2021 Trends: The Future of E-commerce
Cyber Monday recently cemented its reign as the biggest online spending event, with U.S. retailers raking in a record $10.8 billion. This comes as Black Friday became the second-largest online spending day in U.S. history, setting the pace for what analysts are coining “Cyber Months”.
This year has witnessed retail rules rewritten, with cross-border e-commerce sales soaring 21% in the first half. Throughout the remaining holiday season, and beyond, Kenny Tsang, industry expert and Managing Director of FinTech Unicorn PingPong Payments ($1.5 bn), believes businesses will need to pay attention to these 5 transformative trends, set to define success in the all-telling New Year. He comments:
Growth of cross-border, global marketplaces: “Businesses that have dominated their home market are now increasingly tapping into global marketplaces to make a move into other, more lucrative destinations. Whilst the U.S. is a huge market, 85 percent of the world’s purchasing power lies abroad.”
Diversifying supply chains: “With lockdown restrictions likely to fluctuate across nations in the New Year, sellers must look to strengthen their global network of suppliers and reliable payment partners to ride future waves of disruption.”
Faster, and faster delivery: “With nearly 90 percent of consumers now willing to pay for same-day or faster delivery, we are likely to see these options fast become the norm. Diversifying supply chains and having the right multidimensional growth partners will give sellers the agility to keep up with fulfilment expectations, and ultimately deliver the right items, at the right time.”
The rise of social commerce: “With larger online audiences, comes more selling opportunity. The business case for retailers to sell directly through social media is becoming stronger, as customers increasingly trust these platforms in the new normal.”
The transformation of retail shopping events: “Consumers are migrating online in droves as traditional shopping holidays merge into seasons of extended discounts, meaning sellers will have to work smarter to service a growing audience. Partnering with the right cross-border payment company can enable businesses to seamlessly move money to all corners of the world and effectively pull sales forward.”
About The Expert:
PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more of their profits, by beating the rates traditional banks offer. Today, the company acts as a multi-dimensional growth partner to more than 800,000 online sellers worldwide, has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more.
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Yvon Lux is editor of her Apple News channel. Her “blogazine” celebrates sisterhood and empowers women by focusing on women’s health, travel and entrepreneurial news while also sharing the most coveted trends and stories. Yvon also published a journal and fast track guide to learning unconditional self-love while claiming your peace and happiness. The Best Friend Journal is available on Amazon now.
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