Offering Local Payment Methods Can Enhance Cross-Border Sales

Offering Local Payment Methods Can Enhance Cross-Border Sales

October 28, 2021

Consumers in many international markets continue to seek out goods and services online from U.S.-based businesses, but merchants often underestimate the impact local payment methods can be on growing overseas sales, according to cross-border payment provider PPRO.

Despite lingering supply chain issues that are causing delivery headaches for merchants and consumers, e-commerce exploded in 2020 and continued its strong growth in 2021. According to PPRO’s new 2021 Payment Almanac, U.S. merchants account for around half of all cross-border e-commerce purchases originating in Brazil, Canada, Mexico and South Korea. And shoppers in China spend nearly $80 billion annually at U.S. online merchants.

But to optimize the revenue potential coming from international markets, merchants need to understand how consumers in those markets prefer to pay.

“The reality of today’s e-commerce landscape is that brands are no longer siloed to one country or region, but instead conducting business across multiple borders,” said Claire Gates, chief commercial officer at PPRO. “This boom in cross-border e-commerce and the proliferation of niche local payment methods has intensified the challenge for companies who seek to make transactions simple and secure. The 2021 Payment Almanac not only provides a resource to better recognize consumer trends in each country, but showcases how the complexity of payments is increasing. Brands need to understand these regional differences if they want to capture new customers.” 

The almanac is a compendium of region reports available at PPRO’s website. The reports detail various global regions, how consumers in those regions prefer to pay and other challenges associated with selling into those markets.

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