Top 3 Retailers who are Mastering Cross-border Commerce

The advent of cross-border commerce has turned a game changer for the small and the medium-sized businesses. The online marketplaces have become a great investment for the online retailers. They have turned out big players and developed strategic partnerships amongst other foreign countries. This has helped them engage in both offline and online relations with various brands and customers.

While in the process, the customers also have evolved and involved a lot. They now focus on the brand shopping rather than the channel shopping. Moreover, they are more inclined towards the web rooms than the showrooms. This has completely blurred the line between the online and the offline shopping. To be specific, this has blurred the lines amongst different geographic locations.

The changing diaspora

  • With the on-growing demand for the global products and brands, there has been a constant rise in their presence in both online and offline catalogs.
  • E-commerce is gradually shaping up the world into a one-unified market. The strategy behind is to make the products and brands available locally and globally in the markets.
  • Cross-border commerce has been growing to make its presence crossing every geographical border.
  • By 2021, the Global B2C E-commerce might reach over $424 billion. This market share targets the E-commerce bloomers like Asia, North America, and Europe.

Here are 3 top brands and retailers who have scored high in the “International Retail Index” and have managed to master the cross-border commerce game with engaging customer experience over the years.

  • ASOS

ASOS, the great fashion hub and global retailer, is ranked number 3 in the International Retail Index. It has surpassed the likes of the leading brands like Aldi, Apple, and John Lewis. ASOS offers great fashion at even great prices. This brand has expanded globally over the countries like France, the US, Germany, and Spain over the last few years. David Green, the MD at ASOS, discussed how the brand leveraged the technology for an engaging customer experience.

For a frictionless experience to its customers, they integrated type-ahead address verification that enables the customers to quickly fill in their address. The team at ASOS easily captures the data and insights for a cleaner and more accurate checkout for its customers. The global retailer also has laid more emphasis over the GDPR (General Data Protection Regulation). This ensures the data capture happens in a compliant manner. Moreover, it sets the right balance between the customer experience and the compliance.

  • Sephora

The other Global Retailer that ranked 8th in the International Retail Index is Sephora. Ian McGarrigle’s, the chairman of the World Retail Congress selected this French brand for the World Retailer of the Year. He also stated that this French brand has leveraged every international opportunity for over 4 decades. It potentially monitors the customers’ behavior and the brand offerings. Today it globally operates in 30+ countries which include the US, China, and Italy.

Setting a benchmark with its global presence, this leading Global Retailer has seized the opportunity what Digitalization offers. It also analyzes the customer demands and the insights of their businesses. With such a strong customer base and digital platform engagement, this has been driving the youth fashion and continues to grow globally. Along with the digital approach, it has adopted the local intelligence. This helps the brand to understand the demands of its shoppers. It also betters the customized offerings to its customers for both local and online stores.

The most powerful feature is the social media engagement of the brand for its valuable shoppers. The Sephora Assistant feature available with the Facebook Messenger app allows the shoppers to easily book their items in the nearby stores.

  • Walmart

Robert Gregory, the Global Research Director for the Planet Retail RNG selected the Global brand Walmart. The brand ranks 9th in the International Retail Index. This brand has been a consistent player in the E-commerce world and the Retailer’s Market. Walmart has a strong physical presence in markets at over 30 places. Over the past few years, to make a digital presence over the global platforms, it has been continuously reinventing itself.

Walmart has already engaged digitally in the cross-border markets in countries like India and China. Recently, it made an investment in the Indian E-commerce giant Flipkart to set its roots in India. Flipkart has a strong customer base. The startup-turned-giant has been a leading E-commerce company in the retail market with over 100+ brands under its umbrella. The partnership between Walmart and Flipkart is likely to be a great business for both the parties and a great venture in the E-commerce and cross-border markets.

Cross-Border Commerce in Australia – A Game of Local Market Share!

Cross-border commerce has paramount benefits for every business scaling itself from small-sized companies to a bigger one in due course. In Australia, many small and medium businesses have sourced their success from global marketplaces, trying to fill in the gap between demand and supply better than local vendors. Such companies that thrive on cross-border commerce continue to increase leads, shares, profits, and revenues in global expansion. Generally, the small startups are innovative, agile and even have the potential to grow much larger than one can expect.

The Small and Medium Business (SMB) community in Australia dominates the private sector in terms of employment. They serve as an employment to millions of Australians and contribute much more than the large businesses to the Australian economy. For the past five years, there has been a drastic increase in the count of actively trading businesses running across Australia. This has primarily led to increased growth of small business communities. The consumer shift has driven the small businesses in the cross-border market.

Such businesses should be encouraged to focus on the values of the sales opportunities outside the Australian market. They should know the fact that billions of consumers await the best quality products from cross-border markets. This inspires them to take a step ahead into the cross-border business.

Impact of cross-border commerce in Australia

There is a constant rise in the demand for the Australian products and services amongst the overseas consumers. This high demand is due to the quality Australian brands offer to their worldwide buyers. Also, the Australian sellers have developed and maintained a strong relationship with their consumers. Such demands have the potential to increase the consumer market in the Australian business by billions.

The “Australian-made” certification had been introduced about 30 years ago. It provides a thrust to the domestic business for excelling in the market of production of goods and services.

Young Australians love to shop!

National Australia Bank conducted a survey that reveals the percentage of total cross-border purchases. The calculation involved a larger ratio of the generation Y as the. Eventually, to meet such high demands, delivery companies had to increase their benchmark of supplies of the international brands online.

The Global brands need to develop strategic solutions to fulfill their consumer’s every need. Whether it is entering the new channels, increasing the data warehouse capacity, or offering prompt delivery and tracking options, they have to cater to every demand. Improvements in the fulfillment mean the online retailers and brand can set up their inventory near to the Australian customers. This emphasizes on cost-effective and quick delivery.

Shipments are off the dial

There has been a staggering growth in the cross-border shipping services when it comes to Australian retailers. The e-tailers in Australia promise fast delivery of all the products from fashion apparel to cosmetics and vitamins. The best selling products with high quality and first-class delivery services have made the Australian business flourish in these markets.

Thus, in terms of shipments, quality products, high demand and strong market shares in the overseas market, Australian businesses have been quite a ruling name.

 

3 brands that made it big into global markets with cross-border commerce

In the race of cross-border commerce, some brands have carved out a niche following several website localization tactics and processes. Some brands have taken help of localization services while some have developed attractive local websites to grab user attention.

Effective website localization goes beyond just product selection. Consumers demand more of localized content and media that they can understand and trust. When your brand understands this, you’ll be able to create template-based websites that follow a single format, but that can house new blends of content by the market.

Are you looking for investing in the biggest global markets? Do you want to take a step ahead of your competitors in the long run?

Here’s a complete guide how these small businesses have made it into the enterprise businesses.

O Boticario – A big name in the world of cosmetic and perfumery

The largest perfumery and cosmetics franchising network in the world. Also, it is Brazil’s second largest cosmetic company. It is spread across Brazil, Mexico, Peru, the United States, Japan and France with over 4,000 stores.

O Boticario has demonstrated ways to globalize the markets with the best approach. It has utilized the power of analytics to customize the merchandise for local and international customers. It has increased productivity by localizing the sites in terms of SEO perspective. Here are some strategies to expand globally:

  • Tailoring media and content by market

Every emerging brand should understand well that effective website localization is not just about product selection. It is more about how the consumers across the world demand to see the relatable media and content.

  • Ditching the copy & paste method

O Boticario has set a mark in website localization with their channels like .es and .com sites. It provides an engaging digital experience with localized content and global translations based on the customer’s shopping habits and locations.

  • Fully translated product information

Investing an extra time in the translation of product information can help build trust with the local customers. Also, localized content for product boosts SEO page rankings. O Boticario has product page information in English, Portuguese and Spanish.

  • Seamless checkout

O Boticario uses First Data on all its sites for collecting the transactional data. This payment gateway extends global payments and can sync with other payment modes globally.

With such principles and strategies, O Boticario has proved a benchmark in the e-Commerce global market of perfumery and cosmetics.

 

Vivino: Wine Delivery across the globe

Founded in 2009, Vivino is an online review and marketplace for wine globally. It all started with a simple iPhone app for the residents of Denmark. With time, it scaled its market values and aged like wine only to get better.

Vivino is a global marketplace for varieties of wines. It has one of the largest databases of wines in the world. It has nearly 7 million users and more than 3 millions of wines with quality taste. It has offices in India, Ukraine, U.S., and Denmark.

The founders have leveraged the opportunities of the e-Commerce business that within a short time, they started spreading across every major country. Today, around 5% of wine sales are made and Vivino holds a major share. It has localized wine e-commerce sites launched in the UK, The Netherlands, Belgium, Italy, and Spain.

Vivino excels in the online order and delivery of gourmet and wine across the globe.

Several strategies that the brand has accepted are:

  • Consistent presence across emerging markets
  • Localized language, content, and media
  • Understanding consumer preferences across borders
  • Localized product information, features, and reviews

Vivino has played smart in the networking and digital world. On the basis of IP addresses, it redirects its shoppers to their locations. This localization engages a number of communities in the local development environments.

Based on its product, Vivino has proved it truly values its quality and customers. “Wine only tastes better when old, likewise, this brand just gets better with time.”

 

Neon Poodle UK/EU

This brand is a leading supplier of long-lasting and affordable neon signs for homes and businesses in UK and Europe. It effectively manages localized inventories across the board. It has localized warehouses spread across the globe and that is what makes a smart move in terms of data and supplies.

Their Insights tool helps in merchandising the brand effectively for the local customers. These analytics and insights provide information about the demographics. It is vital information any brand needs to enter and spread in the cross-border markets. With social media, we track what the global customers demand. We scrutinize the customer behavior and their belonging domains and later take the next step.

Neon Poodle works differently than big, listed brands. It has spread its data warehouses first as per demands of localized markets. This helps the brand serve better and resolve shipping and delivery problems faster. With a big step, it has already won the game of cross-border expansions. The brand provides shipping to all domestic and international locations. However, only local customers can leverage free shipping and delivery.

Neon Poodle EU/UK understands what a local region needs and how the customers behave. They have effectively blended the technology and data to reach out to every corner of UK and Europe. Localized Data Warehouses, stock management and total landed costs are the key points to enter the cross-borders. This brand does it all and clearly wins the aspects of this expansion game.

Conclusion

Taking a cue from these top brands that have made it big in the world of cross-border markets can help you in every way. Today, they have reached the pinnacles with a strong foundation, plan, and strategies to empower their cross-border commerce strategies.

 

How to make cross-border commerce work?

Cross-border commerce has been a hot topic since a decade now. Today, consumers have a better understanding about which brands to choose and where to buy from. They know when to compare goods and services online and get the best deals. Not all the goods and services are available in every country and due to this the consumers have to search the products in their country’s borders. This has perhaps increased the count of demand and supply in the e-commerce markets and sales. Also, this increases the competition amongst merchants and marketers as they fight for the space in the business of global expansion.

There has been a rapid rise in the B2B and B2C markets and services since past few years. The customers are becoming more familiar with this concept of online shopping. As per report from Pitney Bowes, borders are nowhere a barrier now for the shoppers to purchase online. Majority of the consumers make an international purchase of their favourite products at least once in a year. The availability of better quality and wide range of products, attractive offers and trustworthy reviews are few reasons that lure the consumers to shop online. If the merchants focus on these liabilities, they are sure to make their way into this venture in few years. Global market analysts predict that in no time cross-border markets is sure to take over the domestic markets.

To get everything into place, there are multiple challenges these international sellers need to focus on before entering the global market. To master the art of the cross-border e-commerce work, international merchants should focus on these points.

Some of these are:

  • Investments
  • Data warehouse
  • Study of Local markets
  • Climatic conditions and customer demands
  • International shipments and on-time delivery
  • Total landed costs
  • Political constraints and government laws specific to a region

…and many more. To make a big step into this global venture, merchants should equally pay attention to these small details.

International merchants should not plunge into the global market without proper analysis of the region and territories. They need to understand the local markets, laws and regulations before expansion. They simply cannot enter a territory or a country that does not have any cross-border e-commerce in the first place. They should analyse the requirements, focus on how the competitors have build their strategies to conquer and expand in the future world of cross-border markets. Observing this can help them set right decisions in the investments, data warehouse, shipments, product offers, promotions and much more. Once they understand these minutest details, they surely can make way in global expansions.

International merchants should build and maintain trust and transparency with consumers. Also, they ought to focus on the challengers these global markets pose on like the language barriers, currency concerns and a full-fledged marketing. It is important that the branding is correlated to the market and it sticks to its brand values. Along with all these concerns, there should also be a need to customise the international shopper’s experience. All this can be done in terms of the localised customer service, shipping and payment methods.

 

For instance, shipping continues to remain the most important aspect of cross-border expansion and also the most overlooked one. International merchants should be transparent with their shipping policies, charges. They should provide details like tracking, delay in delivery and shipping rates. Also, the wide integration with the payments methods is a must. In consideration of the domestic markets, utilize the payment methods which are locally accepted and recognised.

Thus, to create a larger impact and increase your brand’s values in the cross-border e-commerce markets, observe, take steps wisely and localise your customer’s experience.

 

 

12 Common Mistakes Done while Selling in Cross-border Markets

The rate at which technology is excelling knows no bounds. It is creating innovative ways to connect with the world every day. While technology continues to change the channels in the market, the connection between merchants and consumers keep growing stronger. With the advancement in technologies, still there are some common mistakes, merchants make while engaging in international markets.

Let us walk through each of these mistakes to overcome any pitfalls.

  • Avoiding to calculate total landed costs

It is necessary that merchants and buyers maintain a transparent relation between them in the cross-border market. Merchants should inform their international buyers about duties and tariffs. You can also use the TCO (Total Cost of Ownership) calculator.

It is mandatory to maintain trust and dignity amongst your international buyers. It can be evaluated in the following ways:

  1. Provide product tracking details
  2. Provide on-site shipping information details
  3. Update on delays in international shipments

 

  • Creating Big Technology Investments

Merchants while investing in the international markets should keep minimum technology investments. This holds true for the integration of third-party channels as well as international checkout providers.

We recommend you to focus on small investments first rather than the big ones such as:

  • Market Insights
  • Personnel
  • Logistics

 

  • Ignoring online frauds

There is always a risk of fraud when entering the cross-border markets. But you can always take help of the solutions to prevent such frauds and meet your business requirements.

You can prevent fraud during international checkout on-site with two methods:

  1. Installing a fraud suite
  2. Leverage 3rd Party Logistics to secure against fraud

There are several solutions Subuno, Riskified and Signifyd like that reduce such online frauds and provide secured payments internationally.

 

  • Copy & Pasting

Repetitive content and media cause a mess across the localized and international markets. This is a common mistake international merchants often make. Thus, it is better to avoid any copy and pasting media and content on your site.

It is necessary to focus on the potential language when localizing the content. You need verifying the media as poor on-model product photography can create a bad image in the market. Also, it can affect the SEO rankings for the particular region.

 

  • Dimensional and Physical Shipping Assumptions

Most of the merchants and eCommerce businesses fail to assume the dimension and physical shipments. If you fail to consider these, it can be a costly assumption.

  • Dimensional Pricing – Shipping costs based on the size of a box
  • Physical Pricing – Shipping costs based on the weight of the box

Thus, it is beneficial to include these pricings in the overall product cost to predict accurate marginal costs.

  • Disregarding Localized Merchandising

When selling products globally, merchants must consider some factors so that they can merchandise their digital stores.

Consumer Demand & Trends and Climate are the factors that affect the local merchandising.

 

  • Not Failing in Translation

It is critically significant to focus on how your website gets translated into different languages. It plays a crucial role in the localized and domestic markets. International sellers and merchants can consider using the translation providers like Smartling and VerbalizeIt.

These translation providers transform the way the content is created and consumed by the local and domestic markets.

 

  • Government and Political Constraints

You must be aware of the government laws in accordance with the countries and political constraints. It is mandatory to follow the government norms and data alliance while taking a plunge in the international markets.

For instance, in Russia, it is mandatory all the customer data must be kept on server in-country.

 

  • Disregarding Promotional Calendars

A mistake international merchants fail to notice. You have to prioritize the region of expansion and plan the marketing campaigns accordingly. Mark your calendars for the promotional events to be carried out.

In the Middle East during Eid, you can observe many sales events during shopping, entertainment, and traveling. Likewise, every region or country follows certain events and you have to keep that in prior notice to stand stronger in the international markets.

 

  • Don’t Go Overboard

Merchants often go overboard while engaging in the cross-border market. You have to consider the right aspects when selling the products.

It is better to focus on a single market and its essentials first before plunging into various other markets. This will help you learn from the mistakes so that you can implement the solutions while expansions.

 

  • Managing Efforts from a Distance

It is sometimes impossible to manage efforts from distances. While globalizing in the market, markets like India, China, and UAE, it is difficult to manage the resources. But markets like Western Europe and North America are more manageable. It is always recommended that you leverage the local resources in this case.

 

  • Marketplaces are not for the premium products

The fact about the cross-border markets is that the international shoppers shop more from the local brands and markets.

Today, the premium brands are opening flagship stores on the various social commerce platforms and local markets.

Avoiding such pitfalls always helps but if you successfully aim to ace the global markets, launch an international site. This in all ways localizes the site, content, and products. Not necessarily, all the brands go by this rule and even if they do so, they still make commit these mistakes.

The Omnichannel Strategy Fuelling Cross-border Commerce

Consumers are the real king in the world of cross-border commerce. They possess the power of choice. They have the freedom to choose whether to shop online directly from a retail website or from the online marketplace. They have the right to choose their preference over the multiple online channels. As per latest research, the phenomenon of “Online Local. In-store Global” is one of the driving elements of cross-border commerce. Many shoppers while traveling abroad often discover the brands and visit their offline stores. Later, they continue to purchase products from the brand store online.

Let us understand why it is essential to implement the omnichannel strategy for cross-border commerce.

Getting the payment options right

The payment options for online shopping vary from country to country. There is no widely accepted payment option used by a majority of the cross-border shoppers. It is very crucial to choose the payment options. This increases the chances of increasing significant number of online consumers. There are important factors the online shoppers and merchants should consider while selecting the payment options. Some factors are

  • Value of purchase
  • Service fee
  • The total cost of purchase
  • Purchase protection plan

As per a survey, credit cards were the most preferred mode of payment. Second to the list were the E-wallets that allow the consumers to store and access multiple payment options at one go.

Direct sales vs online marketplaces

Nearly, half of the consumers trust shopping through online marketplaces. They do most of their online shopping through marketplaces – be it local or cross-border. In top countries like Japan, China, Germany, and India, the shoppers make their most of the purchases with the cross-border marketplaces. As per reports, 75% of the global shoppers purchase their favorite brands and products from the retailer’s direct site.

While in some countries like Australia and Canada, the trend is direct-to-retail sales. Thus, the online retailers need to consider a broader approach to increasing their online market presence. For this, they have to accept multiple channels to reach a large number of global shoppers and increase their sales.

Huge Interest in cross-border commerce

The research suggests that cross-border commerce prevails to be the first choice among the consumers globally. Consumers often make about 95% of their domestic purchases online. However, more than 66% of the consumers have also contributed to the cross-border purchases. Countries that have the highest number of cross-border shoppers are Australia, Hong Kong, and Singapore. While there are still some countries like Japan and U.S. which are evolving and making their online presence stronger in the cross-border commerce.

Shipping and returns

Online shipping and returns are a major concern for both merchants and the consumers. There are certain elements that merchants always face challenges. They are

  • Shipping the right products
  • Order tracking and delivery
  • Transparent return policy
  • Proper custom duty and taxes

This issue becomes a more challenging task during the holiday season as most of the consumers opt for online and cross-border shopping. As per reports, India, Singapore, Hong Kong and China are among those countries with a large number of consumers opting for cross-border purchases. During holiday seasons, the consumer rush is more and thus the merchants and retailers experience a lot of challenges. There are constant efforts to bring improvements in giving the consumers a seamless shopping experience.

In order to grow the online presence in the cross-border market and strategize the omnichannel approach, consider the following steps:

  1. Integrate your findings
  2. Segment your audience
  3. Know your customers
  4. Prioritize the online channels and the devices
  5. Focus on customer support
  6. Measure your efforts.
  7. Create a premium customer experience

Conclusion:

Every cross-border marketer should engage the audience in a value-driven way to empower the cross-channel integrations. Thus, to provide a seamless and better customer experience, it is necessary to give your customers the first priority. Additionally, it is essential to analyze the sales in the marketplace and choose the right payment options. This increases your brand awareness and loyalty in the omnichannel cross-border market.

Top Market considerations to go Global through Cross-Border Commerce

Never in the history of the international commerce, trade has taken such a commendable leap in the sales and profits. This boosts the job opportunities, enhances the company’s prestige and offers a beneficial way for the businesses to expand. This also provides the businesses tonnes of opportunities and global exposure on a global platform. Whether it is a large scale business or an emerging startup aiming to go global, there is always a constant challenge to survive in this evolving market. However, there are certain factors that the businesses going international should take into consideration.

Prior to kicking off these factors, always consider key points:

  • Consumers: How can brands connect with intended consumer’s life?
  • Product: What value will the product add to their lifestyle?
  • Technology: Are you making the right choices in terms of technology?
  • Location: Are you making the right selection in the countries with the right set of investment?

So, before you embark on the journey of entering the cross-border trades, always consider these factors.

  • Conduct proper market research

Market research is an effective tool for identifying and exploring the best market that fits your product. Look at investing maximum time into a market evaluation. This gives you sufficient data and market insights while strategizing your go-to-market plans.

  • Define your business plan for entering the global markets.

Discussing, strategizing and planning is essential in order to define the business status, commitments and goals. This helps to enter the competitive global market and understand the strategies of your rivals. Determine which localized marketplaces you want to enter in. For instance, B2C, C2C or O2O fashion.

  • Choose the best product to hit the international markets

This is the most crucial factor in your company’s future depends on it. Choose your product or service diligently and wisely. Consider all the pros and cons of the product and its market analysis. Once done, plan and go for it.

  • Find cross-border customers.

First thing first. Without targeting your base customers you cannot proceed further. You should know who your customers will be. To start a business overseas, it is crucial to know them and where they reside.

  • Understand the consumer’s behaviour

A consumer rules the market. It is quite necessary to keep a track on their moves. If your target audience is youth, understand the trends and make investments accordingly. For instance, if the target is a 20-year old crowd, then in the U.S., merchants prefer more of Amazon than other eCommerce plans. But in China, it would not be the same. You might have to invest in a WeChat store or TMall.

  • Determine the investments for international expansion

Determine how much investment could you make? Strategize upon the ROI and the profit margins. Leverage all your market and data insights and analytics to make the right business investments in various international markets.

  • Do data analysis to predict how your product sale

Perform precise analysis of product sales as per specific geographic location. Understand the product rates and demands in the local markets of the countries. Decide how many units you would want to sell in a particular geographic location.

  • Build a website for a global purpose

Develop a website that has multilingual support. This helps to attract international customers and traders and communicate with them. Preferably, you can decide to choose English as the prime language and later on as you expand in the other geographical markets, you can add support for other languages.

  • Establish a method of export

Establishing a direct or indirect method of export matters a lot in the international business.

Businesses have to exercise over their ventures. Additionally, it is very important to seize an opportunity and plan a whole strategy.

  • Focus on pricing and determine the landing costs

Get customer reactions by testing out the product quality and price on them. Determine the landing costs, analyse later and negotiate if necessary.

  • Set up terms, conditions, policies and other financing options.

Set up terms of payment prior to product selling. Great businesses recommend not to sell an open account to a brand new customer. It is better to focus on the market policies for both local and global markets. And it is essential to check the financial options on the basis of the geographical areas.

Once you have a proper knowledge of these factors, the next step is syncing with the digital and physical experiences. This helps the merchants and consumers to get familiar with the brand and engage new buyers in the international market.

Conclusion

Regardless of the business size, cross-border commerce requires a significant investment of money or time and sometimes both. It is quintessential to focus on the landscape of where you are going to set up your business and what factors you will take into consideration. Together, these will aid to the critical components of success.

 

 

Consumer Returns Management in Cross Border Commerce

Cross-border commerce does not only rely on successful product delivery. Businesses also need to equally focus on the consumer returns management especially if local geography needs to be addressed. A well-oiled return management process has the power to exceed the customer’s expectations and fuels the business expansion process. This also ensures the brand loyalty. Hence, easy returns policy is the chief concern for any online shopper or consumer before taking a step into the online experience of shopping.

Let us understand why Consumer Returns Management plays a vital role in cross-border commerce.

Consumer Focus

The challenging part for any eCommerce business is providing a seamless shopping experience. There is also a constant challenge to improve the shopping experience keeping a focus on the consumers. This engages and retains the consumers in the chain. One such process in the chain is offering “hassle-free” returns to the consumers. eCommerce businesses should have the ability to offer lenient and flexible returns. This engages more consumers and retains the customer base with a thrust to expand the business. This also helps the businesses to function minimizing the risk of fraud and abuse.

Customer value and satisfaction

Any business whether offline or online should aim at clarifying the return policies to promote strong sales. According to the UPS survey, about 88% of the online shoppers check the return policies first and then proceed to shop. The rest will forgo purchases if they are unable to locate or understand the policies. Thus, it becomes essential to value the customer’s preferences and satisfy their needs.

eCommerce businesses have a variety of products to offer to the millions of customers online. They offer products and services for everything, right from fashion to electronics. Customers have the freedom to purchase from a wide range of the products. These companies can create opportunities in the competitive market with their accessible and easy return policies. This attracts the customers and they can leverage the online stores with the same old traditional touch.

Online shoppers should get the same offline shopping experience with the qualifying purchases. They have the leisure to check the product details before they add the items to the cart. Consumers and buyers can get the chance to check the minutest product details just like the traditional stores. Every product detail should include the product color, material texture, size, pictures and much more. Thus, eCommerce businesses have maintained the decorum that the offline businesses offer. They do offer exciting return policies that encourage the consumers to take a plunge into the wide shopping experience.

Fraud prevention

Fraud detection and prevention is the widest challenge in the eCommerce world. Businesses should keep a watch on the illegal activities if any. Those with the lax return policies might turn out to be great money for the hackers and criminals. To play on a safer side, eCommerce businesses should build definitive eCommerce return processes and policies. Also, they should maintain high-level security to avoid any such risks. Otherwise, they might become indelible marks on the names of reputable brands.

Efficiency in returns management

While returns will always be a crucial part of the business, they do not need to be a liability. To increase the efficiency and foster growth for your business, develop effective reverse logistics processes. This aids as a competitive advantage and can prove beneficial.

Hence, for effective returns policy, make sure you:

  • Create meaningful content about the returns process and policy.
  • Make the returns policy and process more understanding as per local demographics.
  • Offer flexible, convenient and easy options – such as in-store returns.

For businesses to redefine their returns management, here are some important points to focus on.

  • Focus on the global picture: Easy and flexible returns solutions should be available to everyone and everywhere. Businesses ought to focus on their current return logistics to manage the cross-border trade. They should be able to turn the local legends into international successes.
  • Make the returns process simple for online shoppers: Simplify the returns process and policies. This helps the customers to easily initiate the returns through calls or an online returns management portal. Businesses should provide 24/7 access to the customers through a customer service hotline.
  • Track your returns smartly: Know where your returns go when the customers send them. Businesses should aim at establishing cost-effective ways of determining the stocks and maintaining them.

Cross-Border Commerce: Choosing the Right Regional Trends with Payment options

Cross-border commerce is one of the most challenging ways for the online merchants to develop their presence in the market. The e-commerce merchants have started focusing more on the cross-border markets to grow their business. Today every merchant aims at expanding their business or market employing regional sensibilities and local market flavor for their success. They focus on building strategies that promote their growth in the online market and create a place in the heart of the consumers. To grow faster, they have to build strategies taking into consideration the market trends and key elements. Here are some of the best strategies:

Trust first: Pay locally; offer at a global level

A global offering can never be enough. Consumers demand secure transactions while shopping online. For this, online merchants have to focus on offering the commonly used, trusted and secured payment methods in the local markets. They have to ensure their customer’s safety, confidence along with the market’s conversion rates. Apart from this, the online merchants have to keep up with the pace of technology. The power of technology is undeniable in the expansion of markets in the global and local market. It binds the consumers and the online merchants across all the geographies and various channels giving a great experience to both in all terms.

Merchants need an overview of the market dynamics and the consumer’s behavior for the successful expansion of their online businesses. This way, it helps them to localize the experience. Moreover, businesses have to study the local payment cultures. For instance, in some countries, consumers trust payment modes as credit and debit cards while in some they trust e-Wallets.

Omni-Channel and Social eCommerce – The future

Omni-channel retail and the social eCommerce is the future already. This gives fully-integrated and seamless customer experience. This also helps to understand how the customers interact with the online brands across all the channels. The eCommerce merchants can gather the comprehensive data from various geographies, brands, and stores. This collectively helps to analyze the customers’ behaviors and preferences in a better way. Furthermore, this can help to create great customer offerings and provide loyalty solutions.

In the digital space, millennials prove to be great influencers. They play a vital role in voicing their opinions and sharing information. For instance, 50-60% of the consumers follow brands and products on social media. They browse a plethora of products on the social media. As per online surveys, 33% of the online shoppers utilize social media for potential purchases. Thus, the online and social recommendation of brands and products encourage the significance of cross-border trades and transactions. In future, social eCommerce and omnichannel strategies will become a major source of payment drivers too.

Go cashless and seek new opportunities

The eCommerce field is flourishing at a more accelerated rate. By 2019, it is expected to hit $3.6 trillion. This is the right time for the eCommerce enthusiasts and merchants to invest and expand internationally. To strategize a good expansion, merchants must understand the landscape and seek out new opportunities. They need to seek out effective ways of electronic payments as the global market is turning cashless. Most countries like North America, Europe carry out cashless payments.

In comparison to the domestic eCommerce market, cross-border eCommerce is skyrocketing at an unprecedented rate. Consumers have started trusting international sources to buy products that are unavailable locally. Online merchants can turn these higher demands into high-profit margins. They can grow their businesses effectively. That said, new opportunities arise with the growth of cross-border eCommerce market.

Key points to remember

While choosing the right step with the payment modes, here are some key points every merchant should consider. So, choose the payment partner smartly to grow your online presence and a strong global network.

  • Focus on the regional trends that meet the customers’ demands and expectations
  • Know the online market value of your products in terms of local and global market
  • Follow the customer shopping habits across various geographies, devices, and media
  • Integrate the trusted payment methods to ensure secure customer online shopping experiences
  • Focus on the fast delivery of the products and best return policies
  • Exciting payment cashback offers and coupons
  • Keep a check on the local regulations, exchange rates and policies

To summarise, developing a successful cross-border strategy is not just about best products and services. It is equally necessary to maintain trust, security and provide a great shopping experience for all the customers. Along with this, they also need to retain the customer base, product quality, brand awareness and customer satisfaction values. Thus, for a seamless experience, the online merchants have to focus on developing expansion strategies that are easy and trustworthy.