Robust Growth Projected for Cross-Border E-commerce Sales
In its latest forecast, eShopWorld expects “same-store e-commerce sales” made through its cross-border platform to soar 63 percent year-over-year for the November-December period. The company said the jump follows a “significant sales increase in October as consumers shopped earlier for gifts.”
According to prior reports, retail analysts said more than 50 percent of consumers have made holiday-related purchases in the September and October period.
Tommy Kelly, chief executive officer of ESW, said the company saw “a 113 percent year-over-year increase in global online sales in October and we’re confident the end of the year will follow the same pattern.”
“Although consumers began their holiday shopping earlier this year, a predicted increase in sales throughout November and December suggests that the ‘typical’ holiday shopping season will be active, as always,” Kelly added. “We’ve already seen many countries enter a second phase of lockdown, so we can see that the massive shift to online shopping is here to stay.”
In a statement, ESW said with lockdown directives varying from market to market, “cross-border e-commerce sales have remained at record levels. Data from ESW indicates 56 percent and 70 percent year-over-year increases in November and December, respectively, as the upcoming peak trading period will be marked by unparalleled uncertainty.”
It’s important to note that cross-border online sales opportunities have been steadily increasing — even prior to the e-commerce boom triggered by the COVID-19 pandemic. Platforms such as ESW as well as other marketplaces and cross-border payment technologies have made it easier for brands to reach customers across the globe.
“U.S. brands continue to find sources of growth in multiple international markets,” ESW said, noting that it “helps its clients identify the geographies where their brands and products are in high demand, so they can serve consumers directly in those markets online.”
ESW described its solution as one that “enables brands to acquire and build long-lasting, high-value relationships with consumers in foreign markets.” The company also said that due to the increased volume of online purchases related to the pandemic, “order volumes among many ESW clients have been accelerating faster cross-border than in their home markets.”
For more WWD business news, see:
Pier 1 Imports Finds New Life as E-commerce Only Site
Closet Candy Boutique, Away and Tower SUP Make Top D-to-C List
Sourcing Journal Summit: The Time for Change Is Now
Sign up for WWD's Newsletter. For the latest news, follow us on Twitter, Facebook, and Instagram.
