Cross-border e-commerce: Language, culture more important than proximity
Offering a webshop in the local language, researching the culture and adapting features such as the payment methods to local preferences is much more important than geographical proximity. These are findings revealed by the “Key Business Drivers and Opportunities in Cross-Border Ecommerce” report by Payvision. However, many retailers stated that adapting their platform for multiple currency payments was a challenge. Cultural divergence is also the factor that scare merchants to expand to promising growth markets in the East, such as China.
Creditcards are 'the glue that binds overseas marktes together'
Alternative payment methods are on the rise, but according to the research they pose problems for online retailers with cross- border aspirations. Creditcards on the other hand, referred to as the globally preferred method of payment, are the “glue that keeps the global markets together”. In addition markets with high credit card acceptance offer interesting growth potential for international expansion.
Cross-border e-commerce has proven profitable
Figures from the report show that most e-tailers do not perceive cross- border selling as complicated and profit-reducing enough to keep them from doing it. 77,3 percent of respondents even agree that selling cross border has proven profitable.
Mobile commerce is strongest driver
The majority perceives M-Commerce as the biggest game-changer in cross-border e-commerce, increasing the need to offer the online shop for multiple devices.