Merchants should prepare for an onslaught of sales this holiday season as consumers reallocate spending, according to PingPong Payments.
“As the holiday season begins, shoppers more familiar with navigating digital spaces as a result of the pandemic are expected to continue reallocating their remaining wallet share on online goods as a substitute to travel, or other activities.”
This is leading merchants to source inventory early to prepare for an anticipated surge in online shopping that will continue through Christmas, and it noted data from Forrester Research showing that 63% of all ecommerce sales are coming from marketplaces such as Amazon, Alibaba, and Rakuten.
“Black Friday presents a huge opportunity to capitalize on the ecommerce growth experienced over the last year, with the payments sector being a catalyst to support US sellers expand and accommodate over 300 million Americans venturing online,” said PingPong Payments cofounder Ning Wang.
The pandemic’s disruption on global supply chains has become a wake-up call for merchants who are seeking a reliable, and diverse supplier network even as customer demand increases.
“Traditionally, the biggest hurdle for most ecommerce sellers using dynamic international supply chains is managing sustainable cross-border fees,” Wang said. “Payment providers are now addressing those issues to allow sellers to streamline international goods at ease, pay suppliers on time, provide tax support, and open local bank accounts to facilitate business overseas.”
“Sellers should be adding the right infrastructure now to plan for shoppers continuing to utilize online services into 2021 and beyond.”