Europe: Most Wanted Destination to Cross Border
Amy | On 17, Nov 2015
Reading time: 2 minutes
Ever wonder what triggers the significant growth of ecommerce in Europe? It is cross-border purchasing. A cross the continent, more than half of the 240 million online consumers make their purchases from other countries. Additionally, around 4 in 10 global traders, acquirers, PSPs and consultants, believe that when considering cross-border ecommerce sellers should sharply focus on Europe.
Europe is even the most frequently chosen location for overseas expansion (obtained from a survey by Dutch company Payvision). The company has surveyed 1,200 merchants, merchant service providers, acquirers, payment service providers, and consultants all across Europe. The study is on key business drivers and opportunities in cross-border ecommerce, with a section entirely dedicated to cross-border ecommerce in Europe.
The study reveals that 41% of the participant believe that merchants should put their focus on Europe when they are considering on taking a step in cross-border with their online sales; 31% agrees and 10 % strongly agree.
Payvision also managed to ask US merchants on which region(s) they focus their cross-border strategy. Almost 30 % of the participants selected Europe, thus beating Australia, Asia and Latin America by landslide. Participants were also asked this question, and results were divided into two groups North America with 28% and Asia with 27%.
Cross-border ecommerce between Europe and China
The study shows that 32% of the European respondents believe that cross-border ecommerce between Europe and China has improved over the last 12 months. One of the worldwide drivers of cross-border ecommerce, is without doubt China. Many buyers from the US and Europe are shopping online at Chinese ecommerce stores, but Chinese consumers are now exploring the Western ecommerce players.
We are going to finish today’s article with the great tip shared by Payvision. Their advice is aimed to non- European businesses who are looking to expand into Europe.
“The continent is diverse culturally, and cannot be approached collectively. Factors like GDP, economic growth, life expectancy, and internet penetration show a clear Eastern/ Western Europe divide. However, neither geographic proximity nor language are the final determining factors when it comes to identifying nations with common cultures, nor is relative economic prosperity. It is essential that, when contemplating expansion into Europe, each target country and its consumer nuances are taken into careful consideration.”