US-based Juniper Research has found that the value of cross-border ecommerce will exceed USD 2 trillion in 2023, a 13% increase from 2022.
The new research, ‘Cross-border eCommerce: Emerging Opportunities, Future Challenges & Market Forecasts 2022-2026’, found that as ecommerce models diversify, including models such as Buy Now, Pay Later and click and collect, cross-border options must also keep pace, by agreeing local distribution and payment partnerships. The research recommends cross-border ecommerce vendors offer localised ecommerce models.
Juniper also found that the marketplace model, where large vendors, such as Amazon or Wish, sell goods to users on behalf of cross-border vendors, will be critical to growth. This model represents an easy way to access a large audience, while ensuring accepting payments and other logistical issues are seamlessly handled.
In addition, physical goods will account for over 97% of cross-border ecommerce spend in 2023, with digital goods making up the remainder. It identified the maturity of cross-border export of physical goods as a business model as a major factor in this difference, as well as increasingly cost-conscious end users. The research recommends payments vendors support a wide range of local payment methods, in order to capitalise on this opportunity.
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