Dominant e-retailer, Amazon hasn’t shied away from asserting its presence as the global leader in e-commerce. Year after year since its inception, the company has recorded steady growth in sales, customers, sellers, and market coverage. Recent introduction of cutting edge tools such as the European Fulfillment Network and convenient payment options like Payoneer within its Global Selling program explain why the company is quickly rising into an attractive marketplace for international sellers.
Rapid Growth of International Amazon Sellers
In the past, credit-card fraud combined with shipping delays kept away many would be international Amazon sellers. But the company’s adoption of Payoneer as a payment option, Prime Now Express Delivery Service, and the introduction of the European Fulfillment Network are some of the factors that have sped up the growth in international Amazon sellers.
Take Amazon’s Europe Fulfillment Network, for instance, which, in a nutshell, is a powerful program that lets Amazon sellers reach customers in markets across Europe from their single marketplace account. It’s through this initiative that shipping nightmares became a thing of the past.
Amazon took over the task of handling the entire process from picking to shipping your products across markets in Europe to handling all the import and export customs work. All an Amazon seller has to do is ship their inventory to them and from their pool of inventory, they will ship the product directly to any customers across Europe.
In 2015, Amazon remarked of having well over two million sellers worldwide. 40% of all the units sold then came from these sellers. Another factor that has lured many sellers to join Amazon is their ever expanding Amazon’s marketplaces.
Currently, the company has a total of 13 country specific Amazon websites where these sellers and more who continue to join the company can sell their products.
Uptake of Payoneer as a Suitable Payment Option
Besides holiday shoppers, third party sellers make the largest option of those who often make orders from international Amazon sellers. Online trends like black Friday and cyber Monday are some of the occasions that witnessed huge orders from third party sellers. Take Cyber Mondays, for instance, in which, at one point in 2015, third party sellers ordered a total of 16 million units from Amazon sellers. More important to note is that all these orders were processed through Amazon Payments.
In their efforts to make payment easier and convenient for its international sellers, Amazon now uses Payoneer as their third party payment solution provider within Amazon Seller Central. Thanks to Payoneer, cross-border payments can now be made fast, cheaply and with ease which merely explains why dozens of International Amazon sellers have adopted it as their preferable payment option.
Why Every Chinese Supplier Needs Payoneer
Growth of China as an economic powerhouse has seen lots of international Amazon sellers scouting for suppliers and vendors from China to supply them with goods.
Bank wire transfers, MoneyGram, and PayPal have long been the preferred payment option by International Amazon sellers to Chinese suppliers but emergence of Payoneer brings a different narrative to the game. Amazon sellers from any part of the world in which Payoneer has presence (currently
over 200 countries) can easily transfer the payments for the goods supplied at a cheaper cost and conveniently when they use it as a payment option.
What this means to the Chinese suppliers is that International sellers will find it easy and convenient transferring payments to them if they too adopt Payoneer as a preferred payment option. Just as it is with PayPal, the Chinese supplier can then go ahead to withdraw the money through their local bank.
Withdrawing from Payoneer to your local bank will attract no fee at all besides the conversion rate which every bank applies when they have to convert the money into your local currency. So unlike other payment options, Payoneer is pretty cheaper, convenient and what every Chinese supplier or vendor needs to grow their business and enhance great customer relations.
