The global e-commerce market is constantly growing. In Europe, many countries are growing significantly, and the appetite of companies and consumers to sell and buy online can be seen in the statistics.
The Romanian online business environment is developing more and more. The estimated number of online merchants amounts to 30,000 (own store or marketplace), and more and more players are investing in increasing the quality of services offered to buyers, from customizing offers to delivery.
The challenges that may stand in the way of cross-border enlargement are distance, infrastructure problems, cultural and social differences in consumer approach and legal and fiscal impediments. But the success brings results: PayU data show that online stores in the company’s portfolio that have expanded their business outside the country have recorded sales that have contributed even 50% to their turnover.
To help Romanian merchants expand their business abroad, PayU, the fintech division of the multinational media and internet group Naspers, has developed PayU HUB – a global platform for borderless online payments.
Through unique integration with the API interface, traders have access to 2.3 billion potential new customers in high-growth markets such as Asia, Central and Eastern Europe, the Middle East, India, Africa, and Latin America. And this is not the only advantage. The main benefit is the guarantee of a higher conversion for online stores. In addition, payments can be processed through local centers, which is favorable for both customers and merchants.
Romanian traders can thus access emerging markets in which e-commerce is growing exponentially, even by 20% per year. The cross-border expansion also helps attract a new category of customers and even future customers, with 90% of the global population under the age of 30 living in emerging markets. Revenues grow automatically and business grows. Experts estimate that the value of cross-border online commerce will reach $ 1 trillion by 2020. About two-thirds of this amount is expected to come from emerging markets, such as Latin America, Europe, Africa, Asia, and the Middle East.
In addition to the PayU HUB solution, PayU supports merchants who want to take their business to another level and increase their revenues by providing them with expertise in online payments in various markets and an effective local approach.