The newly launched PassPort website has been put in place to assist small businesses drive global sales by teaching business owners about cultural customs, tax issues, currency issues, and international holidays.
PassPort provides:
- education and empowerment
- free tools
- country-specific guidance on seasonal sales peaks, such as holidays and various events
- information on cultural customs, taboos, and trends
- logistics concerning shipping and distribution
- currency exchange rates and fees
- customs-related procedures and taxes
“In 2013, global trade accounted for approximately 25 percent of PayPal’s total payment volume—so we understand the challenges and opportunities of international trade. We designed PassPort with our international insights to help small businesses tap into global sales opportunities as simply and seamlessly as possible,” said Carey Kolaja, PayPal’s vice president of global product solutions.
According to PayPal, international commerce may assist many small businesses sustain a steady sales stream. “Small business owners know that reaching a global market can exponentially increase their sales, but many aren’t sure where to start, ” explained Kolaja.”
“In a business cycle, there are peak days and months and troughs and droughts. A lot of merchants deeply discount during their leaner months, but there may be massive opportunities [for sales] elsewhere,” said Anuj Nayar, PayPal’s senior director of global commerce initiatives.
Nayar said that, according to a U.S. Department of Agriculture (USDA) report, Singles Day, for example, in China—something like a Valentine’s Day for single people—Is an $11-billion holiday,. “It’s three times the size of Cyber Monday,” Nayar noted. Passport also provides information on other key global retail holidays, including Japan’s Golden Week and Australia’s Click Frenzy. According to Passport, understanding global holidays will enable businesses to grow sales and reach more potential customers.
PassPort is designed to help small businesses learn more about these types of holidays so that they are better able to enjoy the purchasing fever that is associated with them. “PassPort removes perceived barriers by revealing cultural gift-giving traditions and taboos and helps to ease the complexity of shipping and customs,” Kolaja pointed out. “By helping businesses understand when and how to best engage with international shoppers, we go far beyond the secure and simple payments our customers expect from us and enable them to tap into new revenue potential.”
Boston Fashion House owner, Jenn Crowder said that “Realizing many of my customers live outside the U.S. is what prompted me to shift almost entirely to PayPal’s online payment process…. Our shoppers love the magic of discovering unique pieces, especially those who live overseas. They rave about finding clothes and accessories on my site that they can’t find at home…. Learning more about the holidays, buying patterns and gift-giving traditions of huge emerging economies like Brazil and China is a fantastic shortcut for me as I work to further expand sales of my luxury goods.”
Today, PayPal operates in 193 markets worldwide and uses 26 currencies.
Sources:
Karol, Gabrielle. PayPal PassPort to Help Small Businesses Go Global; FoxBusiness. June 13, 2014.
The Wall Street Journal; PayPal Launches PassPort to Help Small Businesses Around the World Increase Global Sales. June 12, 2014.
