The
holiday shopping season is in full swing, bringing with it an ecommerce frenzy.
The spike in online purchases during this time of the year also offers a unique
opportunity for Filipino retailers: cross border shopping.
“There
is a definitely a real opportunity for Filipino entrepreneurs to connect with
global consumers. Chinese consumers are particularly promising, given the
Philippines' improved bilateral relations with the world’s second largest
economy,” said Nagesh Devata, General Manager for
Cross Border Trade, Asia Pacific, PayPal.
According
to PayPal’s Cross-Border Consumer Research in 2018, there is a healthy appetite for ecommerce in the
Asia Pacific region, with 48 percent of consumers shopping cross-border.[1]Last
year, PayPal reported a record-breaking USD 1 billion+ in mobile payment volume
for the first time ever on Black Friday and Cyber Monday.[2]
For
many traditional brick-and-mortar retailers, embracing an omni-channel strategy
that includes ecommerce has paved the way for more sales opportunities,
especially during this time of year.
“The
festive season, stretching from the end of November with Black Friday through
to February with Chinese New Year, typically marks a critical time for small
retailers to maximize their business opportunities and boost sales,” said
Devata. “For some, these months can generate the profits needed to cover
operations for the year.”
The
world has become much smaller as digital commerce platforms
like PayPal enable merchants and
consumers from all over the world do business with one other, to take advantage
of opportunities by connecting them with global consumers, allowing SMEs and
micro enterprises more opportunities to thrive.
With
many holiday purchases now being done online and global consumers opting to
shop cross-border, PayPal shares three tips on how retailers can prepare their businesses for
seasonal success:
1.
Plan for mobile– Mobile devices have become the preferred platform
for shopping due to their convenience. While majority of cross-border purchases
in 2018 were still made via desktop, laptop or notebook, the percentage of
purchases on mobile is growing. In fact, 32 percent of all cross-border
purchases in Asia Pacific was done on mobile.[3]
2.
Check your website
security– Research by
HubSpot has found that 82 percent of online users avoid sites flagged as ‘not
secure’ by their browser. This makes it essential for businesses to strengthen
their website security and ensure that their ecommerce pages are compliant with
the local laws of their target markets.[4]
3.
Offer more payment
options – According to PayPal, many consumers will cancel transactions if their preferred or trusted
form of payment is unavailable. The 2018 cross-border study shows that
two-thirds of online shoppers will only use a payment option or brand they
recognize when making a purchase.[5]
By knowing how to effectively use online and digital
channels to sell, small retailers and SMEs can make the most out of the festive
season and stay ahead of the competition.
[1]PayPalCross-Border Consumer Research 2018 Report
[3] PayPalCross-Border Consumer Research 2018 Report
[4] Research (2017), SSL matters
to consumers, https://research.hubspot.com/charts/ssl-matters
[5]PayPalCross-Border Consumer Research 2018 Report
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