Global e-commerce will become a $661.66 billion market in 2017 with mobile commerce growing at a 30 percent clip, according to PayPal and Ipsos data. In addition, e-commerce is increasingly going cross border with the U.S. and China being the main corridors.
PayPal's second annual report on global e-commerce tracked the habits of 23,200 consumers in 29 countries and the biggest takeaways go like this:
- 35 percent of online shoppers said they have shopped cross-border in 2015, up from 26 percent in 2014.
- 25 percent of online shoppers in 29 countries said they have bought goods from U.S.-based Web sites in the last year.
- 19 percent of online shoppers have bought from Chinese sites with the U.K. garnering 14 percent.
- 50 percent of online shoppers acquired goods from a site in another country, but 22 percent of American shoppers have.
- Japan has the lowest percentage of cross-border shoppers at 12 percent and Ireland has the most at 86 percent.
- 16 percent of online shoppers bought via smartphone. In Nigeria, 37.8 percent of online shoppers used mobile devices. China came in at 34 percent.
- The biggest consideration for cross border shopping is costs as 73 percent of shoppers said prices were the primary reason to go international.
- But shipping cost was the main reason shoppers abandoned carts for cross-border transactions. As a result, 45 percent of cross-border shoppers used forwarding addresses or freight forwarders to save money on shipping.