A Complete Guide On Cross Border eCommerce in 2020 | Infographics
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With the evolution of eCommerce across the globe, there is a sudden rise in the demand of Cross Border eCommerce.
Earlier people used to eschew from buying or selling products abroad. But in the last couple of years, this wrong misconception is eradicating. In fact, cross border eCommerce is on a boom and experts predict that soon it will amount to 3.53 trillion US dollars.
We have prepared a well-researched infographic containing answers to all your questions including Benefits, Major Challenges, Best selling products, regions, frameworks & marketplaces, future scope of Cross Border Selling.
Here are the details:
- The definition
- Latest statistics
- Perks & Advantages
- Most selling products
- Major challenges
- Best-selling countries for cross border eCommerce.
- Top Marketplaces
- Best selling platform
- Future of Cross Border Trade and eCommerce
What is Cross Border eCommerce?
Cross border eCommerce is defined as the process of online trading or selling between two entities, a business (online seller) and a customer (or consumer) who are based in different countries.
This mode of eCommerce allows online sellers to sell products to desperate customers situated across the globe. From the perspective of customers, they can bag products that are unavailable in their own country.
Sellers can sell products to customers in many categories including clothing, fashion, kids, toys, etc.
Cross border eCommerce successfully establishes a global link between Sellers and customers.
For sellers looking to expand their selling reach, cross border eCommerce is a perfect opportunity. You can achieve cross border selling with Magneto multichannel selling platform.
Cross Border eCommerce Definition:
As the definition of cross border eCommerce goes – Trading of goods and services via an electronic medium (or simply a website) where consumers and traders are present in different countries.
This opens up infinite opportunities for online sellers to expand business overseas.
Cross Border eCommerce Statistics:
Some of the most eye-catching statistics of cross border eCommerce are listed below:
- In 2022, cross-border eCommerce is projected to account for 22 percent of eCommerce shipments of physical products. (Statista)
- Cross Border eCommerce will amount to 3.53 trillion US dollars by 2022 (Statista)
- 50% of US-based companies have 80% or more of their eCommerce revenue coming from the North American market.(Hubspot)
- Customers based in the Asia Pacific region consider their preferred mode of payment to be Cash on delivery (COD). 83% of Indian consumers prefer using cash-on-delivery as a mode of payment for online purchases. (Rapyd Research Study)
- According to Bloomberg, Chinese cross border eCommerce alone amounts to 60 billion USD.
- 67% of customers prefer to shopping abroad due to lower prices outside of their own country (invespcro)
- Clothing and Accessories are the most selling product category for cross border. It contributes more than 31% of the total.
Why Do Customers Prefer Cross Border Shopping?
The top 3 reasons why customers prefer cross border shopping are:
- Cheaper pricing
- Unavailability of product in their country
- Unique products
What are the Advantages of Cross Border eCommerce?
The major advantages and perks of Cross border selling from the perspective of an online seller are:
- Global Reach
- Increased engagement
- Increased Revenue
- Building Brand Authority
- Eliminate Competitions
What are the major Risks Of Cross Border eCommerce?
Along with many advantages, there are also a few risks involved in cross border trading and selling:
- Credit card Fraud
- Order returns
- Logistics failure
- Government regulations & taxations
Major Challenges While Selling Cross Border?
An ideal online trader needs to be aware of all the challenges that occur while selling cross border. Here are the major cross border eCommerce challenges while selling abroad:
- Language Barrier
- Shipping Concerns
- Payment & Currency Concerns
- Marketing Complications
- Legal Regulations
So while preparing yourself for selling abroad be ready to face these consequences. You must also be aware of what are the most selling products so that you can capitalize more.
Most selling products on Cross Border eCommerce:
Here’s the list of top 5 most selling products in cross border selling.
- Clothing & Accessories
- Mobile & Accessories
- Books & Media
- Toys & video games
- Beauty products
In order to generate more ROI form the whole campaign, you must stick to the products in the above list while selling cross border.
Which Countries are the best for selling products Cross Border?
For this, you first need to be aware of the global region which attracts a major audience. The scale of cross border eCommerce market across the globe is spread as:
- Asia Pacific
- Western Europe
- North America
- Latin America
- Mid Eastern Europe
- The Middle East and Africa
You must be sure to consider your target audience and your product before choosing a country.
Which are the Best Cross Border eCommerce Marketplaces to sell?
Here is the list of the top marketplaces that a seller must prefer for cross border selling:
The names’ quite enough when we speak for a marketplace that is tailor-made for sellers to expand business overseas. To connect your store with the eBay marketplace click here.
The most dominant marketplace in today’s eCommerce industry. It serves as a perfect platform to expand your business internationally. To connect your store with Amazon marketplace click here.
Which are the best eCommerce Platforms/Frameworks to sell cross border?
The top platforms to sell products cross border are:
What is the Ideal Way of cross border selling?
The best way of performing cross border selling are:
- Integrating major payment methods
- Enhancing the website performance
- Improving mobile web experience
- Product translation and optimization
- Opting Flawless Logistics & Delivery services
- Switching to multichannel Selling
- Creating a perfect marketing campaign
Is Cross Border The Future of eCommerce?
Yes, there’s no doubt that cross border eCommerce is the future of eCommerce. The statistics & predictions reflect that it is on an exponential rise. With the advancements in the field of eCommerce solutions and development, cross border shopping is evolving rapidly. So, if you are planning to sell on cross border marketplaces so now is the best time for you to make a decision and connect your store with the top cross border marketplaces.
CedCommerce provides with many eCommerce solutions that simplify your way of selling.
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