Expansion stories: Understanding local payment options
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Ecommerce revolutionized the way we buy and sell goods. It carved its way through the commerce world and is predicted to top almost $5 billion global sales by 2021. Small and businesses sell online from all corners of the world.
Websites and online platforms are easier than ever to set up. And accepting payments via an ecommerce payment system, using ecommerce payment processing, is the most effective way in different countries and is really important to understand.
Do you have international growth ambitions? If so you're probably thinking about localizing your website and setting up local entities. But before you do, it's important to consider how you'll be accepting ecommerce payments in each new market.
Success stories, like ofo and Daniel Wellington, prove that global expansion is possible just by offering key local payment methods and local currencies. The reason for this is simple. There are millions of customers across the globe with discretionary spending power, a high level of English, and an internet connection.
Did you know that a large chunk of your customers aren't using international credit cards to pay? For example:
At the other end of the scale, offering local payment methods is absolutely crucial for big, established businesses to reach local customers. To ensure they reach a critical mass of customers, businesses like Facebook and Evernote offer local payment methods such as Boleto in Brazil, Alipay in China, and SOFORT in Germany.
The potential of cross-border ecommerce is huge and, by harnessing global ecommerce payments, you'll be able to reach literally hundreds of millions of new customers.
To help you make sense of the fractured global payments landscape, and provide a useful reference when considering international expansion, we've created the global ecommerce payments guide.
In this guide you'll find: