Online retailers have an opportunity to seize rising international sales and become more relevant in a competitive eCommerce landscape, thanks to an explosion of devices making online shopping more accessible to more people around the globe.
The Visa Global Merchant eCommerce Study (GME Study) asked 1,000 eCommerce executives in 10 global markets about their plans, perspectives and challenges related to cross-border eCommerce. It found that 2 in 3 online businesses are already selling internationally, with international sales accounting for nearly a third of their revenue. Furthermore, executives are eager to seize the opportunity — 87 percent believe expanding online sales into new markets is one of their biggest growth opportunities.
Still, many businesses, particularly small businesses, are struggling to keep up due to sales strategies, logistics and more. The study found that small business executives are less eager to tie their growth strategy to international sales because a misstep could have greater consequences. Key barriers include difficulty accepting and processing foreign transactions and shipping and logistics. The infographic below highlights the key findings.
Want to understand how to best tap into the trends to grow your business, drive customer engagement and increase loyalty? Download the Visa Global Merchant eCommerce Study for research findings and information about how to access Visa’s tools and services that support merchants of all sizes on navigating cross-border eCommerce with ease.