GLOBAL: Cross-Border Shopping Boosted By Online Retail - Nielsen
A new study by Nielsen has founded that cross-border shopping has been boosted in recent years by online retail availability, creating ‘modern spice routes’ in certain markets. The study, commissioned by PayPal, forecast that Hong Kong, Canada, Australia, Germany, China, UK and the US will record a combined total of $105bn in ‘cross-border online shopping’ this year – with that figure surging to $307bn by 2018.
The biggest reasons for shopping at international websites were found to be price and the unavailability of specific products locally. The study found the US to be the most popular cross-border shopping destination, followed by the UK, China and Hong Kong. Additionally, China, Argentina, Russia, Brazil and Australia were listed among the hot locations for merchants to target exports.
The top categories were found to be - clothes, shoes and accessories ($12.5bn); health and beauty ($7.6bn); personal electronics ($6.0bn); computer hardware ($6.0bn); jewellery, gems and watches ($5.8bn); and home electronics ($5.4bn).
Paypal noted: “The scale of cross-border online shopping has never been mapped before and what is clear from this research is not just the current size of this market, but its massive potential for consumers to buy directly from merchants around the world. The message is simple: the emergence of these 'modern spice routes' is great news for economies and small businesses the world over."
NamNews - Friday 26th July 2013