In its comprehensive white paper, GlobalCollect reveals latest facts and figures on how to boost conversion rates in Brazil, Russia, India, and China

Amsterdam, The Netherlands –  Some emerging markets but certainly the so-called BRIC countries are among the world's fastest growing and potentially largest economies. They belong to the Top 10 countries globally in terms of population and GDP and combined make up more than 40% of the world’s population. When it comes to eCommerce and online payment adoption, BRIC countries boast 50% year-on-year growth figures so they offer tremendous potential. Across the world, online payment strategies need to be tackled on a country-by-country basis and the BRIC nations are no different. On the contrary, as this paper shows, they present additional challenges and differences in:

• Cultural habits and local payment preferences
• Internet penetration and consumer acceptance of online shopping 
• Banking and legal requirements

Tap into BRIC growth potential but beware of tripwires
 eCommerce merchants who plan to expand their business into BRIC markets have to beware of the challenges. Overall, the differences outnumber the similarities and the “tripwires of doing business” are both country- and industry-specific, so one strategy will not “fit all”.

Brazil: Craving for credit
In Brazil, online shopping is in its early stage but ahead of other Latin American countries. Despite the popularity of the Internet, online shopping continues to fall short of expectations. That said, overall online spending increased by 40% in 2010 and Forrester Research estimates that the Brazilian market will reach USD 22.0 billion in 2016.

Russia: Cards are an alternative form of payment
In Russia, total B2C eCommerce sales have been forecast to reach around USD 7.0 billion by the end of 2011. This number is predicted to grow by 40% each year over the next five years. Currently, Russians predominantly rely on cash payments.

India: Waiting for the giant to awake
While 80% of Internet users search for products online, only about 20% actually buy online. In India as well, cash is the preferred payment method for the majority of the population. Nevertheless, the online payment industry has witnessed strong growth in recent years as more consumers are shifting from cash to alternative payments.

China: Poised to become the largest eCommerce market
China has evolved from a closed and centrally-planned economy to potentially becoming the largest eCommerce market worldwide. With a penetration rate of 36%, China has the world’s largest Internet population. Total eCommerce revenue is expected to reach USD 95 billion by the end of 2011 and to grow to USD 421 billion by 2015.

Koen Vanpraet, CCO of GlobalCollect, said: “An experienced full-service Payment Service Provider such as GlobalCollect with an established financial network, a broad portfolio of local payment methods, and value-added services such as fraud screening, international fund management, and foreign exchange enables you to enter BRIC markets successfully. Read the testimonials from Valve and Despegar to see how GlobalCollect consulted them on implementing a winning BRIC payment strategy.”

 

About GlobalCollect
GlobalCollect is the world's premier Payment Service Provider of local e-payment solutions for international Customer Not-Present (CNP) channels such as internet, mail, and telephone orders, and specializes in a wide range of industries such as travel, retail, online gaming, financial services, telecommunications, publishing, portals, and digital content. While most providers limit their services to a technical link with payment acquirers, GlobalCollect is a full service partner consulting clients on how to increase transaction volumes, expand distribution channels, and reduce costs by streamlining back office processes. Through a single-interface online payment platform, we offer access to an unrivalled portfolio of local and international payment methods in almost 200 countries, including all major credit and debit cards, direct debits, bank transfers, real-time bank transfers, eWallets, cash at outlets, prepaid methods, checks, and invoices.

Contact GlobalCollect
Bettina Duske
Senior Manager PR & Marketing Communications
e-mail: press.globalcollect@globalcollect.com