In 2012, Cross-border eCommerce sales reached $300 billion-, while global online trade is expected to soar to $1.4 trillion by 2015, presenting multi-channel retailers with limitless business opportunities for international expansion. In China and the US alone, half a billion online shoppers surf the web each day for the best deals. Global acquirers can help retailers with innovative solutions to overcome challenges posed by serving a diverse audience with varying consumer expectations, in multiple languages, solutions which can make cross-border ecommerce domestic and truly profitable.
International ecommerce is called cross-border ecommerce, when consumers buy online from merchants, located in other countries and jurisdictions. Online trade between consumers and merchants which share one common language and border or which make use of the same currency are not always perceived as cross-border by consumers. EU neighbors which speak a common language, united by SEPA, are just one example.
Notwithstanding the above challenges, global online trade is expected to grow to $1.4 trillion by 2015 and cross-border ecommerce has already surpassed $300 billion; testimony to the fact that the digital highway provides retailers with unprecedented business opportunities for international expansion.
In conclusion, eCommerce in Italy is on the rise but faces some unique challenges. With the hesitancy of some Italian consumers to shop online as well as economic instability, it may not be the right fit for some online retailers. With this said, some fashion and luxury brands (especially those with high-end products) may thrive and the investment may be worthwhile, especially if the infrastructure to succeed in Europe is already in place.
Cross-border eCommerce Community is a non-profit association which offers acquiring banks, payment service providers and their merchants’ tremendous opportunities to expand their global footprint and benefit from emerging markets, once these stakeholders understand how to make cross-border ecommerce truly profitable.
So we heard e-commerce is dead, and then it reinvented itself. This is the biggest portion of the start up play as companies across the globe find ways of increasing efficiencies, lowering costs, shaping and sharpening processes and optimizing results wherever businesses interacted with people or other businesses. Products, services, essentials, luxuries, common, niche, you name it. Its all here. Which bit are you in?
Not only consumers, Merchants and Payment Service Providers profit the opportunities, presented by global ecommerce; banks have come to realize, that offering acquiring services to successful stakeholders engaged in online trade, can be more profitable than selling banking products. Online Retailers, Card Processors and Payment Service Providers have hardly been affected by the economic crisis; on the contrary, these stakeholders have risen like a phoenix from the ashes, in an age when international expansion through global online trade has become big business.
Italy has emerged recently as one of the major target markets for some online retail brands looking to expand into new countries. As a member of the European Union, launching digital initiatives in Italy is simpler than expansion into other countries, especially if operational capabilities already exist within Europe. So what should online retailers know about eCommerce in Italy? Here are five things…
1. In your own words, provide a definition of B2B e-commerce? What are some of the drivers leading organizations to have a business presence on the Internet?
The world has moved on from only wallets and payment gateways, integrations, B2B, Blockchain, crypto currency, digital lending, cyber security, wealthtech, investtech, decision tools, big data & analytics are all making a difference. Where's your play?