Payvision publishes report on 2017 cross-border ecommerce trends

The global survey of various industry players showcases the current trends, challenges and best practices for expanding cross-border ecommerce. 

One of the key findings of the report is a change in attitude towards cross-border ecommerce, with 50% of respondents agreeing and 31% strongly agreeing that cross-border ecommerce is profitable. This change in attitude also reflects in the compound annual growth rate predicted for the next three years for cross-border ecommerce, which is now 17%. 

In 2016, mobile commerce was considered as the biggest cross-border ecommerce growth factor, but this year’s stars are online marketplaces. The research shows that 39% of the world’s entire ecommerce market will be controlled by marketplaces by 2020. However, this growth is not without its challenges. The paper discusses a few regulatory items introduced by the European Union, like PSD2, which pose major challenges, specifically for international marketplaces.

The survey also highlights a growing interest in consumer technology trends such as VR/AR, data science, blockchain technology, artificial intelligence and machine learning together with the Internet of Things (IoT). These developments enable merchants to reach their cross-border customers in a way that was never possible before. Consumers have higher expectations in terms of shopping experience, pushing merchants to constantly reinvent their ecommerce strategies. 

For the complete picture, read the full report.