Online retail is a global phenomenon. Leading ecommerce platforms like Amazon, eBay, Rakuten etc. have a strong global presence. Apart from these global ecommerce companies there are thousands of ecommerce platforms catering to different geographies, not to mention small online businesses including individual owned online shop fronts that augment brick and mortar businesses. No matter how big or small they are as long as they are online they can cater to the whole world irrespective of any geographical boundaries.
While reaching out to global audience is easy for online retailers, converting their reach to sales is a challenge. A sale is not complete unless the user makes a successful transaction and cross border transactions can be a mess at times. Each country has its own preferred payment method that people use extensively and the same may not work for other countries. In order to ensure flawless transactions over these ecommerce sites, a global standard has to be implemented. Existence of such standards will drive conversion rates on these ecommerce portals through the roof.
According to reports, the World Wide Web Consortium (W3C), responsible for standardising the internet – html codes, online databases etc. now