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Visualized: 2024’s International Shopping Preferences and Trends
Globalization and increased interconnectivity have allowed eCommerce to bloom, turning nearly everyone into international shoppers.
But where do international consumers prefer to buy from?
Visual Capitalist partnered with Airwallex to present insights from their recent report, which explores the cross-border shopping trends vital to global eCommerce.
The Survey Results
Airwallex, alongside Edgar, Dunn & Co., surveyed 3,010 consumers globally in Q1 2024 and asked them how likely they were to purchase goods online from various channels when shopping internationally.
Here’s what they heard:
| Location | Directly | Large Marketplaces | Niche Marketplaces | Social Media |
|---|---|---|---|---|
| 🌏 Global | 81% | 89% | 63% | 59% |
| 🇦🇺 Australia | 75% | 86% | 47% | 40% |
| 🇨🇳 China | 89% | 93% | 84% | 86% |
| 🇭🇰 Hong Kong SAR | 86% | 87% | 79% | 76% |
| 🇸🇬 Singapore | 86% | 91% | 63% | 62% |
| 🇬🇧 United Kingdom | 77% | 89% | 50% | 32% |
| 🇺🇸 United States | 74% | 88% | 57% | 57% |
The survey shows that while many purchase directly from merchants or through large marketplaces, social media and smaller, niche marketplaces are also popular platforms. As a result, brands that aim to reach a global audience must have a presence on various channels to ensure the buying process is smooth.
Driving International Growth
The survey also found that 54% of international consumers plan to increase the frequency of their cross-border purchases in the next year.
But what factors are motivating international shoppers?
First and foremost, if a business wants to appeal to an international shopper, it must provide prices in local currencies. 93% of respondents said this positively influences their purchasing decisions.
Many respondents also said localization, in other words, tailoring the sales experience to a buyer’s region, positively impacted their buying decisions. For example, many respondents in Hong Kong and China enjoy interactive selling, where retailers sell products via a live stream on social media. So, if a business wants to appeal to this market, they should customize their approach.
Trust is also hugely important. People respect a well-known brand, but they also respect an influencer’s endorsement. Three-quarters of respondents said that influencers positively influence their buying decisions from overseas merchants.
A Financial Platform for Your Global Ambition
Today, many people are international shoppers, but to maximize this potential, retailers must deliver a smooth and consistent cross-border experience that meets their global customers’ expectations.
Airwallex is a financial platform that provides fast, cost-effective international transfers and eCommerce solutions to secure the reliable movement of money around the globe, helping businesses of any size to grow.
Are you looking for more insight into cross-border shopping?
