PPRO, an industry leader in local payment methods has released a new report showcasing the opportunity for US merchants to expand their sales around the world. The report features data on the changing nature of global e-commerce and insights into how localization is crucial for global expansion.
Data in the report highlights the importance of local payment methods as a catalyst for sales conversion all over the globe: Local payment methods account for 77% of total global e-commerce spend and by 2024 are expected to reach 82%, further proving that consumer preferences are inherently local.
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The opportunity for growth is evident as in 2018, US merchants sold $57 billion worth of goods to foreign buyers in America’s top 14 e-commerce export destinations alone. PPRO data further shows that only 37% of US merchants sell cross-border which is comparatively low to other major markets around the world. With a localized approach US merchants can unlock this global cross-border e-commerce opportunity, a sector that grew by 4% last year to a value of $412 billion.
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“American merchants have a golden opportunity to take their business to global consumers. It is a matter of localizing their approach to meet the cultural factors of various markets,” said Steve Villegas, Payment Partnerships Leader at PPRO. “While credit cards are king in America with 70% of US consumers owning one, they are only used by 18% of global customers. Local payments are the key to conversion with these global consumers.”
The report will be officially announced and distributed at this year’s Money 20/20 conference, where PPRO will be an exhibitor and featured speaker on a panel titled “X-Border Customer Journeys.” More PPRO executives will be available on-site for further details or questions around the report.
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