India in cross-border e-commerce growth big league
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American financial service company Payoneer has said that global e-commerce revenue grew by over 80% in the second and third quarter of the current calendar, as the Covid-19 pandemic has led to a boost in online shopping world over. More specifically, Payoneer remarks, the impact on cross-border e-commerce has been “unmistakable”.
“What was previously a gentle slope of growth has now taken a sharp and steep incline,” read a report by Payoneer, which provides a digital platform for global commerce for millions of small businesses, marketplaces, and enterprises across 200 countries and territories.
“The year 2020 has seen a decade of growth within just a few months and it was observed that India has been amongst the top 10 countries in cross-border e-commerce growth,” the report highlighted. As per the rankings, China tops the charts followed by U.S., Hong Kong, South Korea, United Kingdom, Ukraine, and Vietnam. India ranked at nine, behind Israel and ahead of Japan.
As countries enforced full or partial lockdowns to contain the spread of Covid-19, “online shopping behaviour and consumption patterns cemented into a new reality,” read the report. “As seen from global revenues, it’s clear that not only has worldwide e-commerce advanced considerably in just a few months, but a new baseline and growth trajectory for the industry is now set—and shows no sign of retreat.” Clearly, as the report added, “it’s been one giant leap for the consumer, one massive growth spurt for e-commerce.”
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Leveraging on Payoneer’s global customer base, the report’s data is based on a sample of more than 200,000 merchants selling on international marketplaces during Q2 and Q3 2020, compared to the same period in 2019. Additional insights were sourced through global seller and partner testimonials, the report said.
This year, India’s e-commerce growth story gained eyeballs after Mukesh Ambani-led Reliance Industries raised a whopping $20 billion for its digital services arm, Jio Platforms, from marquee global investors, including Facebook and Google.