E-commerce is quickly becoming the preferred method of shopping for consumers while proving to be a lucrative option for traditional retailers or local e-commerce merchants striving to reach customers well beyond their country's borders.
Global estimates have shown e-commerce sales topped $1 trillion for first time in 2012. But while North American consumer spending online has increased, sales in Asia-Pacific are growing even more rapidly, nearing one-third of all global business to consumer e-commerce sales. Europe also represents an attractive market for online retailers, boasting over 300 million digital buyers.
According to Pivotal Payments, one of Canada's leading payment processing companies, multi-currency processing is the future of e-commerce sales, allowing online retailers to sell to a global clientele by offering their products in multiple foreign currencies while receiving payment directly in Canadian funds.
With a view to expanding market reach, the payment processing industry continues to introduce new and innovative methods of helping businesses integrate this high-demand function to their e-commerce platform, making it easy to geo-target prices to local currencies.
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