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US retailers miss out on global e-com opportunities: study

30
Oct '19
Pic: Shutterstock
Pic: Shutterstock
While global e-commerce will top $3 trillion this year for the first time and more consumers are shopping worldwide, retailers say fraud prevention and currency and payment processing are obstacles to taking advantage of the growing market, according to a new survey, which found US retailers have scope to gain significant market share by expanding globally.

Two primary concerns are preventing North American retailers from catering to international shoppers: fraud and the challenge of accepting foreign currencies and payment types. Sixty per cent of respondents cited ‘currency and payment processing’ as a top obstacle to international e-commerce. An identical 60 per cent pointed to ‘fraud prevention’.

The Internet retailer survey was conducted by Kount, the leading artificial intelligence-driven fraud prevention provider, and BlueSnap, an all-in-one payment platform.

International consumers are increasingly shopping online, with North America’s top 1000 e-retailers selling $143 billion worth of goods to customers outside the United States. Amazon accounted for 44 per cent of those international sales, largely because of its first-mover advantage.

More than half of online shoppers have already purchased goods outside their country. Despite the opportunity for US online retailers to sell internationally, less than half of them ship outside the country, according to a press release issued by the companies.

The survey also found 67 per cent of retailers agree international e-commerce is a critical source of future growth, and 52 per cent concur with the statement that international e-commerce ‘is suitable for us because we have many international customers and followers of our brand and products’.

Fibre2Fashion News Desk (DS)


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