Cross-border online shopping brims with growth opportunities - report

Tuesday, 22nd April 2014

According to this, cross-border online shopping brims with growth opportunities.

"As a result of the online interconnectedness of the world, there are many opportunities for online merchants, payment processors and delivery companies, which grow apace with cross-border online shopping development, according to the "Global Cross-Border B2C E-Commerce 2014" issued by the secondary research organization yStats.com."

"By 2020, online retail cross-border exports in the US, the UK, Germany, the Nordic nations, the Netherlands and France, are expected to reach EUR 100 billion, the same source indicates. Within these top countries, the most significant cross-border B2C ecommerce trade flow is between the US and the UK. The top six countries in online retail imports are the US, the UK, Germany, Brazil, China and Australia, according to yStats."

"The US is touted as one of the largest markets worldwide for cross-border B2C ecommerce, when it comes to both exports and imports. The countries most purchased from by online buyers in the US are the UK and China."

"In the Latin American B2C ecommerce space, cross-border online shopping plays a significant role. In countries such as Colombia, Paraguay and Venezuela, where domestic B2C ecommerce is underdeveloped, the majority of online purchases are cross-border."

"In Brazil, the number of cross-border online shoppers is predicted to reach nearly 10 millions by 2018, with expenditure increasing annually by almost a half. In 2013, the number of online shoppers in Argentina buying from foreign websites doubled, however, the country's authorities imposed regulatory restrictions on cross-border trade in January 2014."

"Cross-border B2C ecommerce is flourishing in Europe, backed by initiatives of the lawmakers in creating a single online retail infrastructure and regulation. More than a quarter of online buyers in the EU have made purchases from other EU countries, with this share being higher in the Euro area. The UK was the most popular destination for cross-border online shopping among European online shoppers purchasing abroad in 2013, followed by Germany and France."

"The UK is among the biggest cross-border B2C ecommerce exporters globally, supported by the popularity of UK brands around the world and the wide use of the English language. On the side of imports, only a small double-digit share of online shoppers in the UK buy from online retailers in other European countries, while the US, China and Hong Kong are more popular destinations. In other Western European nations, cross-border online shopping from the UK, Germany and the US is popular in France, while also a quarter of online stores in France shipped internationally."

"At a Eastern European level, cross-border online shopping is a growing trend in Russia. The cross-border B2C ecommerce sales of goods to Russia are expected to more than double in 2013, while traffic to top international ecommerce websites by Russian users almost quadrupled. Over 10% of online shoppers in Poland purchased from foreign online shops. The value of international ecommerce transactions made in Turkey reached over EUR 1 billion in 2013, growing by a third year-on-year."

"In Asian-Pacific, Singapore had the highest estimated share of cross-border B2C ecommerce in 2013, followed by Malaysia. Consumers worldwide make cross-border purchases from Japan, while also close to a fifth of online shoppers in Japan buy products online abroad."

"Cross-border B2C ecommerce in the Middle East and North Africa is growing by a high double-digit percentage number annually, supported by various services that assist shoppers in cross-border services. The US accounted for a third of the cross-border B2C ecommerce made by online shoppers in the MENA region."

Australia: first Bitcoin ATM launched

Monday, 21st April 2014

According to this, Westfield Sydney Central Plaza has become the first local retail shopping centre to welcome a Bitcoin ATM.

"The ATM, developed by ABA Technology, enables customers to withdraw cash from their existing Bitcoin wallets but also lets them turn their real wallet into a virtual one. On first access, customers will have to provide appropriate identification and according to ABA representatives, there's a stringent verification process in place before Bitcoins can be traded. Afterwards, consumers need to provide their phone number, PIN and the palm of their hand to authenticate transactions."

"The ATM has encryption security in place and fully complies with international regulations concerning unlawful transactions."

Meet Your Consumer In 2015 - Infographic

Friday, 18th April 2014

Source Forbes

"Meet Mike, your customer in 2015. Mike never loses sight of his iPhone.  He’s very opinionated and not afraid to share his opinion using his social media channels (whether good or bad).  He doesn’t trust advertising and only connects with brands that he feels are authentic and stand for higher purpose. He publicly admits to showrooming and has been conditioned to expect everything immediately and now."

"50% of us check our phones before we go to sleep and as the first thing after we wake up.  On the extreme side, a recent study conducted by McCann Worldgroup found that a staggering 53 percent of young people would rather give up their sense of smell right now than give up the technology that they use in their lives everyday.  Nonetheless, we are leveraging our devices to support all sorts of decisions. From what movies to watch to what car to buy, the amount of information available at consumer’s fingertips today is unprecedented.  For companies of any size, having a strong online and social media presence that connects and engages with consumers is no longer an option."

"41% of consumers have admitted to practicing “showrooming”. Today’s retailers are facing a serious threat from both online and other brick & mortar competitors where value conscious consumers check multiple sources to find the best deal, despite the level of service or expertise they may receive. To combat showrooming, retailers must do a better job of integrating their online and in-store offerings, with more stores showing the same prices and products across both platforms. In the future, companies will need take their initiatives even further to proactively protect customer interests, going as far as even warning them if they’re making a mistake, paying more than they need to pay, buying too much, or doing anything else they might regret later.  If your customer experience is fragmented across channels, you are not only missing opportunities, but you’re literally giving those opportunities away."

"We hear of Amazon, DHL and others testing drones and predictive methods to make homes deliveries faster, but why? Giving consumers what they want is not a new development – what is new is the required speed.   Consumers today live in a very fluid present and demand instant gratification. They want to get it now, see it now and get help now. Connected consumers are being ingrained to demand instant gratification.  As a result, expect your company to have no choice but to finally mirror and join the ‘now’, in all its splendid chaos, realness and excitement."

Increased adoption of contactless payments in Japan, South Korea

Thursday, 17th April 2014

According to this, more than 90% of the total global value of transactions from mobile NFC payments was generated in the Asia Pacific region, particularly in Japan and South Korea.

"According to online media outlet letstalkpayments.com, Japan has the largest number of NFC enabled POS (>1 Million) in the world. There are more than 70 million NFC-enabled devices in Japan, according to Wireless Watch, compared with around 3 million in the US. In Japan, FeliCa (developed by Sony) is the most popular contactless payment system in Japan. FeliCa based terminals have been placed at over 1 million while MasterCard has announced deployment of 400,000 PayPass based terminals over the years."

"ComScore research indicates that in December 2010 alone, 9.8 million Japanese consumers used their mobile wallet to make a purchase; 7.6 million made a purchase in a retail/convenience store; 3.2 million purchased from a vending machine; 2.7 million paid for public transport; 2.6 million purchased in a grocery stores; and 1.5 million paid a restaurant bill all using their mobile phone. 47 million Japanese have adopted tap-and-go phones in three years. In Japan, mobile Web shopping exceeded USD 10 billion in 2009 as per ABI Research. In March 2010, the m-coupon service of McDonald’s Japan reached 4.5 million users, according to Infinita."

"Suica is a popular electronic and mobile ticketing and e-cash system in Japan. As per estimates in a report by Eurotechnology Japan, over 30 million suica cards have been issued used for around USD 10 billion worth of annual transactions. Suica cards are used for transportation fare as well as for general purchases. These cards are supported across vending machines, kiosks and retail chain stores."

"In January 2011, research company Celent had deduced that South Korea’s mobile contactless payments market will grow at CAGR of around 50%. Growth of the mobile contactless market in South Korea can be attributed to the spread of mobile contactless payment processing terminals and through interoperability initiatives. In May 2012, there were as many as 200,000 terminals in the country capable of accepting MasterCard PayPass and Visa payWave. In June 2013, Korea Times reported that SK Telekom’s Smart Wallet reached 10 million users."

 

14% of Chinese consumers buy online on a daily basis - report

Thursday, 17th April 2014

According to this, 14% of the Chinese consumers shop online daily, according to a report commissioned by the consultancy firm PricewaterhouseCoopers (PWC).

"More than 60% of the Chinese consumers claimed they shopped online at least once a week, a percentage which is much higher than the global average of 5% daily online shopping, and 21% every week. As regards mobile shopping, Chinese consumers still ranked first. 4% of Chinese respondents said they used mobile shopping daily, 20% used it once a week and 27% once a month. The global percentages, on the other hand, were 2%, 7% and 12% respectively."

"In terms of mobile shopping, 71% of the Chinese consumers used mobile shopping , as compared to 32% for the US counterparts. 37% of the Chinese used the smartphone for dining reservation, while the percentage in the US was only 13%, 35% of the Chinese consumers purchased stock using smartphone, as compared to 5% for the US respondents."

"The same source indicates that Chinese consumers are more likely to accept mobile payments. In 2013, Square, PayPal and Tenpay’s total transaction reached USD 20.11 billion (CNY 124 billion), USD 27.09 billion (CNY 167) and USD 8.45 billion (CNY 52 billion) respectively."

"The PWC report interviewed 15,000 online consumers, covering 15 regions including Brazil, Canada, mainland China and Hong Kong, France, India and Middle East."

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