Business growth can be driven by new market opportunities, and with the adoption of ecommerce, international expansion becomes a possibility for almost everyone.
An Accenture study has shown that the overall value of cross-border payments is expected to rise by 5.6% annually, with the C2B segment experiencing the highest growth rates (at around 25% a year) as a result of high growth of the cross-border ecommerce trade.
The digital landscape has moved from local to global, and that includes payment methods. Credit and debit cards, e-wallets, buy now pay later, money transfers; we have greater choice than ever before.
More choice requires more control.
Businesses that want to expand their offer online, reach out to new markets, or simply stand out from the competition need to get their payment systems right. But what does that look like?
Businesses will invest a lot of money into the research and development of beautiful and effective onsite user journeys. They work hard to grow brands based on recognition, relatability and trust, with omnichannel content that tells a compelling story.
Then it can all go wrong.
Once the customer is at the critical point of payment, they are moved into an unbranded, inconsistent and unrecognisable space. The spell is broken and the trust is gone.
Businesses need to ensure that, no matter how complex their payment infrastructure is, the end-to-end customer experience is as considered as the shop window.
As businesses think globally, they cannot forget the importance of local market knowledge. One size won’t fit all, and that isn’t just about using local currencies.
Cross-border ecommerce involves the management of multiple providers, and that can get complex. But customers want to see the payment options that are right for them
Improving conversion at checkout is firstly based upon accessing and understanding data around abandonment rates, but then crucially about implementing flexible and customer-first ways to pay.
The organisations at the forefront of cross-border commerce are able to micro-manage payments automatically, without manually disrupting the system.
They can move in an agile way to adapt to local market changes, campaigns or demand for innovation. Staying relevant at a global scale means having the flexibility to react quickly at a local level, otherwise brand connection can be lost and opportunities to maximise revenue missed.
How can you make sure you aren’t missing out?
Bridge is a payment orchestration service that enables businesses to cater for different payment models, markets and currencies, with a customisable common framework across all payment service providers.
So brands can create consistent, personalised and relevant payment experiences that cater for local markets, optimise for specific customer preferences, and still look beautiful.
To make it easier for businesses to embrace new market opportunities, Bridge enables you to connect to foreign exchange services via an API, automating trading in foreign currencies. This gives the customer the flexibility to select their preferred currency, but allows the businesses to receive money in the bank in their chosen currency too.
Bridge delivers the flexibility and the freedom to innovate, with no integration complexity. But most importantly, it gives your existing and potential customers the very best shopping experience, all the way to the ‘thank you’ page.