Ecommerce sales in emerging markets, especially China and India, are expected to surge in the next few years. According to Forrester’s latest Asia Pacific Online Retail Forecast, online credit card payment processing in China will grow at a much faster rate than sales in already-established markets.
Last year, China’s ecommerce market reached $100 billion and continues growing at a rapid clip. The study predicts online spending will grow 25 percent annually over the course of the next five years. Japan, South Korea and Australia have developed ecommerce sectors that are expected to grow at a much slower rate, on par with consumer spending predictions for the U.S. and other Western European markets.
To capitalize on the coming internet sales boom, it’s important for businesses to develop ecommerce strategies. In today’s market, retailers need to do more than simply build a website where they can sell products, open a merchant account and ship products, according to Practical Ecommerce.
Now, successful retailers need to figure out the best way to reach customers and develop an online business model, the source reports. Some businesses in emerging markets have experienced success when they focus on customer convenience, provide high-quality content and use a credit card terminal that can take multiple payment options, according to the Financial Chronicle.Back To Blog