Glenbrook’s eCommerce Market Analysis Reports have been designed to help U.S. companies better understand eCommerce markets around the world — why they might be attractive expansion targets, what makes them unique, what payment options are necessary to reach the broadest possible cross-section of online buyers, and which payment providers can help companies enter the market.
Argentina is the largest Spanish-speaking eCommerce market in South American, and the home of many of the region's shopping cart providers and payment service providers. While payment cards are used for the majority of online purchases, many Argentines prefer cash payments made through Pago Facil and other cash collection networks.
The largest eCommerce market in Latin America is also home to nearly 10 million online buyers. Famous for the Boleto Bancário payment method, Brazilians also have a preference for installment payments when using cards. Recently deregulated, the merchant acquiring market in Brazil is finally starting to open up.
Already the world's 5th largest eCommerce market, China is experiencing explosive growth in online commerce. In spite of intense global focus, the domestic eCommerce market is largely the story of domestic tender types, accessible through a handful of local payment service providers (PSPs).
Although online penetration is relatively modest, due to its enormous population, the Indian online user community today is nearly equal to that of Japan - the largest eCommerce market in the Asia-Pacific region. And while the eCommerce market today may be small, as one of the four BRIC countries, India is becoming an attractive expansion target for International merchants.
After Brazil, Mexico is one of the clear leaders in the Latin America eCommerce market. On the global stage, Mexico is an emerging eCommerce market that is actively served by many regional and global payment service providers.
Of the emerging eCommerce markets in Eastern Europe, Poland is the clear opportunity in the region; eRetail has already eclipsed online travel as the dominant segment and the overall market is growing at over 25% per year.
Online shopping is still in its infancy in Russia, and domestic merchants to date dominate the local eCommerce market. Payment card usage online is still meager, but domestic eWallet services have stepped in as an important online payment method. Glenbrook estimates that the Russian eCommerce market reached US $12.84 billion in 2010.
While relatively small in online sales, South Africa is one of the largest eCommerce markets in Africa. Glenbrook estimates the South African eCommerce market is over US$500M, and growing at a double-digit rate. As is typical with most emerging eCommerce markets, online travel dominates with three times the spending seen in the entire online retail segment
South Korea is the third largest eCommerce market, after Japan and China, in the Asia-Pacific region. On the global stage, it is recognized as a leader in mobile payments and virtual goods. Glenbrook estimates the South Korean eCommerce market was roughly US$15.4 billion in 2009, growing at approximately 10.0% a year.
As an emerging eCommerce market, Turkey is seen as having more near-term potential than most other markets outside of the core European eCommerce market. Our analysis indicates that the Turkish eCommerce market was roughly US$14.05 billion in 2010, growing at a healthy 14.3% a year.