- Vivian Hendriksz |
London - Paypal UK is encouraging British online retailers to try and tap into the upcoming spending spree taking place in the run up to the 4th of July, the United States Independence Day, as its slated to become the next big international shopping holiday following Chinese New Year and Single's Day.
The National Retail Federation in the US predicts that approximately 214 million people plan on celebrating the 4th of July this year, spending a total of 6.8 billion US dollars (5.12 billion pounds) in the run up to the day. Simon Moran, PayPal's UK's strategic client services director stressed that holiday gave British retailers enough reason to celebrate as well.
"Fourth of July prompts a surge of American consumers shopping in store and online," he said to Retail Times. "It’s not only a major shopping event for US retailers, there’s also a ripple effect for online retailers here in the UK. Last year during this period, we saw a marked uplift in US consumers spending at British online fashion retailers. It’s driven by US consumers looking for British trends and collections only available at our online stores."
In addition, recent research from PayPal and Ipsos Mori shows that approximately 9.1 million US shoppers purchased from online UK retailers in 2015, which makes the US the UK's second largest online export market. And British fashion was the most popular category for US shoppers, with apparel, footwear and accessories being listed as the most sought after sectors.
Moran advises British retailers who are interested in capitalising on international shopping events such as the 4th July to ensure their international platforms are tailored for overseas consumers. "Three things are important to US consumers when they’re shopping internationally," he said.
"Firstly, the ability to pay in US dollars – 29 percent are more likely to make a purchase online in their local currency." Due to the recent drop in the value of the pound following the Brexit, US shoppers are also likely to purchase more than usual thanks to favourable exchange rates.
"Our research also tells us that the two most common reasons for overseas shoppers abandoning a purchase at the checkout are high shipping costs and lengthy delivery times. Getting these right can dramatically increase your appeal to your potential American customers."
Photos: Paypal, news