To get overseas buyers to click “purchase,” international eCommerce merchants must accept a wide range of payment methods — but not just any mode of payment will suffice.
Merchants must set up relevant payment avenues, support currencies, and provide preferred checkout options in their clients’ native countries to encourage cross-border purchases.
Only then will they be able to give clients the fully localized, customized payment experiences they demand. Failure to meet all these standards puts businesses in danger of losing revenue.
This is according to one of several results from the PYMNTS and Digital River’s joint research, dubbed The Merchant’s Guide To Cross-Border Commerce. The study scrutinized the web shopping and checkout procedures in 137 major global eCommerce sites. The goal was to understand how these companies acquire a competitive edge in a cut-throat global eCommerce marketplace.
The following are some of the most important conclusions from the study:
- Compared to 2016, 11% more shops now provide interface customizing options, including Internet Protocol (IP) identification technologies, nation-specific address fields during checkout, and localized payment & currency choices. Retailers are paying more attention to providing such features, reflecting a growing understanding of the value of customization on a global scale.
- More top-performing eCommerce retailers are located in China and the U.S. than any other nation in the survey. This is partly because Chinese retailers provide more interface customizing capabilities, while U.S merchants accept a greater variety of localized payment avenues than merchants in other countries.
- Customers expect free delivery and refund/guarantee policies from leading global companies. For example, 56% of those merchants provide free delivery–similar to the world average. Therefore, convenience-enhancing features are a significant component in winning customers moving forward.
These are only a handful of industry trends worldwide eCommerce sites should focus on to acquire a competitive advantage globally. The Merchant’s Guide To Cross-Border Commerce discusses what distinguishes the most successful eCommerce sites from the others – and how slow-moving businesses might benefit from their experience.
Download the research to discover how multinational eCommerce retailers modify their international buying experiences to match changing customer expectations.
Author bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the best ecommerce merchant services for small businesses. He also writes non-fiction on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.