BlogExploiting Cross-border Retail
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Exploiting Cross-border Retail

The world is shrinking as technology allows people to shop from anywhere. People are buying more from other countries every year, with cross-border e-commerce growth now outpacing domestic e-commerce growth by 50%. 1 The global cross-border e-commerce market is expected to be worth USD 2.2 trillion by 2026, representing a 17% compound annual growth rate since 2019. 2

 

To capitalise on this opportunity, marketers must focus on meeting the unique needs of cross-border buyers. Chief among them are concerns around areas such as delivery, quality and transparency.

To help businesses better understand the attitudes and preferences of cross-border buyers, Meta commissioned a YouGov survey of more than 16,000 online shoppers across eight countries. The study3 found that more than half (54%) of online shoppers surveyed say they’ve already bought a product in the last six months sold by a business in a foreign country, and 82% say they’re open to doing so – a figure that underscores the tremendous future potential of cross-border commerce.

Here’s a look at additional key findings from the research:

Better prices and selection drive purchases

Being able to purchase across borders unveils a wider – and more affordable – range of buying opportunities for people. Online shoppers surveyed cite better prices and access to a larger selection of products as their top motivations for making cross-border purchases. There’s also the allure of something different, with more than a third (35%) of cross-border shoppers surveyed saying that they’re motivated by ease of discovering new/interesting products from foreign businesses.

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Social media drives discovery

Social networks, friends and family, and creators/influencers are crucial in helping today’s highly connected consumers discover and evaluate offerings from sellers abroad.

Social media plays a disproportionately important role in discovery, with 58% of cross-border shoppers surveyed saying that they found products from foreign businesses this way. In fact, cross-border shoppers surveyed are 30% more likely to discover products on social media compared with other shoppers.

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