BROADEN YOUR HORIZONS WITH WORLDPAY
The size of the overall eCommerce market is staggering, around 750 billion euros per annum worldwide. The UK ranks first in eCommerce and exports £2.80 in eCommerce goods and services for every £1 imported.
The UK stands out as the world's leading country for eCommerce, with eCommerce revenues of EUR 120 billion.
China's online payment transaction volume totalled EUR 86 billion in the first nine months of 2010.
US eCommerce sales 2011 are forecast to reach EUR 155 billion, and grow over the next three years by 12.4% growth to EUR 185 billion.
Online shoppers in Europe will grow from 141 million in 2009 to 190 million by 2014. Also, average spend per online buyer will increase from EUR 483 in 2009 to EUR 601 in 2014.
Latin America - research indicates that eCommerce totalled EUR 13 billion in 2008, this number has jumped to USD 23 billion in 2010.
1. The UK e-retail market is currently growing at 16% per annum, in spite of the recession.
2. The digital commerce market provides employment for over 730,000 people in the UK.
3. More than one billion parcels are shipped from online purchases each year in the UK.
INTERNATIONAL ECOMMERCE IS THRIVING IN THE UK
59% of SME's already offering eCommerce services report that international eCommerce was a key driver in their decision to sell online
Of SMEs currently offering eCommerce, a quarter indicate that overseas transactions make up 30-40% of income
74% of those SMEs who are currently offline are planning to offer eCommerce transactions in the next six months
78% of these businesses are motivated by the potential of selling beyond the UK
GLOBAL ONLINE PAYMENTS
ARE PREDICTED TO INCREASE FROM 17.9 TO 30.3 BILLION TRANSACTIONS FROM 2010 TO 2013
10 TIPS FOR TRADING
- Research your market
- Perform market research to understand how competition and
customers differ from those
in the UK, and any changes that you need to make for your web shop to be more saleable.
- Build an export plan
- Create an export plan defining how you will get international customers to your site and once there to turn browsers into buyers.
- Research alternative payment methods
- By offering the right payment methods you can boost sales
by 24%. Finding a partner who can assist is vital. WorldPay, which
recently acquired Envoy Services, is now the world's leading provider of alternative payment solutions.
- Get people to your site
- Consider registering domains for each country you trade
in. It is a good practice to
protect your brand, boost search rankings and show you have a presence in that country.
- Speak the same language
- Shoppers are four times as likely to make a purchase when
presented with their mother tongue. Our payment service offers
fully customisable payment pages with template support for 23 languages widening your access to global markets.
- Accept multiple currencies
- Offer shoppers their preferred local currency. With
WorldPay, you can accept 120+
currencies, and the option to select the currency you want paid into your bank account.
- Get the price right
- Don't rely on UK price points transferring readily into foreign currencies – research competitors pricing and adapt.
- Comply with regulations
- Make sure all the legal angles have been covered. Stay
up-to-date with relevant custom
regulations and check there aren’t any issues with targeted countries.
- Offer international shipping options
- Delivery times can be a deal breaker. Provide choice - offer a range of standard and express options including worldwide next day.
- Fraud and security
- Just as local markets operate differently so do fraudsters. WorldPay's advanced Risk Management solutions can simplify surveillance, providing a high specification fraud screening service to help minimise fraudulent transactions.