Online Spending Continues Upswing
Posted: Monday, April 18, 2011
by Rod Hometh
RocketPay
In spite of the economic downturn experienced worldwide, online spending is proving quite resilient in many global markets. In 2010 we saw growth, as tentative confidence in the world economy returns. Below is a list of some of the most interesting growth indicators in global eCommerce transactions:
1. Slovakia online shopping has grown nearly 25% year over year, but consumers still prefer to arrange payment upon delivery. Source: Slovak Association of Electronic Commerce
3. Korean online shopping continues with 20% year over year growth. Source: Statistics Korea
4. According to research by the eCommerce lab of the Athens Economics University, Greeks are heavy internet users with 37% claiming they surf more than 30 hours a week. Their purchasing increased 75% year over year.
5. The China e-Business Research Center has not released its full year analysis, but did report the nations eCommerce rose 60% in the first half of 2010 to 2.25 trillion Chinese Yuan (339 billion in USD).
6. In the Oceana/Australia region, 61.3% of the population are now internet users and shop online. Source:World Internet Usage Statistics
7. The Middle East region experienced a whopping 1,825% internet purchasing growth over the last 10 years with 29.8% of its population online. Source: World Internet Usage Statistics
8. MasterCard SpendingPulse Report 2010 announced that online sales rose 15.4% to $36.4 billion during the holiday season with biggest increase in apparel sales.
The good news is there is significant revenue to be made from global online payments. The easiest way to start is to offer consumers the ability to shop and purchase in the currency of their own choosing. This can be accomplished through international merchant accounts denominated in multiple currencies. Then research the cultural differences of their markets, and design your websites accordingly. Think about translating your website into the primary langauge or languages of the country. Use IP geolocation technologies to recognize where your shoppers are coming from. If you are unable to do this, there are partners that specialize in these fields.
Setting up an international merchant account can be a complex endeavor. Finding a partner that can help you navigate these issues will help. Enabling consumers to shop in the currency of their own choosing will increase your global sales in your current markets and expand into countries you don't currently sell into.
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