Today’s consumer behaves and thinks differently to how they did 10 years ago. They are more unpredictable and less loyal. They have less time but are more conscientious, prefer experiences over products, and now more than ever, they expect a frictionless online shopping experience.
They also expect fast (and often, free) delivery, and have a few “basic” purchase requirements when shopping online:
►A variety of relevant payment methods available
►Clear, accurate pricing
►Quick and seamless transactions
Ensuring those ‘basic’ requirements were met became far more complicated than most merchants ever imagined, and in doing so resulted in thin profit margins; lost revenue; and damaged reputations due to fraud, and (what appeared to be) hidden fees.
The end result was of course a loss of consumer trust, and merchants frantically in search of the tools to build a frictionless checkout experience in an effort to build back their credibility with consumers.
Let’s hit the high points to see how merchants are resolving these concerns and capturing their share of this booming market:
Conversion rates plummeted as merchants adopted a patchwork approach to processing payments, sending shoppers to third-party providers to complete transactions. The issues here are myriad, but ultimately resulted in friction that consumers didn’t sign up for – so they left and most didn’t bother returning.
Solution: Creating an optimal customer experience requires an integrated checkout experience – and offering payment methods relevant to international shoppers (and only those payment options that are relevant to them). This creates a cleaner, more professional look, drastically reduces friction and cart abandonment.
Beyond the unique payment methods consumers seek, most countries also have their own ecommerce regulations – and with them, a variety of fees. Short of having a team on the ground in each location, there will be extra costs added to each transaction. This is unavoidable –and frustrating for both sides of the equation (consumers and merchants).
Solution: Reach offers local pricing everywhere with our Merchant of Record model. Merchants can offer competitive pricing to shoppers wherever they are, and compete in the global market as if they were local.
Understanding fraud patterns worldwide is a full-time job, so many merchants needlessly restrict valid purchases or find themselves fooled by fraudsters because they can’t keep up with the ever-evolving global fraudster landscape.
Solution: Reach helps merchants identify suspicious transactions and also helps resolve disputes and chargebacks, offering seamless and safe processing.
Shifting from a domestic to a global mindset requires more than most merchants bargain for. Optimizing payment systems to create a shopping experience complete with competitive global pricing, no hidden fees, and a streamlined checkout process is a tall order – and is precisely what Reach offers. And all of this while creating distance for the merchant, and protection, from volatile and unpredictable FX, as well as from fraudsters that are developing new exploits daily.
Cost-effective and seamless shopping experiences will continue to be the expectation. The question is – will you be ready to offer it?
Reach out and we can show you how!