Online merchants are increasingly taking interest in expanding beyond their domestic markets and sell cross-border. With this expansion, comes a need for increased market intelligence which includes a mix of considerations:
- Communicating and marketing to local audiences
- Creating a shopping experience that fulfills the expectations of new markets
- Cross-border checkout
Cross-border marketing & shopper expectations
The number-one rule of any marketing initiative is ‘know your audience’. When entering a new market, any information you have about buying habits, cultural attitudes and values, and shopper behavior can only benefit marketing plans.
This type of information about how, when and where shoppers are more likely to buy from you results in better business decisions for website merchandising, special promotions and the tactics your organization can employ for the biggest impact.
Customer expectations of translated content, product selection and even navigation have an impact on conversion rates, since if a merchant does not meet the competitive standard of domestic merchants, shoppers are more likely to buy from the vendors they already know.
Making cross-border shoppers feel at home
To make your cross-border shoppers feel welcome so you maximize your conversion rates, here are some key considerations:
- Highlight any region or language options
- Merchandise products based on location with seasonal offers and promotions
- Be transparent with local payment methods, shipping fees, return policies and customer service options
- Provide access to local payment methods including currency conversions, landed costs, domestic pricing, and preferred payments
Cross-border checkout & payments
Online merchants need to be clear about delivery times, landed costs including taxes and delivery, language, return policies, currency conversion and payment options since they contribute to cart abandonment.
Preferred payment methods of cross-border shoppers often include both traditional card as well as alternative payments, such as e-wallets or direct bank transfers. For some countries, internationally accepted credit cards already have high penetration. But for countries in which local cards and alternative payments are used by the vast majority of shoppers in the market, online merchants need to optimize their payment mix.
For this strategic choice, online merchants need to consider:
- Market penetration of the various payment options
- Risks per payment method
- Payment preferences as they relate to the product or service being sold
- Costs associated with supporting each payment method
To create the largest return on investment for cross-border ecommerce ultimately entails using market intelligence to make better business decisions for both internal operations as well as customer-facing tactics.
Many online merchants who want to sell cross-border find that for some areas of operation, including payments, logistics and regulatory compliance, partnerships with specific expertise, such as ONE global company that has experience with all the complex facets of ecommerce, can result in substantial cost savings and greater business resilience. Learn more about the specific factors that online merchants should take into consideration when expanding globally in our latest report “Preparing Your Organization for Cross-border Ecommerce” http://www.payvision.com/preparing-your-organization-for-crossborder-ecommerce
This article has been posted also on http://www.money2020.com/blog/3-considerations-online-merchants-who-sell-cross-border