CNP Expo: Expansion into BRIC Disappointing
May 20, 2014
Four top countries long thought to be fertile ground for international e-commerce expansion have not become strong marketplaces as expected. Last year, businesses looked to Brazil, Russia, India and China to fuel growth around the world. That optimism has tempered.
“Obviously there’s money to be made in these countries, the questions is whether ‘you’ can make money there,” Adam Bowman, vice president of sales and business development for PAY.ON and moderator of an afternoon session at CNP Expo in Orlando, Fla., said Tuesday.
Among the BRIC countries, growth has slowed in Brazil, Russia has invaded the Ukraine and been sanctioned economically, India’s economy has slowed and China has remained isolated, Bowman said.
As for Brazil, it’s hard to do business in and “the rules change quickly and very often,” said Alphonse Voigt of EBANX. Brazil is the world’s sixth-largest economy, has 100 million Internet users and is the fifth or sixth-ranked Internet market. However, regulations and currency problems make business difficult.
“You’ve got to be able to adapt very quickly,” Voigt said.