PayPal hosted Engage Los Angeles, the latest stop on the company’s Engage tour. PayPal was in Los Angeles to help small-to-medium sized businesses in the U.S. sell internationally, or what’s known as Cross Border Trade (CBT).
“The Engage” events are designed to connect small businesses with innovative experts and to allow them to hear personally from local entrepreneurs who will share their successes, failures and important lessons from both,” says Chris Morse, senior manager, Merchant Communications.
PayPal also unveiled its top ten US cities for global sales and the top categories for each. San Francisco and New York ranked No 1 and No 2 on the list. Their top export is gaming and fashion respectively, according to PayPal, based on an analysis of transactions throughout 2013.
Specifically—and just in time for the holiday season—the company also announced the five countries that purchase the most from the U.S. during the Q4 and holiday season and therefore represent significant opportunities for growth. These are the countries that U.S. retailers need to focus on immediately in order to maximize sales during the critical holiday buying season.
A recent PayPal and Nielsen study found that more than 130 million shoppers will make cross-border purchases from the U.S., China, the UK, Australia, Germany, and Brazil by 2018. By 2025, the amount emerging-market consumers will spend will grow to $30 trillion, according to a report from McKinsey Global Insights.
The U.S. Department of Commerce (DOC) also noted that 95% of U.S. businesses exporting goods internationally are small or mid-sized, and all will have to navigate complex and challenging global logistics to be successful. Given the huge opportunity, PayPal wants to give businesses the resources to tap into this emerging market now.
One example is the recently launched PassPort, a free online resource designed to educate and empower small businesses with tools to expand their global sales. PassPort helps businesses learn about local customs, trends, and shipping tips to get started selling internationally.
Top Ten Cities That Sell Internationally
- San Francisco (Gaming)
- New York (Fashion)
- Los Angeles (Fashion)
- Chicago (Fashion)
- Miami (Auto parts)
- Houston (Website services)
- San Diego (Fashion)
- Columbus (Fashion)
- Las Vegas (Website services)
- Seattle (Software)