One of the best ways to gauge the interest in any e-commerce platform is to understand how the people are paying on those platforms as well as what are the number of transactions that payment companies are handling per day. Now, we know that there are many payment companies such as PayPal, Payoneer and other but Payoneer is preferred by many due to its low charges and easy process. For this reason, one of the best ways to know the growth of sales in e-commerce markets is with the help of data from Payoneer.
Right on cue, Payoneer has revealed its data of payments made via the platform and have revealed that they have found sales growth in the U.S. e-commerce market to be better than that of China in the third quarter of 2019. Now, it must be noted that the third quarter is where we believe the effect of US-China trade war would have been the most because all the stocks from imports out of China would have ended by them as is the case with China’s imports from the US.
Interestingly, Payoneer reports that the US sales growth was better than China but it also added that the UK e-commerce sales growth is better than both the US and China. According to Payoneer’s data, all the companies in the top 10 grew in double digits excluding Japan which grew by just 3% and remained last in the top 10 list. Also revealed from the report is that South Korea is becoming a powerhouse in e-commerce and saw an increase in revenue by 19% in the same period. As per the report, the US e-commerce sales growth was at 49% in third quarter whereas the growth in the China market remained at 33%. However, UK’s market grew at 56% which means that it takes the top spot when it comes to growth in Q3.