eCommerce is a hotly competitive industry, and merchants need to stay on top of trends to make sure they can cut through the digital noise and win at the checkout. 

There’s lots of elements that make up a great eComm customer experience. Digital marketing, buyer journeys, payment processes, logistics… It’s a rich tapestry of moving parts, especially if you’re selling your goods and services internationally (and you should!). 

At Airwallex, we create solutions that streamline financial operations for eCommerce businesses and lift them towards their growth goals. We’re also passionate about growing the industry, which is why we’ve conducted essential global consumer research in our Cross-Border eCommerce Report. 

Below we round up the best statistics from the report, plus some from compelling secondary sources, to help you better understand the industry in 2024 – and boost those sales! 

Statistics about eCommerce Growth

1. 54% of consumers will increase the frequency with which they purchase from overseas merchants over the next 6-12 months

In Australia’s key markets of Hong Kong and China, that number rises to 76% and 70% respectively. Australian consumers were the most likely to signal that they are looking to decrease (20%) or significantly decrease (8%) their international online shopping.

Source: Cross-Border eCommerce Report, Airwallex 2024

2. 29% of transactions (AUD$18bil) in the Australian eCommerce industry are cross-border

Estimates suggest that the global cross-border eCommerce market will reach USD$7.9 trillion by 2030. 

Source: ‘Cross-border business-to-consumer (B2C) e-commerce market value worldwide in 2021 and 2030’, Statista, 11 July

3. 34% of Australian SMEs are operating in an international market

And a further 35% are wanting to go global soon. Learn how our incredible Global Accounts can help make that goal a reality. 

Source: Australian Business Growth Index 2022, Airwallex

4. 1 in 7 Australian households made weekly online purchases

In 2023, there was a 2% increase in households that purchased 26-51 times a year, and a 1% increase in households that purchased 52 times a year.

Source: Australian Business Growth Index 2022, Airwallex

5. 88% more purchases were made on Black Friday in 2023 when compared to 2019

Having a Black Friday strategy is well worth it, as Australian’s have rapidly embraced the sales event over the last few years. 

Source: 2024 Australia Post eCommerce Industry Report

Statistics about eCommerce Payments

6. 93% of consumers claimed that seeing products priced in their local currency impacts their decision to purchase

Nobody likes it when their shopping trip is interrupted with currency conversion maths! Could it be slowing your customers down?

Source: Cross-Border eCommerce Report, Airwallex 2024

7. 77% of consumers claimed they are likely to abandon their cart if their preferred payment method is unavailable

Preferred payment methods change depending on what market you’re targeting. It’s important to offer all major methods to your international customers. 

Source: Cross-Border eCommerce Report, Airwallex 2024

8. 37% of Australian consumers’ preferred payment method for cross-border purchases are digital wallets

Digital wallets - including Apple Pay, Google Pay and PayPay - are Australia’s favourite way to make cross-border purchases. 

Source: Cross-Border eCommerce Report, Airwallex 2024

9. 48% of consumers in China prefer to pay by digital wallets

Including local options such as AliPay and WeChat Pay.

Source: Cross-Border eCommerce Report, Airwallex 2024

10. 35% of consumers claim they are unlikely to return to a merchant after being charged hidden fees

Hidden costs, such as currency conversion and international fees, can have a big influence on customer loyalty. That’s not to say that consumers aren’t open to paying fees in general, most expect to pay between 1-2% in foreign exchange fees when buying from international merchants.

Source: Cross-Border eCommerce Report, Airwallex 2024

11. 41% of businesses do not receive any actionable analytics with their payments data

Evaluating accurate payments data can make a huge difference in your businesses future success. With so many opportunities to collect analytics across your buyers’ journeys, finding a platform that gives you a total view of data could be transformative. 

Source: 2023 Checkout.com Report – ‘Payment challenges when expanding into new Markets’

12. 62% of businesses see having the most popular locally accessible payment method (Paypal, card payments such as Visa, Mastercard and Amex, BNPL etc.) as critical for cross-border transactions

How many payment methods does your provider accept? The more is very much the merrier.

Source: 2022 CDOTrends Study – ‘Payment challenges of Asia Pacific e-commerce players as they expand cross-border’

13. 92% of merchants suggest that efficient cross-border payment solutions are either very important or extremely important.

Without a highly efficient cross-border payment solution, you could be missing out on sales. 

Source: Embedded Finance Report, Airwallex 2023

14. 75% of merchants are actively considering or are undecided on switching to a new provider in the next 12 months in search for a more efficient cross-border payment solution

If this fits your situation, consider watching a short demo of Airwallex’s.

Source: Embedded Finance Report, Airwallex 2023

15. 65% of businesses don’t receive detailed raw response codes on failed payments

If you’re not using a payments provider that makes this data accessible, you could be missing insights that could help you make smarter business decisions.

Source: 2023 Checkout.com Report – ‘Payment challenges when expanding into new Markets’

16. 13% of merchants cited that their current payment service provider does not cover specific countries

You should be in the countries where your product or service has a good market fit, so find a provider that can cover popular payment methods in the countries you’re targeting.

Source: 2022 CDOTrends Study – ‘Payment challenges of Asia Pacific e-commerce players as they expand cross-border’

Statistics about eCommerce Marketing

17. 75% of consumers say that endorsement from international influencers is likely to impact their trust in overseas merchants

It can also strongly influence their overall purchase decision when shopping on social media channels.

Source: Cross-Border eCommerce Report, Airwallex 2024

18. 59% of global consumers are likely to purchase from a merchant’s social media channels

Access to deals and special offers, as well as speed and ease of purchasing, are key motivations for shopping cross-border via social media.

Source: Cross-Border eCommerce Report, Airwallex 2024

19. 49% of respondents in China are using TikTok to make purchases online from international merchants

For consumers in China, Hong Kong and Singapore, interactive online selling, such as ‘live shopping’ on the platform, was highlighted by consumers as one of the main reasons for shopping from overseas merchants.

Source: Cross-Border eCommerce Report, Airwallex 2024

20. 49% of consumers globally believe they have better buying experiences on social media compared to websites and marketplaces

42% are motivated to shop on social media because they have a preference for seeing personal recommendations through the channels.

Source: Cross-Border eCommerce Report, Airwallex 2024

21. 78% of consumers agree loyalty programs enhance their experience

Think about how you could introduce a loyalty aspect into your marketing, before and after you capture a customer. 

Source: 2024 Australia Post eCommerce Industry Report

Statistics about eCommerce Logistics

22. 47% of consumers say that lengthy refund processing times present a challenge when shopping online from international merchants

Is your payments platform robust enough to issue quick international refunds?

Source: Cross-Border eCommerce Report, Airwallex 2024

23. 43% of consumers cite the cost of return shipping as an issue

Advancements in eCommerce logistics, spurred on by global marketplaces such as Amazon, have led to higher consumer expectations.

Source: Cross-Border eCommerce Report, Airwallex 2024

24. 41% of consumers say shipping costs and transparency are the most important features when evaluating an international merchant’s shipping policy 

Today’s consumer wants products to arrive in good time even when purchasing from overseas merchants and, if necessary, they expect to be able to follow a simple returns process.

Source: Cross-Border eCommerce Report, Airwallex 2024

25. 37% of consumers claim they are unlikely to revisit a merchant if the refund process is substandard

Overly-complex refund processes can have a damaging effect on customer loyalty.

Source: Cross-Border eCommerce Report, Airwallex 2024

26. 46% of international merchants struggle to offer competitive shipping rates

This relates to delivery times and passing on delivery fees to their customers. 

Source: 2022 Glopal Survey – ‘Key challenges international merchants are facing’

27. 21% of merchants say supply chain disruptions are still regularly impacting shipping operations

Thankfully, this is a significant drop from 2021’s number of 38%. 

Source: 2023 Shippo Report – State of Shipping 

28. 34% of merchants spend 11-20% of an order’s total value on shipping

32% spend between 6-10%, 21% spend between 1-5% and 13% spend less than 20%.

Source: 2023 Shippo Report – State of Shipping 

29. 43% of Australian retailers raised their free shipping thresholds in 2023

And some implemented fees for returns, in a significant move to shift the cost of returns back onto the customer. 

Source: 2024 Australia Post eCommerce Industry Report

30. 51% of Gen Zs are likely to make returns to merchants 

The youngest generation were most likely to have a strong inclination for sending items back. Only 21% of Baby Boomers showed the same inclination. 

Source: 2024 Australia Post eCommerce Industry Report

Statistics about eCommerce Customer Sentiments

31. 61% of consumers perceive international merchants to be trustworthy.

Respondents in China (87%), Hong Kong (77%), and Singapore (65%) indicated a greater sense of trust towards international merchants, while those from the US (58%) and the UK (42%) tend to be slightly more sceptical.

Source: Cross-Border eCommerce Report, Airwallex 2024

32. 75% of consumers claim that ratings and customer reviews play a more important role in decision to buy from international sellers vs domestic sellers 

Merchants should spend time generating authentic customer reviews on local websites. These reviews serve a double function of increasing consumer trust and helping brands rank on local marketplaces and search engines.

Source: Cross-Border eCommerce Report, Airwallex 2024

33. 62% of Australian consumers are willing to pay extra for products that align with their values

This could encourage merchants to evaluate sustainability and ethical production measures. 

Source: 2024 Australia Post eCommerce Industry Report

Statistics about eCommerce Merchant Sentiments

34. 40% of merchants have selected cross-border expansion as one of their upcoming priorities

With so many opportunities existing abroad, expanding is the natural choice for many businesses.

Source: 2022 Verifone Survey – ‘E-commerce companies’ challenges and priorities’

35. 50% of APAC merchants see cost as a significant barrier to cross-border eCommerce

Despite the amazing opportunities that expansion brings, costs can get in the way. That’s why businesses need a provider that can cut FX and transfer fees. 

Source: 2022 CDOTrends Study – ‘Payment challenges of Asia Pacific e-commerce players as they expand cross-border’

36. 23% of merchants felt that the cost and time it takes to set up a local entity is a barrier to cross-border eCommerce

That’s why you need a cross-border account that can help you open up accounts with local bank details from Australia in minutes. 

Source: 2022 CDOTrends Study – ‘Payment challenges of Asia Pacific e-commerce players as they expand cross-border’

37. 51% of merchants selling internationally do not feel completely confident that they know how to maximise cross-border sales

You need to stay ahead of key trends and changing consumer behaviours. Get up to date with the latest information by downloading our Cross-Border e-Commerce Report.

Source: 2020 Visa Global Merchant E-commerce Study – ‘Cross Border Sales’

Discover why Airwallex is a favourite payments provider for Australian eCommerce leaders

So, you want to take your eCommerce growth to the next level? Airwallex can help. We’ve got top Australian brands like July, KeepCup and Crockd as happy clients – could you be next?

“Having Airwallex as our global trusted partner means we can spend less time on the phone to the bank, and more time instead focusing on growing our business both domestically and internationally.” - Richard Li, Co-Founder & CEO of July

Get started by signing up for a free global account now, and discover how Airwallex could help you win in eCommerce in 2024. 

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.