Payments services company Paysafe Group Plc (LON:PAYS) has today released a whitepaper, titled Five Proven Strategies to Achieve Cross-Border E-commerce Growth, which reveals how companies can use cross-border payments to gain competitive advantage in the booming international e-commerce market.
International sales are becoming a growing part of every organisation’s revenue, particularly for e-commerce businesses. This is being driven by customer demand for the freedom to purchase abroad with online B2C sales predicted to more than double by 2021, reaching an expected $424 billion globally. This trend is already apparent in the UK, where cross-border online retail sales grew over 11% from 2016 to 2017. In Europe, 15% of online purchases are now exported from other regions, while in other parts of the world it’s as much as 50%.
The combination of consumers increasingly looking overseas for more competitive pricing, a broader range of goods and services and merchants wanting to expand beyond their saturated domestic markets is behind this boom in international ecommerce. This is driving demand for better, faster and more flexible cross-border payments.
At the same time, the latest regulatory and technical infrastructure is helping to shape a new generation of cross-border payments suitable for B2C, B2B and B2B2B payments and services. This provides an opportunity for merchants to maximise their investment by adopting innovative strategies that go ‘beyond payments’ to deliver broader, richer, more seamless and inclusive cross-border services for their customers.
Paysafe’s CEO of Acquiring and Card Solutions, Andrea Dunlop said:
Savvy shoppers are increasingly looking overseas for more competitive pricing and wider choice. The purchasing public are driving demand for better, faster, and more flexible cross-border payments. This is where a well thought out strategy can drive competitive advantage, encourage engagement with new audiences, and stimulate growth. To achieve this, merchants need cross-border payments partners with the capability to bring new services to life while navigating complexity, simplifying processes, and reducing risk.
Paysafe’s whitepaper examines the following five strategies for cross-border e-commerce growth:
- Global reach x local relevance – explore alternative payment methods
- Put security and compliance at the heart of your international growth strategy
- Build a seamless customer experience throughout the international e-commerce journey
- Offer added value payment solutions for a competitive edge
- Drive inclusion by utilising new digitised cash solutions