Moreover, there are over 94 million cross-border shoppers in the key six markets, according to intelligence issued by the market research company Nielsen. The value of Chinese online shoppers buying from abroad via domestic electronic payment methods went from USD 1.95 billion to over USD 11.36 billion between 2010 and 2013. Russia has also been seeing considerable potential with online sales reaching USD 3 billion in 2013, and expected to reach around USD 8 billion – USD 19 billion in 2016.
In Europe, commerce is seen as having significant growth potential, with cross-border ecommerce estimated to be around EUR 44 billion in 2013, making up 12% of total ecommerce in Europe, and is expected to grow 21% each year, as compared to domestic ecommerce growing at 9% each year, according to the “Cross-Border Payments: Opportunities and Best Practices for Going Global” reportt issued by the provider of omni-channel payment solutions Adyen.
The best way to optimize cross-border payments as retailers expand internationally is by implementing relevant payment methods and customer experience, maximizing approval rates, optimizing fraud management and streamlining back-office operations, and exporting complexity to payment partners. Retailers also need to adapt to the fast-moving payments revolution to stay ahead, improving customer experience and driving revenue growth.
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