Did you know that New Zealand’s ecommerce market is projected to grow 38% by 2025? By then, it’s predicted to have a market value of around 8.5 billion USD. That might sound small compared to the US or China, but New Zealand’s ecommerce market is seeing strong growth and offers a lot of opportunities for cross-border ecommerce companies that want to scale their business.
The good news is that if you want to enter New Zealand’s ecommerce market, you don’t have to open a New Zealand bank account. Payoneer’s new NZD receiving account makes it easy for you to take advantage of New Zealand’s growth in online sales and expand into New Zealand.
During COVID-19, New Zealand had strict lockdowns which encouraged more people to shop online. It also helped ecommerce expand into rural areas, opening up new revenue sources.
Here are some important details you’ll want to know about New Zealand’s ecommerce market.
When New Zealanders shop online, their favorite items are clothing, footwear, and fashion. The most popular category is food and personal care, accounting for 25% of ecommerce revenue. Other top categories include fashion; toys, hobby, and DIY; electronics and media; and furniture and appliances.
New Zealand’s ecommerce market is highly competitive and includes many different online marketplaces such as Trade Me, The Market, Catch and Kogan. International ecommerce platforms like Amazon, eBay, and Alibaba, however, don’t have a large presence in New Zealand and due to Kiwi consumers having their own marketplaces that they love and trust.
When you open a Payoneer receiving account in NZD, you can earn money in New Zealand Dollars (NZD) on local marketplaces like Trade Me and The Market, and receive it in your Payoneer NZD balance, exactly as if you had a local New Zealand bank account.
The benefits of an NZD receiving account with Payoneer include:
Now that you know all about New Zealand’s thriving ecommerce market and the opportunities it offers for online sellers, you’re probably ready to join in. When you use the new Payoneer receiving account in New Zealand dollars (NZD), it couldn’t be easier to start selling online to New Zealand shoppers and get paid in NZD!
Your Payoneer NZD receiving account means you can now get paid in New Zealand dollars on marketplaces like Trade Me, The Market, Onceit, or Buy-Now-Pay-Later companies like Klarna. Once you’ve been paid in NZD, you can securely withdraw funds to your local bank account in your local currency, enjoy fast transfers, and make payments with zero fees.
Our NZD receiving account is just one of our other receiving accounts, such as EUR, GBP, USD, CAD, JPY, SGD, AUD, and AED, on offer to you. Now you can get paid in NZD and withdraw to your local bank, while Payoneer handles currency conversion for you at lower fees than you’d get from local New Zealand banks.
Ready to dip your toes into New Zealand’s flourishing ecommerce market?