In honor of Small Business Saturday and Cyber Monday, the WorldFirst team decided to take a look at what our U.S.-based small business customers were doing in the cross-border ecommerce space. So, we compiled a bunch of internal and external data into an infographic – and the results were quite surprising.
Stats like the fact that only 3.9% of U.S. small businesses are currently exporting their goods, compared to 8% of European small businesses, show us that the U.S. is coming up short on the global stage. Cross-border ecommerce is likely to be valued at $424 billion by 2021, which means there is a lot of money out there for the taking. But according to the U.S. Small Business Administration, two of the top challenges small business owners list regarding selling abroad come from currency conversion fees and financial risks. Creating a frictionless process for cross-border currency exchange and transactions is how we at WorldFirst are assisting small businesses as they look to enter the international ecommerce space.
We want 2018 to be the year U.S. small businesses begin to think globally!