The top cross border eCommerce markets businesses should expand into in 2022 and beyond

A joint Airwallex and PPRO report identifies China and the United States as leading opportunities for cross-border eCommerce growth, with 2021 market values of $301.5 billion and $103.9 billion respectively, despite relatively low international-shopping participation among their online consumers at 39% in China and 33% in the US. China’s largest eCommerce segments were toys, hobbies and DIY, fashion, and food and personal care, while US sales were led by fashion, followed by electronics and media and toys, hobbies and DIY. The report argues that merchants can improve international conversion by offering familiar local payment options, as PPRO research attributes 20% of cart abandonment to their absence; prominent methods include Alipay, UnionPay, and WeChat Pay in China and Afterpay, Klarna, Splitit, and Venmo in the US. Airwallex promotes its platform as infrastructure for accepting more than 60 local payment methods, settling funds in multiple currencies, and reducing foreign-exchange costs for businesses expanding internationally.

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