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Regardless of the events such as trade disputes and looming legislation across the globe, trade and business sectors are growing at a faster pace. According to the research conducted, the global cross border e-commerce market went up by about 4 percent and valued to be $412 billion in the year 2018
Fremont, CA: The mode of payment for the goods and services is mostly driven by cultural factors than the regulatory or financial affairs. The local payment accounts to 77 percent of the Global total e-commerce in the current year.
• Global Commerce is Growing: In the year 2018, the U.S based merchants exported goods that worth more than $57 billion across the global market. Countries such as India and Australia are purchased goods that worth $2 billion each, and China purchased products for nearly $30 billion from the United States.Since the figures depict the total export, it also show that the potential for the U.S merchants to capture a sum of $400 billion in the global cross border e-commerce market. The consumers across the globe prefer buying American goods; therefore, by offering the right mode of payment, the online merchants can generate more revenue in the United States.
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Overcoming Barriers to Global Conversation: The process of global expansion is not easy. The extension might fail if the merchant is not aware of the cultural norms, regulations, mode of payment, and the logistic of the region. However, partnering with an expert in the local market place, who is aware of all the factors mentioned above, might result in the success of the expansion process.It is found that the U.S based merchants lack their presence in the global market. Thirty-seven percent of the total retailers in the United States sell their products across the borders, and only 1 percent of them offer online payment solutions to the consumers across the globe.
By leveraging a convenient mode of payment and expanding primarily to all parts of the globe, it can help the U.S. based retail/eCommerce industry to be the most significant shareholder across the globe.
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