Grow Your Exports with Meta: A Guide to Cross-Border Business Growth
Grow Your Exports is a new guide from Meta aimed at aiding Indian brands in navigating the intricacies of international online retail. This effort reflects the rising trend of cross-border e-commerce involving Indian businesses.
Consumer Insights on Cross-Border Purchases
A study conducted by Kantar, commissioned by Meta, reveals that almost half of the 14,591 consumers surveyed across different markets reported engaging in a cross-border purchase within the last six months. Notably, 71% of these consumers showed a willingness to explore new brands they encountered online, while 72% expressed openness to brand-switching if presented with appealing offers or promotions.
Growth in India’s Cross-Border E-Commerce Market
India’s cross-border e-commerce sector is on a substantial growth trajectory. In 2023, international online retail sales from India surpassed $8 billion, with forecasts suggesting a 29% increase by 2025. Key e-commerce platforms are playing a vital role in driving this growth.
Challenges Facing Indian Businesses
Despite the growth prospects, Indian businesses encounter several obstacles in the cross-border e-commerce arena. A report by EY-ASSOCHAM identifies major challenges, including complicated customs procedures, issues with payment repatriation, and restrictive regulations. The report recommends that policy reforms in payments, customs, and logistics are essential for Micro, Small, and Medium Enterprises (MSMEs) to access export markets and achieve the government’s target of $200–300 billion in e-commerce exports by 2030.
Government Initiatives to Boost E-Commerce Exports
In response to these challenges, the Indian government signed 13 free trade agreements and six preferential trade pacts with various partners in 2023 to facilitate better access to global markets. Furthermore, initiatives such as the Foreign Trade Policy are designed to bolster the country’s e-commerce exports, with a vision of transforming India into an export leader in the years ahead.
Leveraging Meta’s Insights for Success
Meta’s playbook provides valuable guidance on utilising digital tools to navigate these challenges. The company underscores the significance of personalisation, stating that 62% of cross-border consumers expect shopping experiences tailored to their individual interests.
Encouraging Digital Transformation
As the landscape of cross-border commerce progresses, Indian brands are encouraged to adopt digital transformation strategies and make use of available tools and policies to enlarge their global presence.