PayPal is urging British online businesses to take advantage of the spending spree in the lead-up to 4 July – the latest international shopping holiday following Chinese New Year and Valentine’s Day.
According to the National Retail Federation in the US, 214m people plan to celebrate 4 July this year, which will result in an estimated $6.8bn being spent as Americans prepare for barbecues and parties through the holiday weekend.
Simon Moran, senior director of strategic client services at PayPal UK, said there’s good reason for British businesses to celebrate too: “Fourth of July prompts a surge of American consumers shopping in store and online. 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.”
Recent research from PayPal and Ipsos MORI estimates that 9.1m American shoppers bought from UK online stores in 2015, making the US the UK’s second largest online export market. British fashion is particularly sought after by American shoppers, with clothing, footwear, and accessories being the most popular product category amongst US online shoppers.
British retailers looking to capitalise on international shopping events like 4 July need to tailor their online stores for overseas shoppers.
Moran adds: “Three things are important to US consumers when they’re shopping internationally. Firstly, the ability to pay in US dollars – 29% are more likely to make a purchase online in their local currency. 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.”