The love of shopping no longer knows national boundaries.
Nowadays, more and more consumers are happy to shop online abroad – because foreign shops often have an interesting or wider range of products or because prices abroad are exceptionally attractive.
A global study carried out by Pitney Bowes in 2016 revealed that on a global scale, 66% of all consumers have already shopped online outside of their domestic markets. The countries with the highest percentage of international buyers are all part of the Asia-Pacific Economic Cooperation (APEC): Singapore (89%), Australia (86%) and Hong Kong (85%). Even within the EU, the percentage of consumers who make international purchases is growing continuously.
Are you ready to tap the full potential of international trade?
An entry into new markets must be well planned in order for online retailers to appeal to more customers and increase their turnover by internationalising their business.
- Gain an overview of the new market: demand for a product, competition within the country, marketing opportunities, etc.
- Have your online shop translated by a professional and factor cultural particularities into your localisation process, e.g. would a more casual or a more formal approach appeal to customers?
- Provide good customer service: fair and transparent shipping costs, reliable shipping partners, customer-friendly returns, expert support by email, hotline or chat, etc.
- Adhere to all country-specific laws and regulations such as customs and data protection provisions, indication of taxes, etc.
- Make sure that your payment processes are smooth and offer a range of different payment methods.
How to tick all the payment boxes.
When it comes to payment, there are major differences from country to country: consumers from different countries prefer different payment methods, and all the while the total number of payment methods continues to rise. Therefore, before entering the market you should research the most popular local payment methods and provide them in order to attract new groups of customers and improve your conversion rate. Do not forget that most consumers prefer to pay in their domestic currency, even in foreign online shops.
You should work with an experienced, innovative payment services provider in order to ensure that your expansion into new target markets is successful. The partner takes charge of the secure processing of all payments and enables you to integrate all preferred payment methods for your international customers with ease, leaving you to focus all of your energy on your core business.
Wirecard is an expert payment partner in global commerce:
- Payment solutions, risk management and banking in one
- Industry-specific solutions for companies of all sizes
- One contract, one representative
- Maximum security standards
For more information, check our module
More information on current trends is available at dmexco:
13th and 14th September, booth B018, hall 7.1