Dec 2011 - The so-called BRIC countries are among the world's fastest growing and potentially largest economies. They belong to the Top 10 countries globally in terms of population and GDP and combined make up more than 40% of the world’s population. When it comes to eCommerce and online payment adoption, BRIC countries boast 50% year-on-year growth figures so they offer tremendous potential.
Tap into BRIC growth potential but beware of tripwires
Online payment strategies need to be tackled on a country-by-country basis and emerging markets like the BRIC nations are no different. On the contrary, as this paper shows, they present additional challenges and differences in:
■Cultural habits and local payment preferences
■Internet penetration and consumer acceptance of online shopping
■Banking and legal requirements
eCommerce merchants who plan to expand their business into BRIC markets have to beware of these challenges. Overall, the differences outnumber the similarities and the “tripwires of doing business” are both country- and industry-specific, so one strategy will not “fit all”. Read also testimonials from Valve and Despegar to see how GlobalCollect consulted them on implementing a winning BRIC payment strategy