With online shopping and deliveries making the retail experience more convenient, consumers are becoming increasingly happy to shop cross-border. Essentially, there are less barriers to them doing so, and being able to spread their search across countries means that they have a wider range of options when it comes to their purchases.
This is good news for retailers, because it means that their customer base is no longer restricted to one area. They may find that customers are more frequently ordering overseas, meaning that their products are reaching more people and creating a demand across the globe.
However, while cross-border purchases can present a whole host of opportunities for retailers, many don’t know how to cash in on these as they don’t have the right systems in place to process payments from far and wide. What’s more, cross-border payments can present a lot of new costs and overheads which can make businesses unsure if cross-border payments are an opportunity worth pursuing.
So, here are a few ways to make sure you’re making the most of cross-border opportunities.
Know your consumer and localise
What are your target customers accustomed to? Do they tend to shop on mobile? Do they require different language settings? Do you have certain products and services which would appeal more to some than others?
Different nations have different preferences, so it’s important to have a think about how best to target them, from currency, to payment method and beyond. Remaining familiar to customers really matters - our research has shown that “up to 42% of customers are likely to drop off and search for an alternative website if their preferred payment method is not offered at the checkout.” That’s a huge percentage of customers who get all the way to the checkout page, only to drop off because they do not trust the method you’re offering.
So, localising your payments options is vital to attracting customers across the globe. And the fact is, if customers have a bad experience once and choose not to complete a payment with your business, they’re unlikely to come back and try again.
These days, the in-store experience must reflect the convenience of the online experience as customers get used to the convenience of digital payments and one-day delivery. However, the in-store experience is still hugely important to customers as they still desire the ability to physically see products before they make a purchase.
However, thanks to smartphones and 4G, customers are now one step ahead of the in-store retailer, with the ability to research products on their phones as they shop. So, to stay up-to-date, merchants must bring the online in-store, by making sure customers don’t have to do their own research by giving sales assistants the tools they need to provide up-to-date, relevant information on all products, take payments on the spot, and order items for delivery on behalf of customers.
This means that no matter where your customers are based, they can get the same service whether they are in-store or online, unifying the retail experience across all your retail channels.
Making cross-border payments simple
The fact is, thanks to the proliferation of online shopping, trade agreements and delivery networks, cross border payments are simpler than ever. However, consumers differ across the globe according to the languages they speak and cultural differences that affect the way they like to shop.
This means that it’s more important than ever that retailers have a payment partner they can trust to handle their cross-border payments, ensuring that the entire experience from start to finish is familiar and easy for the consumer. That way, consumers barely even have to consider whether they are shopping locally or not, and merchants can make the most of interest in their products and services from all around the world.
Why Ingenico Enterprise Retail?
Ingenico Enterprise Retail works seamlessly for merchants across the globe. That means we know how to work best for customers in various locations, providing a familiar and seamless experience that is both convenient and comfortable.
Not only this but by utilising the Ingenico Enterprise Retail Omnichannel solution, merchants can provide a payment’s experience across channels that is secure and gives customers the familiarity they require to keep them returning time and time again. By providing customers with the payments channels they require, wherever they are, merchants can be sure to increase their sales and conversion rates and provide a competitive cross-channel customer experience.
To learn more about how Ingenico Enterprise Retail can help your business cross-borders, visit www.ingenico.co.uk/omnichannel.
Mark Walker is Head of Sales at Ingenico Enterprise Retail (UK & Nordics) at Ingenico Group. In his position, he oversees sales strategy across the UK and Nordics to deliver prime payment solutions to retailers, helping them grow their businesses. Prior to Ingenico, Mark worked at BT Group plc as Head of Sales within the Enterprise division, looking after the FTSE350 Major Corporate clients responsible for the IT Services portfolio which enabled infrastructure/security/applications to help businesses streamline and grow their operations.