1 in 2 shoppers plan to boost online shopping: Airwallex

Around 61% of consumers perceived international merchants as trustworthy. 

More than half or 54% of global consumers are anticipated to increase their international online shopping in the next six to 12 months, Airwallex reported.

The report also found that 77% of consumers are inclined to abandon their carts if their preferred payment method is not available.

Credit cards (39%) and global digital wallets (26%) are the preferred payment methods for online transactions with international merchants.

The report also revealed a growing trust among consumers towards international merchants, with 61% perceiving them as trustworthy entities, and 65% expressing confidence in the security of their personal and financial information when engaging in cross-border transactions.

The United States and China emerged as prominent hubs for international shopping, with 36% and 25% of consumers, respectively, favoring these regions. China ranked as the top country for consumers from the US, Singapore, and the UK, whilst the US and Canada were the favored destinations for Chinese consumers.

Meanwhile, 54% of respondents are unlikely to revisit online stores failing to disclose additional fees such as currency conversion and international transaction fees.

At least 41% prioritized shipping costs and transparency when evaluating the shipping policies of international merchants. Challenges such as lengthy refund processing times are also cited by 47% of consumers. 

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Motivations for international shopping also varied from greater product options (34%) to better quality products and lower prices. 

Social media platforms like Facebook, TikTok, and Instagram are seen to become key channels for international commerce, with 59% of consumers indicating a likelihood of making online purchases through them.

"E-commerce is more global than ever. Despite ongoing economic uncertainty and slowing global growth, it is clear that consumer spending will continue to grow,” said Kai Wu, chief revenue officer at Airwallex.

“With the global cross-border e-commerce market set to reach $7.9t by 2030, it is critical for international merchants to solve consumer pain points and deliver the best possible customer experience in order to thrive in this competitive market.”