U.S. shoppers show strong demand for global fashion: report
There’s a strong demand for global fashion, meaning a big opportunity for international merchants, according to a new report by PayU.
The survey data shows that international markets of interest include China, where over half of respondents (53%) have purchased products over the past 12 months. It is followed by Europe (33%), Canada (28%), Southeast Asia (21%), and Latin America (21%).
Likewise, almost half (48%) of Americans who have bought online from retailers based abroad in the last year, have done so at least once a month. Fashion, shoes and bags were the most popular items to purchase for American consumers, with a third (31%) having bought or said they considered buying these products from abroad in the last 12 months.
“It is clear that the trend for shopping internationally is accelerating, even in well served markets like the US. This growing trend represents an ever more attractive opportunity for retailers to boost their growth by extending their business outside their home countries,” said Mario Shiliashki, PayU’s CEO of Global Payments.
“To capitalise on this opportunity, it is important that merchants have the right technology partners to navigate the complex payments and logistics landscape in order to provide the best consumer shopping experience locally - one critical aspect of that is to optimise their ability to offer the most relevant payment methods in every market they expand to.”
According to respondents, a significant barrier to shopping international included high delivery costs (including tax) and complicated return processes.
The survey also showed that payment methods are a key factor for American consumers when it comes to purchasing from abroad. In fact, 55% of Americans said they would look elsewhere or not make the purchase if their preferred payment method was not available.
Lastly, the data showed that 'Buy Now, Pay Later' is less popular in the U.S. as it is elsewhere around the world, as only 1 in 10 Americans who had bought from abroad in the past 12 months used the option.
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