Cross-border e-commerce sales projected to surge to £552bn by 2023
Cross-border e-commerce sales were forecast in 2019 to grow to £317 Billion by 2023 but are now projected to surge to £552Bn by 2023.
Recently, TheIndustry.fashion assembled a key group of C-Suite decision makers from global fashion and beauty brands to discuss the vast opportunity for cross border DTC commerce.
Guests from ASOS, New Look, Belstaff, Diptyqye, Liberty, White Stuff, Jigsaw and Hotter Shoes joined us online for our unique digital roundtable event to discuss how an international store front must be the focus for brands and retailers to acquire new customers and accelerate growth in 2021 and beyond.
“80% of Leaders at Consumer and Retail Companies Report They Are Making and Implementing Major Decisions Faster Than Before.” - McKinsey
Urgent questions facing leaders now are “where to find growth?”, “how to move quickly?” and “Which AssetLight Model to Adopt”?
During the event, Scott Lindsay, Head of Marketing EMEA at eShopWorld, the world’s largest provider of cross-border Ecommerce solutions, presented invaluable insights on areas for growth, included the fastest growing markets which were Malaysia, Saudi Arabia, Singapore, Taiwan and Canada.
Scott took us through findings from a recent Global Voices Cross-Border Survey of 22,000 consumers in 11 countries conducted by ESW where 30% of shoppers spent >£375 on cross-border purchases in the last year. 52% of shoppers made 6 or more cross-border purchases and 34% said they’d spend more if the website was in their own language and could see prices in their own language.
The study found that 68% of shoppers made Ecommerce purchases outside of their home country in 2020, illustrating the untapped opportunity for growth.
In terms of those cohorts moving to cross border shopping, ‘digital natives’ were early adopters. This included those aged 25-34 who have proved to be a key group for brands to go after due to their digital prowess.
If we’ve learned anything from 2020 it’s that Ecommerce is only going to get bigger and brands must adopt a multi-national mindset to unlock the growth opportunities and future proof their businesses.
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