“What that resulted in was people that had not previously shopped online and businesses who didn’t have online business models suddenly needed to adapt and become digital natives.” In that time, the world of online shopping exploded,” says WorldFirst’s Parker. Huge parts of the world that have been physically locked down. “What we've seen in the last 18 months is an acceleration of digitalization and the adoption of digital products and services. However, the Covid-19 pandemic has accelerated the shift towards online selling, not only increasing the amount of potential business individual sellers have access to, but also increasing the number of online sellers. Their prevalence, according to Payoneer CEO Scott Galit, is the result of the “mass democratisation of participation in global commerce” that has been produced by the development of web technologies over recent decades. Online sellers, who typically make a living selling goods to customers internationally, have been on the rise for years, and are a familiar part of online marketplaces such as Amazon. “Therefore, whether it's in the seller community or the PSP community, we are now really going to work exceptionally hard at making that marketplace the best marketplace, not just the biggest marketplace.” Online sellers and the changing ecommerce landscape However, it's just as important for us to have a very good reputation,” says Malcolm. “Amazon are clearly saying that our marketplace, at our size and with our valuation, needs to continue to grow. ![]() OFX CEO Skander Malcolm echoes this, arguing that the increased regulatory compliance and fraud prevention that Amazon’s Payment Service Provider Program brings is a reflection of how ecommerce has moved from “the gold rush stage” to “the quality phase”. Parker views the introduction of the program as “extremely positive”, arguing that the increased integration with Amazon enables the company to “better support” the merchants it services, including by automating processes to reduce friction and provide greater tailoring to individual customers. “Once they have successfully tested they can then decide if there are other channels they want to sell through as well.” “Amazon is often the first entry point into selling overseas for merchants because they make it so easy for those sellers to test their international strategy,” explains Jeff Parker, CEO, WorldFirst. ![]() ![]() While this may seem like a fairly typical business development for Amazon, it has significant impacts for the wider online sellers and marketplace community, which has swelled in size over the course of the pandemic as consumers have shifted purchasing behaviours towards ecommerce.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |