The digital economy — built on the ability to sell and purchase products and services online — has had a profound impact on businesses around the world. Among the most noticeable changes are an almost instantaneous access to a gigantic market, and, inevitably, an intensification of global competitive pressures.

As a key enabler of the digital economy, Payoneer took a closer look at how the digital economy has affected countries and people in the world. Here are some of the unique insights into the careers, lives, and aspirations of some of our most experienced and successful customers in 11 countries in Asia — Bangladesh, China, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Thailand, and Vietnam.

The Big Equalizer

From Pakistan to The Philippines, the digital economy has ignited the entrepreneurial spirit everywhere, helping people generate extra income, often replacing traditional sources of income in places where local jobs were lacking. It has been a big equalizer for people who have been able to pursue their dream jobs, no matter where they live in the world. Goodbye 8 to 5; hello freedom!

Is this opportunity available to everyone? Barriers still exist, whether it is language, marketing skills, or access to capital. But for the most part, the internet and marketplace platforms have alleviated these challenges. Fear of change might be the only real barrier left. Anybody with a fire in their belly and a good idea can participate. The digital economy has opened the doors to a world market from the comfort of one’s home.

Money, Money, Money

Many digital workers have become very successful financially. Money is far from being the most important benefit though. Freedom and independence are even more valuable to them, especially when it comes to managing their own time. Successful digital entrepreneurs have been able to enjoy their new financial resources. This means they can travel to places they wanted to visit, or live in a country they love — where life is more affordable — while working on their business. Of course, what has made this win-win situation possible for buyers and sellers is the creation of highly efficient online marketplaces that have opened global markets to entrepreneurs like never before.

A New World View

Participants in the digital economy say their world has become bigger and smaller at the same time. Bigger because business opportunities are larger; smaller because the world is so much more accessible. Participants have been able to build successful relationships, even friendships, with buyers and clients all over the world. With this has come a deeper sense of trust between people.

Although in many cases the digital component of the new economy has eliminated human interactions, this new economic system has allowed the best of human nature to shine in new ways. Overall, participants feel confident about the future of their country and of the world. They are sharing their recipe for success with friends and family, and are supporting each other through online and offline communities.

Wish List

Optimism runs high among digital workers in Asia. Most of them feel that there is so much more to do, starting with separating business and politics, giving equal opportunities to everyone in all countries, but also the ability to be paid instantly, website pages that get translated automatically, and backend systems that communicate seamlessly with each other.

Read our full ebook here for more facts and insights, and feel free to share your comments or questions.

Many of the most successful e-commerce websites specialize in a specific subsection of the retail industry. While Amazon and eBay feature sellers of all types of merchandise, Newegg focuses its efforts on electronics and technology. Though its marketplace includes products like furniture and apparel, it excels in this one particular area.

How Newegg Got Its Start

Founded in 2001 by Taiwanese immigrant Fred Chang, Newegg rose quickly in revenue as it gained fans among buyers and sellers alike. It picked up numerous awards for customer service and product availability and developed high customer satisfaction ratings among critical websites and publications. It launched as a consumer-driven resource for electronics and gadgets of all kinds, but eventually expanded to include other consumer products.

As of 2013, Newegg gathered more than 25 million registered customers and reported $2.7 billion in revenue. The company is headquartered in City of Industry, California, and employs more than 2,600 people. The founders named the business “Newegg” to symbolize their hope that e-commerce would thrive after a long period of struggle and economic failure.

Why Should Sellers Advertise Their Merchandise on Newegg?

Newegg offers several benefits over other e-commerce platforms that sellers should consider. First, it’s a specialized website that caters specifically to consumers with high levels of product knowledge in computers and similar hardware. This built-in customer base makes it more of a buying destination than a browsing one, which means better chances for revenue.

The lack of competition also sets up sellers for success. With such a niche market, sellers don’t have to compete against hundreds or thousands of other companies and individuals to gain a few sales. If you can market just a few products well, you can rake in great income.

Why Should Buyers Shop on Newegg?

There are also several advantages for the buyer’s side on Newegg. For one thing, all Newegg sellers must pass a screening test. The company only wants to work with sellers who have high standards in customer service and delivery.

The site also has excellent product photography and detailed product descriptions. The reviews for most products tend to be detailed and accurate, which helps consumers make informed buying decisions. The well-structured search engine offers another perk for buyers who don’t want to waste time scrolling through page after page of irrelevant results.

Are There Any Cons to Working with Newegg?

The main strike against Newegg (depending on how you look at it) is the limited number of product categories. If you sell something outside the realm of computers, computer peripherals, video game equipment, and the like, you might have trouble finding customers. Additionally, because you’re selling to a highly educated and sometimes prejudicial audience, attempting to sell non-brand name products might become an uphill battle.

However, for sellers with the right business model, Newegg can prove extremely profitable. Research the website and its customers so you know exactly how to brand your products and appeal to their sensibilities.

We’ve partnered with Newegg to make buying and selling merchandise on this e-commerce platform even easier. Are you a company selling on Newegg?  Be sure to select Payoneer as your preferred payment solution! Not yet a Payoneer user? You can sign up directly from the Newegg Seller Portal, today! 

Japan, a country known for its bustling street markets that draw thousands of tourists and locals alike every day, also birthed Rakuten, an online marketplace that enjoys the highest popularity of all e-commerce sites in Japan. Founded in 1997, Rakuten now enjoys worldwide popularity and offers more than 17 million products for sale.

History of Rakuten

Hiroshi Mikitani, a former banker and consultant, started Rakuten with just $250,000 in seed money and intends to become a world leader through innovative e-commerce initiatives and a worldwide approach to selling and shipping. Although Mikitani started Rakuten with Japanese customers in mind, the company now serves customers all around the world.

The company purchased the US brand Buy.com, which it rebranded as Rakuten.com. It also acquired a host of other online properties from other countries, including France, Brazil, Canada, and the UK.

Rakuten’s Unique Selling Proposition

Rakuten positions itself as an easy, convenient shopping hub that connects merchants and consumers. Until it purchased Buy.com, the marketplace didn’t participate in transactions as a buyer, instead focusing on facilitating transactions between others. Now, however, shoppers can buy products directly from Buy.com (Rakuten) or from individual merchants.

Operating under the tagline “Shopping Is Entertainment,” Rakuten strives to make the online shopping experience as enjoyable as possible. It gives merchants the chance to customize their own brands and positioning statements, which makes the site an eclectic place to shop.

Products on Rakuten

Rakuten.com sells numerous categories of consumer products, from electronics and toys to housewares and movies, to apparel and skin care products. It also has a loyalty program that inspires customers to return to its pages and publishes daily deals to help consumers save money on the products they love.

The site is extremely well-designed with plenty of white space and an easily navigable layout. Most product pages feature multiple images of the item for sale as well as detailed descriptions and opportunities to save money.

Rakuten’s Competition

Although Rakuten enjoys widespread popularity in Japan and other countries, its position in the U.S. still lags behind Amazon and eBay. As an e-commerce site, it must also compete with auction websites and e-commerce platforms that are based in the U.S. and Europe.

It continues to grow, however, launching an affiliate program and partnering with us to help facilitate international transactions. Rakuten focuses on helping consumers purchase products they love from people they trust, rather than from faceless machines. In this way, Hiroshi Mikitani could still achieve is goal of “beating Amazon” and become a heavy hitter in every country.

Buying and Selling on Rakuten

You can get involved with Rakuten in three ways: become a seller, become a buyer, or join the affiliate program. Each offers multiple advantages, especially for sellers.

The sign-up process for sellers is easier than that on many e-commerce website, which means Rakuten offers fewer barriers to entry. The company pays its sellers once per week, so you can earn income quickly and easily if you have products to sell.

Are you an ecommerce seller looking to receive payments from Amazon or other global marketplaces like Tao Bao, Etsy or Lazada? With Payoneer you can!

Sign up now!

Just about every country has a popular e-commerce marketplace that is marketed, first and foremost, to its fellow countrymen. In China, TaoBao Marketplace fills that void. It’s the undisputed leader of e-commerce transactions in China and also caters to consumers in other countries, including the United States.

History of TaoBao

Founded in 2003, TaoBao started out as a basic auction site with big ambitions. It targeted eBay as its primary competition and launched programs and incentives to make itself more attractive, such as allowing buyers and sellers to communicate via an internal instant messaging service and creating escrow accounts to protect both buyers and sellers.

By 2006, it surpassed eBay China in both transaction volume and revenue, becoming the go-to e-commerce website within China’s borders. Over the next few years, it diversified its payment options for global e-commerce and invested in other websites and technologies. The majority of TaoBao’s customer base is made up of younger generations, but it grows in popularity every year.

TaoBao’s parent company Alibaba has introduced several other programs and websites in recent years, including a separate marketplace for Southeast Asia and a TaoBao agent program that enlists qualified agents to help foreign consumers purchase products on the site.

TaoBao’s Inventory

The TaoBao website serves a similar function to other auction-powered e-commerce sites. It provides a marketplace for consumer goods ranging from cell phones and MP3 players to home goods and jewelry. The products are categorized for easy navigation and searching, and consumers can bid or buy depending on the circumstances.

Businesses and individuals who want to sell their products on TaoBao can sign up for an account and list their merchandise. Sellers are expected to handle all the shipping arrangements and communicate openly with their customers. The website only intervenes when absolutely necessary to protect buyers or sellers.

Benefits of Buying and Selling on TaoBao

The TaoBao Marketplace offers several advantages to buyers over the competition. For one thing, most of the merchandise is far cheaper than what you would find on Amazon, eBay, or other e-commerce websites. Because of its extensive market share and popularity, the website and its sellers can afford to lower their prices to attract even more consumers. This benefits the end user in all respects.

For sellers, TaoBao proves an excellent choice, as well. It reaches millions of people every day, from the target audience in China to consumers in the rest of the world. China’s population prefers e-tailing to traditional shopping, so they’re constantly making purchases online. Furthermore, the site charges no listing fees, so the barrier to entry is minimal.

Getting Paid Through TaoBao

Online payments processed after TaoBao transactions are even simpler now that we offer global payment options through the marketplace. You can use your Payoneer Mastercard to make a purchase from a TaoBao seller and not worry about waiting weeks to process your payment.

If you are interested in joining TaoBao, whether as a buyer or a seller, you can visit the website or its English-language agent’s website, TaoBao FOCUS. 

Are you an ecommerce seller looking to receive payments from global marketplaces like Amazon, Tao Bao or Lazada? With Payoneer you can

>>Sign Up Now!

In an era of virtual marketplaces and E-Commerce, Etsy took the world by storm by offering a place for anyone to sell unique art, jewelry, furniture and more, internationally. More importantly, Etsy has created an authentic seller community that hadn’t yet existed in the world of E-Commerce.

Etsy has quickly become the go-to site for special finds, one-of-a-kind decorations and even cool vintage clothes. What was once limited to local stores and malls is now open to anyone with a product to offer.

If you’re an Etsy seller, you’re probably always looking for ways to boost your sales and draw people to visit your Etsy store. If you’re not a seller yet but are thinking of opening an Etsy store, you’re probably wondering how to do it in the best way possible. Either way, these 5 simple tips will help you:

1. Take Amazing Photos

We all know that what we see greatly influences us. A good photo of a product will most likely make you want it even more than an average photo. Your products need to shine in vibrant, eye-catching and selling photographs. Experiment with textures, background, lighting and angles; a small change makes a great difference!

2. Know Yourself and Identify Your Brand

For people to want your products, they need to understand who you are and what you’re offering. Put effort in describing yourself, your products and your vision. Do some research on how to create a business plan and set goals to stay motivated. Success won’t come overnight – having an Etsy store is like running a business; you need a clear brand and business tactics to make it.

3. Remember Your Audience

You have to clearly identify who is your go-to crowd. Is it men or women? Single people or married with kids? Audience targeting is one of the most important things when marketing a product or service and you have to focus on who your brand is reaching out to. The best is to narrow it down to the most accurate audience – this way you can easily target your people and know where to find them. Also, don’t forget to invest in customer service. This will bring people back and make them want to recommend your store to others, which is the best kind of promotion.

4. Two Words: Social Media

These days, you won’t make it if you’re not relevant and active on Social Media platforms. Facebook, Twitter and Google+ are the default 3 but other, more visually enticing networks, fit the Etsy vibe perfectly; Pinterest is a great Social Media marketing tool and even Youtube, in case you want to show your audience exactly how you made that wooden statue. Another great idea is to maintain a blog where you share your products, creative process and a bit of yourself. Remember – fame won’t come instantly and growing your Social Media following takes time; but it is by far the best way to promote your Etsy store.

5. Learn From the Community

With so many different stores and sellers on Etsy, it would be silly not to try and learn from your fellow Tastemakers. You can see the top stores, see what they’re doing to boost sales and draw inspiration from their Social Media channels, product descriptions or other creative tools they use to succeed. Etsy is a very close-knit community and it’s a good way to get the hang of things and stay motivated. It’s also worth to check out the Etsy Blog, which has cool ideas, tips and inspirational posts.

I hope these tips help you become a super Etsy seller and motivate you even more. Here’s a great infographic about how Etsy changed the economy (with a few more tips):