business

JCB identifies Russia as key growth market for European merchants

3 Comments

JCB International Co Ltd, the international operations subsidiary of JCB Co Ltd, has found a notable 20% increase in ecommerce spend by Russian cardmembers from 2019 to 2020.

Further, Russian JCB cardmember data shows that from 2019 to 2020, F2F shopping made up a higher proportion of total spend (at 62%), while, in 2020, which could be expected with the pandemic, JCB cardmember spend in Russia shifted in favor of ecommerce, with 55% of total spend being online.

These figures have been released alongside the launch of JCB's latest white paper, Explore Russia as a Key Growth Market, which includes exclusive insights for European retailers on Russian spending patterns and why a unified channel strategy is important to maximize opportunities.

Takashi Suetsugu, General Director, JCB International (Eurasia) LLC, comments; "The relatively untapped market of the Russian Federation is opening up, and merchants should consider the tremendous opportunity for increased revenue and a widened customer network available within the region. JCB's presence in Russia is growing strong, and brand awareness is key. The better we can understand the spending habits and behavior of our Russian cardmembers, the more we can empower our partners and merchants for them to offer better, more seamless and secure experiences to their customers."

Russians have embraced shopping online. Ecommerce/Mcommerce jumped during 2020, with trade volumes up 60% on the previous year and a total spend of 3.22 trillion rubles in 2020 ($43.76 billion), says the Association of Online Traders (AKIT).

Further, a survey by Global Blue at the end of 2020, 100% of affluent and frequent Russian shoppers stated that they would travel once quarantine restrictions lifted and 50% said they would feel safe visiting Europe. This suggests that in-person spend is set to boom again once further travel is permitted.

© JCN Newswire

©2021 GPlusMedia Inc.

3 Comments
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There is a great opportunity for Japan to do business with Russia right now while Europe is cutting their own economic throat. Japan needs to do what is in its own best interest and the interest in a million miles away from the corrupt far right government in Ukraine.

1 ( +1 / -0 )

California GDP is bigger than Russia

0 ( +0 / -0 )

Maybe Japan should sign a peace agreement with Russia first before doing business there?

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