‘Payment solutions’ identified by global merchants as a key factor for successful expansion into Asia
HONG KONG - Monday, July 14th 2014 [ME NewsWire]
(BUSINESS
WIRE)-- While over 80 percent of global online merchants plan on
expanding their e-Commerce businesses in Asia over the next 12 months,
almost all respondents (99 percent) say they face obstacles in gaining a
firm foothold in the market, and in particular China, according to
research by NTT Communications.
The survey, Breaking into the
e-Commerce Market in Asia: Opportunities and Challenges, interviewed 200
United Kingdom and United States based decision-makers from the retail,
gaming, travel and hospitality industries to evaluate the business
potential of Asia’s e-Commerce market, the challenges merchants face,
and the role that payment solution providers should play in helping
merchants overcome these challenges.
Two-thirds of respondents
forecast the volume of their companies’ e-Commerce transactions in Asia
and China to increase by 10 and 50 percent in the next three years,
reflecting the promising business potential of the market. However, the
study also reveals a number of local challenges that merchants need to
overcome to successfully grow in the region.
Other key findings include:
Over 80 percent of respondents consider global e-Commerce crucial to the success of their businesses.
Greater
China is a high-potential market for e-Commerce. Mainland China (79
percent), Hong Kong (66 percent) and Taiwan (57 percent) top the list as
the three most popular Asian destinations for e-Commerce expansion in
the next 12 months.
Challenges most respondents face when delivering
e-Commerce in Asia1 include local tax regulations and compliance (50
percent), local market needs (46 percent), language barriers (44
percent), shipping difficulties and cost (42 percent), local preferred
payment types (37 percent) and cross-border currency settlement (37
percent).
Acquirer connections (45 percent) topped the list of key
success factors for delivering e-Commerce in Asia and China. This is
followed by risk and fraud management (43 percent), global acquirer
connections (35 percent), acquirer connections in Asia (30 percent) and
alternative payment methods (30 percent).
Payment solution providers integral in helping merchants adapt to unique Asian e-Commerce landscape
Tyrone
Lynch, Vice President, eBusiness of NTT Com Asia said, “Asia holds a
lot of potential for global e-Commerce merchants and yet their success
is being hindered by a lack of local knowledge necessary in overcoming
operational challenges, such as currency restrictions, tax regulations,
licensing requirements and local payment methods. A payment solution
provider with strong local acquiring capabilities is needed to help them
navigate the complex and dynamic e-Commerce market of Asia.”
Lynch
continues, “China, in particular, is in a unique situation where
conventional and mainstream payment methods used internationally are not
prevalent. Understanding the unique payment landscape in China, while
providing consumers with the ability to pay in their preferred local
methods is critical for success in this vast and fast-growing market.
To
this end, NTT Communications has introduced its e-Commerce payment
solutions aimed at helping e-Commerce companies expand their online
presence and mitigate local market challenges.”
To download the report Breaking into the e-Commerce Market in Asia: Opportunities and Challenges visit www.nttcominsight.com
- Report Video Highlights
1 Excludes mainland China
Methodology
NTT
Communications commissioned market research firm Vanson Bourne, to
conduct research on 200 decision-makers from companies with e-Commerce
business within the retail, gaming and travel / hospitality sectors in
the United Kingdom and United States of America. To qualify for the
research, respondents’ companies must have an annual revenue of US$12
million or more from their e-Commerce operations and have engaged in
e-Commerce with Asia and / or China.
About NTT Communications
NTT
Communications provides consultancy, architecture, security and cloud
services to optimise the information and communications technology (ICT)
environments of enterprises. These offerings are backed by the
company’s worldwide infrastructure, including leading global tier-1 IP
network, Arcstar Universal One™ VPN network reaching 196
countries/regions, and over 150 secure data centers NTT Communications’
solutions leverage the global resources of NTT Group companies including
Dimension Data, NTT DOCOMO and NTT DATA.
About NTT Com Asia
NTT
Com Asia is NTT Communications’ East Asia headquarters covering Hong
Kong, Macao, Taiwan and Korea. The company provides enterprise-class
network, data centre, cloud, hosting, e-Commerce solutions, and managed
services, and operates its’ wholly owned subsidiary HKNet in Hong Kong.
Please
visit www.ntt.com.hk | www.hknet.com | www.facebook.com/nttca |
http://www.linkedin.com/company/ntt-com-asia-limited for further
information.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140714005392/en/
Contacts
NTT Com Asia Ltd
Tammy Tsui, +852-3793-0396
tammy.tsui@ntt.com.hk
Priscilla Kwok, +852-3793-0937
priscilla.kwok@ntt.com.hk
Bite Global Hong Kong
Amanda Do, +852-2534-8713
Amanda.do@biteglobal.com
Jennifer Yu, +852-2534-8734
jenniferyu@biteglobal.com
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