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The second factor is the ability for sellers to manage fulfilment and complete transactions through a range of integrated logistics as well as payment on trusted open marketplaces that enable a frictionless experience. This fulfils the premise of an open marketplace as we saw in Bunkar’s case that cross- border e-commerce gives sellers’ access to millions of diverse buyers. The first key factor driving cross-border e-commerce is consumer preferences for the most relevant product no matter where the source. With expanding digital access, consumers are today able to connect with sellers and retailers from international markets to tap into a wider choice of products with competitive pricing and quality. Key Factors Driving Cross-Border E-Commerce – Unlocking global trade for Indian sellers This allows D2C brands to customise their products for different markets catering to local cultural differences, and thus succeed in diversifying into different countries. By offering enhanced customer experience, brands get deeper insights into their shopping behaviour.
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This allows them to not only reduce costs and overheads but also get a closer understanding of their consumers’ buying patterns, deal with product enquiries and directly provide customer service. Retail companies are doing away with distributors and middlemen and connecting directly with consumers through e-commerce platforms.
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There has been a drastic change in the business strategy of local businesses who have been successfully navigating their operations to online platforms.ĭirect-to-Consumer (D2C) brands and independent sales channels have been trending alongside e-commerce. Over the years, the general perception has been that e-commerce is an expected choice of marketing for only well-established retail brands. It may see its market share in the global e-commerce market grow to 22% in 2020 from the earlier 15% in 2015. As per Forrester Research, cross-border commerce is expected to grow at a CAGR of 17.3% by 2022. Global cross-border commerce is fast emerging as the next big growth opportunity for the Indian e-commerce industry. The report also states that India is amongst the top 10 countries in cross-border e-commerce growth. According to Payoneer, global e-commerce revenue grew by over 80% in Q2 and Q3 of 2020, boosting online shopping across the world. Today, e-commerce is no longer a good-to-do it has become a business imperative for ensuring continuity and growth.ĬOVID-19 has unlocked doors for global trade in innovative ways. The last eighteen months have redefined its importance and accelerated the pace of its adoption. Like Bunkar, millions of business owners have experienced a life-changing impact from selling online. Today, he proudly services international clientele across continents. Jaipur-based Divya Gems and Jewellers’ owner, Leela Ram Bunkar, had a humble beginning as a craftsman before he capitalized on an opportunity to move his business to an e-commerce marketplace that gave him access to a global audience for showcasing his products.