Mobile usage and the growth of internet connectivity has contributed to a growth in cross border e-commerce as well. Here are 6 current trends to take note of, which will boost e-commerce businesses in the long run:
Digitalization and Internet Connectivity Growth
According to research by Statista, in 2018 258.9 million Americans shopped online. In fact, this number is expected to grow to more than 300 million by 2023, thanks to the growth of internet connectivity and the emergence of 5G worldwide. Additionally, 53% of US shoppers are doing so through their mobile devices. Hence, merchants should make sure to take advantage of these trends by investing in mobile-friendly sites. Furthermore, they should take advantage of 5G and understand how they can boost their e-commerce through its endless possibilities.
Online Shopping
The digital era has brought many wonderful things to consumers, but none as amazing as online shopping. Online shopping has made cross border e-commerce possible, due to the fact that many products and services are cheaper online than locally. Businesses must optimize their online stores and follow through with this trend, for optimal customer experience and increased profits.
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Making Products and Services Easy and Dependable
Online businesses, especially cross border ones might sometime seem distant and unrelatable to consumers. Merchants should strive to create an online presence which makes them seem “local”, dependable and relatable. They should highlight their brand’s “human-side” and give it a small business feel if possible, in order to make consumers fall in love with the brand. This will additionally, make the brand seem more relatable and “local” rather than an unknown business across the ocean.
Transparency
Honesty is the best policy and this is no different in regards to a cross border e-commerce business as well. Merchants must be honest about additional charges, currency rate changes, as well as fees. Additionally, they must also abide by the local laws, regulations and taxes, to guarantee success for their business. Merchants should partner with law, accounting and payment services which can help them manage all the regulations of doing business within that given country.
Cross border E-commerce Local Culture and Customs
It is vital for merchants to have a clear outlook on the culture and customs of the target market they want to do business in. Before creating a marketing strategy or setting up the store, it is important that merchants completely understand what locals want, how they behave when making purchases and what makes them tick. Businesses should then utilize this information and abide by it in order to succeed in that given market.
Cross border E-commerce Payment Options
Clients want a user-friendly, quick and efficient checkout process, which also includes the payment process. Additionally, customers want payment options that they are used to. Once merchants provide this, as well as minimize verification delays and hidden transactions, turnover will undoubtedly increase rapidly. In fact, one of the main reasons for cart abandonment is a lack of wanted payment options.
Payment solution platforms allow merchants to easily incorporate all of the payment solutions their customers want without the added hassle.
Oceanpayment is a global payment service provider offering more than 500 various payment methods in 200 countries and regions all over the world. It provides cross-border payment services for merchants in the sphere of travel, entertainment, retail, dining and many other industries. We provide localized payment solutions and optimized payment procedures to merchants. We also improve the payment experience of customers and maximize merchants’ revenues.
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