In Europe, e-commerce is growing by 16% a year. In the markets covered by this report, the average is 33% a year. Even that is dwarfed by the fast-growing market, which is expanding at a rate of 78% a year.
For Westerners, used to mature economies and, in most economic metrics, single-figure growth rates, the scale of the online market and the pace of growth in the world’s emerging markets is often hard to comprehend. Consider this: already today, 40% of the world’s e-commerce sales are made in China. And the Chinese e-commerce market is still growing at a rate of 27% a year.
In many of these markets, there are successful local merchants and marketplaces. But there is also a hunger among young and increasingly affluent populations for global consumer brands. And in markets growing this quickly, there is opportunity and room for a range of players. But this won’t remain the case indefinitely. Merchants and PSPs hoping to succeed in these markets need to establish a foothold and work to build consumer trust and recognition now.
Already in China, wages in some areas and industries are converging on European averages. Where China is today, Vietnam and other markets will be in ten years’ time.
But by then, shopping habits and consumer loyalties in many of these markets will have solidified. New entrants will face a tougher task establishing themselves. Now is the time to expand into the world’s fastest-growing e-commerce markets or risk losing out on future growth.
In this report, we take an in-depth look at eleven of these high-growth markets. We look at recent economic performance, the state of the online marketplace, the drivers for e-commerce growth, and local payment preferences. If you’re wondering where you should expand to next, this guide is for you. Not only will it give you an idea of where to target, it will give you the information you need to succeed in your chosen markets.
These are exciting times for cross-border e-commerce. We wish you every success in your next cross-border venture
