Alternative payment methods
5 tips to sell more in gaming’s top 5 markets
November 22, 2024•6 min
The global video game industry is growing phenomenally, with global revenue projected to reach $187.7 billion this year, up slightly from last year. Mobile games dominate the market, making up nearly half of all revenue. While PC and console games still hold a significant share, their combined income is slightly behind mobile.
Latin America, the Middle East, and Africa, though smaller parts of the global gaming market, are growing rapidly. While they only make up about 9% of worldwide gaming revenue, these regions are expected to expand by 6.2% and 8.9% in 2024, suggesting a bright future for gaming in these areas.
Sources: Allcorrect, imarcgroup, South Korea Video Game Market Report and Forecast 2024-2032, game: The German Games Industry Association
GLOBAL GAMING’S LEADING MARKETS
Looking at global game revenue by region, we learn that Asia-Pacific and North America are the top markets. However, emerging markets are growing much faster than these established regions. The United States and China account for almost half of all consumer spending on games. The US generates $47 billion, while China contributes $45 billion to the global total. North America —including the US and Canada— makes up 27% of the market.
Latin America, the Middle East, and Africa, though smaller parts of the global gaming market, are growing rapidly. While they only make up about 9% of worldwide gaming revenue, these regions are expected to expand by 6.2% and 8.9% in 2024, suggesting a bright future for gaming in these areas.
Sources: Allcorrect, imarcgroup, South Korea Video Game Market Report and Forecast 2024-2032, game: The German Games Industry Association
5 QUICK MONETIZATION TIPS FOR GOING GLOBAL
Tip #1: Communicate with players in their language A successful transaction begins with understanding your players —speaking their language and providing a payment experience that's familiar to them. Localizing your payment interface into their native language can significantly improve conversion rates. If you're targeting the top 5 gaming markets by revenue, consider supporting English, Chinese, Japanese, Korean, and German. Xsolla’s payments interface is localized into over 25 languages, ensuring a seamless player experience worldwide. Tip #2: Offer local payment experience Offering players a seamless checkout experience is important. Letting them choose payment options in their local currency makes it easier for gamers to understand the cost. Creating a more localized shopping experience benefits game developers and players equally. Giving players more familiar, convenient payment choices results in a 9% month-over-month growth rate, improving user experience and increasing loyalty. Our blog post, "Boost Sales with Localized Pricing,” can give you deeper insight into the potential metrics you can achieve. Taxes and Transparency. Another crucial aspect is to be transparent about taxes. Different countries have different tax systems, so it's important to communicate the applicable tax and its rate to the player before they proceed with the payment. Transparency helps build trust and avoids any surprises. Key Markets and Currencies. If you're targeting the top-5 gaming markets by revenue, consider supporting the following currencies: USD, CNY, JPY, KRW, and EUR. Additionally, you'll need to handle sales tax (US), VAT (Germany and South Korea), and Consumption Tax (Japan). Xsolla Pay Station simplifies the process by dynamically converting prices to over 130 currencies. As a Merchant of Record, we also handle the calculation, filing, and payment of taxes on your behalf, saving you time and effort. Tip #3: Offer players their preferred payment methods You can significantly simplify your checkout process and increase sales in the world’s most lucrative gaming regions by catering to player payment preferences. Here are 4 key things to think about.- It is essential to support local payment methods — all supported by Pay Station.
- Pay Station’s interface presents users’ favorite methods at the top of the payment options list, making it easy for them to find and select their preferred choice.
- Xsolla supports local payment methods across these 5 top gaming markets and beyond, using the PayRank algorithm to automate the process and provide a seamless payment experience for your players. For a deeper dive into how PayRank works, check out our blog post "Streamline Your Players' Shopping Experience with PayRank."
- What are the benefits? More local payment methods = more users = more payments = more revenue.
- Keep it simple. Avoid asking for unnecessary information. The fewer steps players need to take, the more likely they will complete their purchase.
- 1-page checkout. Aim for a single-page checkout whenever possible to reduce friction and help players focus on completing their purchases.
- Mobile-friendly checkout. Ensure your checkout process is optimized for mobile devices. Players increasingly use their smartphones and tablets for gaming, so a responsive checkout is essential.
- Fast load times. A slow checkout process can lead to abandoned carts. Prioritize fast load times to provide a seamless experience.
- Payment options. Clearly outline the available payment methods to ensure a smooth checkout experience.
- Perks and bonuses. Highlight any special offers, rewards, or bonuses that players can receive for their purchases.
- Active promotions. Keep players informed about current campaigns, sales, or limited-time promotions.
Xsolla Payments: Your solution for seamless checkout
In today's competitive gaming market, smooth and efficient checkout is essential to drive conversions and retain players. Xsolla Payments offers a comprehensive solution that simplifies the payment experience for both gamers and developers. Here are the key benefits.- Global reach. Support players worldwide with 700+ payment methods and 130+ currencies.
- Localized experience. Cater to diverse audiences with a payment interface in 25+ languages.
- Personalized checkout. Engage players with targeted promotions and offers during checkout.
- Streamlined purchase. Simplify the checkout process for a seamless cross-device experience.
- Increased conversion rate. Enhance the checkout experience and drive more purchases.
- Expanded market reach. Tap into top-5 gaming markets and beyond with global payment support.
- Improved player satisfaction. Provide a hassle-free payment process that keeps players coming back.
Next steps
Ready to optimize your checkout process? Connect with Xsolla today to talk about your game, your needs, and how to amplify your long-term success. To take advantage of Xsolla Payments right away, set up a Publisher Account.Featured articles
Contact us
Talk to an expert
Ready to maximize revenue opportunities? Reach out to our experts and learn how to start earning more and spending less.