The landscape of global commerce is rapidly evolving, and European merchants are at the center of this transformation. The rise of e-commerce has opened doors to a world of possibilities, and JCB, a pioneering player in the payments industry, has just provided a roadmap for European merchants to navigate this ever-expanding market.
JCB has recently unveiled a whitepaper that could prove to be a game-changer for European merchants seeking to capitalize on the surging e-commerce trend. The focus of this whitepaper is not just about recognizing the growth of online shopping but also addressing a major hurdle in this domain – cart abandonment.
The numbers speak for themselves. The global e-commerce market is projected to reach an astounding $6.3 trillion in 2023. However, it’s the Asian market that is stealing the show with its remarkable growth story. Within Asia, Southeast Asia stands out by contributing to five out of the ten fastest-growing e-commerce markets worldwide. This fact, as highlighted by JCB, provides a golden opportunity for European merchants to broaden their horizons and tap into a consumer base that is increasingly open to cross-border online shopping.
Cart abandonment – a headache for e-commerce businesses across the globe. It’s the point where potential sales slip through the fingers. JCB identifies this issue as an arena where proactive measures can create a significant impact. Successfully addressing cart abandonment leads to a cascade of benefits: increased sales, higher conversion rates, improved customer experiences, and loyalty.
Asia Pacific is a treasure trove of e-commerce potential, representing 55% of the global consumer class. The region possesses substantial purchasing power. Yet, despite this, it grapples with the highest cart abandonment rate globally, clocking in at over 84% as of March 2023. This dilemma is where JCB’s insights truly shine. By tailoring the online experience to suit the preferences of the Asian customer – seamless navigation, local payment options, and clear pricing – merchants can transform these abandonments into completed transactions.
JCB’s whitepaper, aptly titled ‘Click into Place, Unpacking Cart Abandonment’, digs deep into the core of this problem. The document unravels the primary reasons behind cart abandonment and presents actionable solutions for European merchants. From multiple payment choices to transparent pricing and device-specific payment journeys, JCB provides a comprehensive toolkit for businesses to keep shoppers engaged throughout the checkout process.
The insights provided by JCB hold the potential to reshape the strategies of European merchants in the e-commerce arena. Ray Shinzawa, Managing Director of JCB International (Europe), emphasizes that catering to international audiences is no longer an option but a necessity. In an increasingly globalized world, where Asian economies are soaring as e-commerce leaders, understanding and catering to their preferences is pivotal.
The e-commerce boom is unstoppable, and European merchants stand at the crossroads of immense possibilities. With JCB’s insights, they have been handed a blueprint to succeed. By addressing the cart abandonment challenge head-on and catering to the unique preferences of the Asian market, European merchants can carve their niche in the global e-commerce landscape. It’s not just about boosting sales; it’s about securing a stake in the future of commerce. As the world becomes increasingly interconnected, adapting to the evolving preferences of international consumers is the key to enduring success.