82% of the Internet users in Britain make eCommerce purchases on a regular basis, which makes a larger proportion as compared to other countries in the European Union.
The eCommerce market in the UK grew by 16% in 2016 to account for £133 billion, generating more than 14% of the country’s total retail sales. Cross-border eCommerce has a highly mature place in the UK.
Merchants interested in payment processing and pay Amazon review, should turn to a payment expert in the UK that will offer them the best deal for their business. Thanks to a true professional in the field, you can get free consultation, reviews of contracts, rates, and fees so to find the right processor to work with. With an experienced payment specialist in the UK, you can get the most honest snapshot of the company at the time of writing.
Digital consumer behaviors go on changing, and the technologies and services that support eCommerce undergo changes as a result. The way business is done digitally is highly affected by the developments in payment technologies. Choose the right payment expert to work with.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best pay Amazon review company, serving both traditional and high-risk merchants.