Payoneer (NASDAQ: PAYO), a commerce and technology company powering payments and growth for the new global economy, today launched the first edition of its India eCommerce Report, ‘Made in India for the World: The State of Indian Cross-Border eCommerce.’ This report is based on responses to an extensive survey conducted among cross-border commerce businesses associated with Payoneer in India. The report highlights factors that have helped Indian cross-border sellers succeed so far and challenges that need to be overcome. As per the findings, Indian sellers have moved on from the pandemic and have made healthy progress in this space. Interestingly, 86% of Indian sellers saw an increase in earnings since the start of the pandemic.
Many Indian cross-border businesses have undergone a fast-paced digital transformation and contributed to surpassing the government-set $400 billion export target this year. This was possible partly due to the ‘Make in India’ program and shifting customer demands around the world. Interestingly, the report mentions that 91% of Indian sellers are looking at expanding their business to new markets, with 73% eyeing the United States for their planned cross-border trade expansion.
“Having recently crossed its ambitious export target of $400 billion, India has made a significant mark in today’s cross-border trade ecosystem. With the support of the government throughout the challenging pandemic years, most Indian sellers have reported an increase in their earnings,” said Gaurav Shisodia, Country Manager (India) at Payoneer. “The findings of our India eCommerce Report 2022 give us an understanding of the current state of India’s cross-border sellers and reinforce our belief that Indian sellers will continue to grow exponentially in the global market.
At Payoneer, our mission is to constantly provide a seamless experience and empower our customers to reach greater heights,” he added.
Indian seller ecosystem: key strengths & challenges
As growing connectivity brought a boom to borderless economies, Indian sellers saw increased interest from across the globe, largely owing to the quality of ‘Made in India’ products. As per the report, 70% of Indian sellers established that it is their faith in their product quality as compared to that of other leading countries that is helping them expand their exports on an international level. On being asked about the key challenges that they face in the ecosystem, 35% of Indian sellers stated marketing as their biggest weakness when it comes to selling their products, while 28% reported supply chain issues as the key challenge. Some sellers also mentioned how there is a common myth that Indian goods are low in quality and lack innovation, leading to issues for sellers in building trust and credibility amongst foreign buyers.
ePayment platforms are the key drivers behind the optimism of Indian sellers
With more and more businesses going global, ePayment platforms are getting increasingly popular for international transactions, as 66% of the respondents said online payment solutions are the most preferred cross-border payment method. The respondents also added that apart from ePayment platforms, factors such as government support and improved logistics are also major contributors to their optimism around future trade earnings.
The increased confidence of Indian sellers owing to quality products at competitive pricing has had a positive impact on cross-border eCommerce. The report states that 93% of respondents have confirmed their optimism about their future trade earnings.
