73% of Indian Sellers Eye US & UK for Cross-Border Trade Expansion: Payoneer & SellerApp Report 2022
The eCommerce sector is undergoing a digital revolution like no other, propelled by cross-border SMBs that are embracing the winds of change with remarkable agility. As per the report, approximately 63% of small and medium-sized businesses (SMBs) are present on global marketplaces, contributing to nearly 60% of their overall retail sales.
Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally, partnered with SellerApp to unveil the latest ‘Amazon Seller Report 2022’. The year 2022 has been an exceptional one for global e-commerce adoption, with its remarkable ups and downs. The resilience and adaptability of online sellers have been instrumental in their tremendous success, in overcoming the challenges brought by the looming economic recession. This report offers a comprehensive overview of eCommerce in 2022, covering crucial aspects like sales, buyer sentiments, seller growth, and popular categories.
The eCommerce sector is undergoing a digital revolution like no other, propelled by cross-border SMBs that are embracing the winds of change with remarkable agility. As per the report, approximately 63% of small and medium-sized businesses (SMBs) are present on global marketplaces, contributing to nearly 60% of their overall retail sales. Also, a whopping 86% of sellers have experienced a surge in earnings since the pandemic began, underscoring the industry’s resilience and adaptability in the face of adversity. Additionally, as Indian cross-border businesses continue to explore new frontiers, 73% are now eyeing expansion opportunities in the US and UK.
The report provides significant insights and intelligence about the expanding eCommerce industry. Its key findings comprise:
- High frequency of purchase- 58% of buyers make online purchases at least once every few weeks)
- 65% of online shoppers favor using eCommerce platforms through their computers or laptops. However, one-third of the customers have also started opting for mobile shopping, indicating the need for optimizing product pages for mobile devices
- Businesses on eCommerce experience rapid growth and profitability- 63% of eCommerce sellers achieve profitability within their first year of operations
- Third-party sellers in the US sell around 7000 products per minute on global marketplaces, out of which more than half also sell on Walmart and Shopify
- 76% of eCommerce sellers turn a profit, while 63% become profitable within the first year of becoming an eCommerce seller
- Globally popular product categories for online retail
- The categories that are highly sought-after by eCommerce shoppers around the world are electronics, apparel, footwear and jewelry, and beauty and personal care products
- The Home & Kitchen category emerged as the top-grossing eCommerce segment in 2022, generating a revenue of $29.3 billion, while Electronics and Clothing, Shoes, and Jewelry garnered $17.1 billion each, occupying the second and third positions, respectively
- Demography of sellers & buyers
- Predominantly young male sellers- eCommerce sellers across the globe include 64% men and 32% women, with most falling under the age bracket of 25–44 years
- Women buyers outrun men: While men account for the majority of online shoppers (56%) in the electronics category, the clothing & jewelry, as well as beauty & personal care categories, are being dominated by women with a 72% and 80% respectively
The data is based upon sellers that are currently associated with the seller app platform where the overall public data of the user is considered to formulate trends around e-commerce selling and Amazon. Certain data points are based on a closed survey of cross-border e-commerce sellers. Please read the full report – Amazon End of Year Report