Digital services benchmark reveals winner and loser regions in global eCommerce
Digital services provide real-time indicators into buyer behavior and tend to reflect the overall health of global markets. Understanding these patterns gives online services companies the opportunity to redirect efforts to different regions or target their campaigns to where the opportunity is emerging.
Digital commerce solutions company Avangate today released findings from its first Digital Services Benchmark. The new report tracks global consumption of digital services to identify regions with the fastest growth and greatest contraction.
The report reveals that Kuwait, Vietnam, Slovenia, Pakistan, Saudi Arabia and India are seeing the most digital growth, with positive increases in buyer purchasing from Q2 to Q3 2015. One of the countries that showed consistent growth, Vietnam, has a booming tech scene, which has been reported as the nation’s most successful private industry.
At the other end of the scale the regions with the slowest growth are Kazakhstan, Serbia, Namibia, Greece, Ecuador and China. After dropping significantly at the top of Q3, Greece saw a 56 percent increase in purchases during August 2015 which may be evidence of recovery. China also saw a slight surge of seven percent during this time period, likely due to interest rate cuts employed by banks.
"Our mission is to support and stimulate global commerce for digital services from global payment processing, tax and compliance to automated billing, renewal and customer engagement," says Michael Ni, CMO and SVP of Products at Avangate. "We believe that by identifying patterns and drawing correlations from the data to current events, we can help our clients make smart decisions that deepen relationships with existing customers and extend services where new opportunities arise".
The report concludes that the opportunity for online commerce is fluid across the globe. As a result online service providers need to ensure they're supporting a strong foundation for digital commerce, regardless of the market they're targeting.
More information is available on the Avangate website and there's a summary of the findings in infographic form below.
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