$700bn e-commerce spend missed by retailers annually
This was the surprising figure shared with the audience at the recent VE Interactive and Oban International event entitled Digital Globetrotting: Brands go international.
WorldPay’s Stephen Fowler explained that 51% of e-commerce spend in the top 10 global markets is made using Alternative Payment Methods (APM), such as Paga Wallet, PayPal, Neosurf and Qiwi. They estimate that by not offering consumers the choice of APMs that they are familiar with and trust, retailers are missing out on $700bn, and that is not even a global figure.
Understanding how market and regional preferences can have a positive or negative impact on consumer behaviour should be at the heart of the payment strategy for retailers looking to grow their business in new markets.