Always looking into cross-border ecommerce game-changers and challenges to better understand this fast-evolving industry, we included this interesting topic in last year’s research. This provided a close examination of the various aspects dominating the cross-border ecommerce landscape.
Cross-border ecommerce game-changers
For the past four years, the main cross-border ecommerce game-changer has been the growth of m-commerce. Our respondents have also agreed that m-commerce has grown steadily in the past years, supporting this claim. In 2016, m-commerce was once again the most frequently chosen game-changer, but the percentage of survey respondents citing it dropped compared to the previous year. On the other hand, data and security breaches have increased five percent, indicating an increased level of concern regarding this topic.
A new game-changer added to last year’s survey was the rise of alternative payments – chosen by just under 20 percent of research respondents. Evidently, offering more alternative payment methods in multiple regions is of high concern to merchants, and it is having a direct impact on cross-border ecommerce. The growing concern amongst merchants over multiple alternative payments is further underlined by the fact that over 50 percent of respondents agreed that providing a variety of online payment methods is complex. However, a clear solution to this challenge is working together with a global PSP that provides merchants with access to multiple alternative payment methods across the world, as agreed by 45 per cent of survey participants.
Cross-border ecommerce challenges
In terms of the biggest barriers or challenges when it comes to cross-border expansion, almost half of our survey respondents mentioned that complex rules and regulation in overseas markets were their biggest obstacles. Entering foreign markets successfully requires specialist local knowledge to assist with local regulations such as obligations and taxes, packaging and returns, import and export laws and local consumer privacy and protection rules. How can businesses benefit from the opportunities that cross-border ecommerce offers and not be challenged by local regulation?
Partnering with a knowledgeable payment service provider with expertise in the main areas of your business is the key to taking full advantage of cross-border growth. Relying on Payvision’s experience of working with businesses from different parts of the world, Acapture offers the complete omnichannel payments solution understanding the different regulatory complexities that appear while pursuing international ambitions. If you’d like to learn more about our support regarding regulatory requirements and successful ecommerce strategies for expanding your business cross-border, get in touch with us!
Looking for more cross-border ecommerce insights and trends? Have a look at our thorough report analyzing the complete landscape: Key Business Drivers and Opportunities in Cross-border Ecommerce 2016