Research company Nielson has claimed that retailers around the globe are set to make a lot of money from their international online shoppers throughout 2013. Their “Modern Spice Routes: The Cultural Impact of Cross-Border Shopping” study, which was commissioned by PayPal, implies that more focus should be placed on international online shoppers, with the likes of Hong Kong, Canada, Australia, Germany, China, UK and the US set to make a combined total of USD 105 billion in the sector this year alone. The figure is expected to almost triple to USD 307 billion by 2018.
According to the findings, the US remains the most popular destination for cross-border shopping , with international consumers displaying an increased interest in products sold in the country. As it stands, the research reports that cross-border demand for American products is worth USD 23.2 billion, with a predicted increase to 83.4 billion by 2018. The UK, China and Hong Kong come just behind America in this market.
The research concludes that many consumers flock to international online businesses to save money, with many respondents (80%) claiming they can find cheaper products overseas. It’s not just an online discount shoppers are after either, with 79% confessing that retailers outside of their home country can also offer them a wider variety of products.