Cross-Border Commerce: Choosing the Right Regional Trends with Payment options
Cross-border commerce is one of the most challenging ways for the online merchants to develop their presence in the market. The e-commerce merchants have started focusing more on the cross-border markets to grow their business. Today every merchant aims at expanding their business or market employing regional sensibilities and local market flavor for their success. They focus on building strategies that promote their growth in the online market and create a place in the heart of the consumers. To grow faster, they have to build strategies taking into consideration the market trends and key elements. Here are some of the best strategies:
Trust first: Pay locally; offer at a global level
A global offering can never be enough. Consumers demand secure transactions while shopping online. For this, online merchants have to focus on offering the commonly used, trusted and secured payment methods in the local markets. They have to ensure their customer's safety, confidence along with the market's conversion rates. Apart from this, the online merchants have to keep up with the pace of technology. The power of technology is undeniable in the expansion of markets in the global and local market. It binds the consumers and the online merchants across all the geographies and various channels giving a great experience to both in all terms.
Merchants need an overview of the market dynamics and the consumer’s behavior for the successful expansion of their online businesses. This way, it helps them to localize the experience. Moreover, businesses have to study the local payment cultures. For instance, in some countries, consumers trust payment modes as credit and debit cards while in some they trust e-Wallets.
Omni-Channel and Social eCommerce - The future
Omni-channel retail and the social eCommerce is the future already. This gives fully-integrated and seamless customer experience. This also helps to understand how the customers interact with the online brands across all the channels. The eCommerce merchants can gather the comprehensive data from various geographies, brands, and stores. This collectively helps to analyze the customers’ behaviors and preferences in a better way. Furthermore, this can help to create great customer offerings and provide loyalty solutions.
In the digital space, millennials prove to be great influencers. They play a vital role in voicing their opinions and sharing information. For instance, 50-60% of the consumers follow brands and products on social media. They browse a plethora of products on the social media. As per online surveys, 33% of the online shoppers utilize social media for potential purchases. Thus, the online and social recommendation of brands and products encourage the significance of cross-border trades and transactions. In future, social eCommerce and omnichannel strategies will become a major source of payment drivers too.
Go cashless and seek new opportunities
The eCommerce field is flourishing at a more accelerated rate. By 2019, it is expected to hit $3.6 trillion. This is the right time for the eCommerce enthusiasts and merchants to invest and expand internationally. To strategize a good expansion, merchants must understand the landscape and seek out new opportunities. They need to seek out effective ways of electronic payments as the global market is turning cashless. Most countries like North America, Europe carry out cashless payments.
In comparison to the domestic eCommerce market, cross-border eCommerce is skyrocketing at an unprecedented rate. Consumers have started trusting international sources to buy products that are unavailable locally. Online merchants can turn these higher demands into high-profit margins. They can grow their businesses effectively. That said, new opportunities arise with the growth of cross-border eCommerce market.
Key points to remember
While choosing the right step with the payment modes, here are some key points every merchant should consider. So, choose the payment partner smartly to grow your online presence and a strong global network.
- Focus on the regional trends that meet the customers’ demands and expectations
- Know the online market value of your products in terms of local and global market
- Follow the customer shopping habits across various geographies, devices, and media
- Integrate the trusted payment methods to ensure secure customer online shopping experiences
- Focus on the fast delivery of the products and best return policies
- Exciting payment cashback offers and coupons
- Keep a check on the local regulations, exchange rates and policies
To summarise, developing a successful cross-border strategy is not just about best products and services. It is equally necessary to maintain trust, security and provide a great shopping experience for all the customers. Along with this, they also need to retain the customer base, product quality, brand awareness and customer satisfaction values. Thus, for a seamless experience, the online merchants have to focus on developing expansion strategies that are easy and trustworthy.
