JCB whitepaper helps European merchants capitalise on rise of e-commerce spend by Asian shoppers

JCB International has launched a new whitepaper aimed at supporting European merchants to address a common challenge in the e-commerce space: cart abandonment.

The global e-commerce market is expected to continue its upward trajectory, reaching $6.3 trillion in 2023.

The Asian market, in particular, has seen significant growth, with Southeast Asia alone accounting for five of the world’s ten fastest growing e-commerce markets.

This presents a major opportunity for merchants in Europe as there is an increasing willingness among Asian shoppers to purchase online from businesses worldwide.

Tackling the perennial challenge of cart abandonment in the e-commerce space presents various benefits for merchants, such as increasing sales turnover, higher conversion rates, improved customer experience, and customer loyalty.

One way to reduce cart abandonment rates is to cater for the needs of international customers, by providing a seamless online experience and local payment options.

Accounting for 55% of the global consumer class (2.2 billion people), Asia has considerable spending power. However, despite a predicted online retail market of over $2.8 trillion by 2025, Asia Pacific has the highest cart abandonment rate in the world at over 84% in March 2023.

Understanding the Asian customer can help merchants to capitalise on revenue potential and establish themselves as a cross-border purchasing option, with the scope of reducing cart abandonment levels.

The primary causes of cart abandonment have been identified in JCB’s whitepaper, ‘Click into Place | Unpacking Cart Abandonment,’ which shares exclusive insights, advice, and expert analysis for European merchants to tackle cart abandonment.

This includes solutions such as providing payment choice, showcasing clearly defined options, logos, local currency requirements, pricing, and implementing device specific payment journeys.

With a particular focus on online spend from Asia, the whitepaper aims to help European merchants boost e-commerce sales and stand out from the crowd by providing best practice solutions to help encourage customers through checkout.

Ray Shinzawa, Managing Director, JCB International (Europe), comments: "E-commerce sales are showing no signs of slowing down and catering for the needs of an international audience will become a priority.”

“With Asian countries and regions becoming the world’s fastest growing e-commerce market, understanding and exceeding the expectations of Asian customers represents the first step in tackling cart abandonment.”

“As one of the global payments brands originating from Japan, JCB has unique insights into the region’s e-commerce market and spending habits, proving a valuable partner for European merchants looking to step up in the e-commerce space.”

Nick Fisher, General Manager, Sales & Marketing, JCB International (Europe), says: “Cart abandonment is a pressing challenge that online merchants face as more players emerge.”

“Adopting a proactive approach and leveraging expertise from the right partners can help merchants shift the narrative and transform a challenge into an opportunity.”

“While there is no one size fits all solution, understanding the purchasing behaviours of your customers and ensuring the availability of their preferred payment option will put you in a far better position to reduce the number of abandoned carts and increase sales turnover.”