U.S. retailers are missing out on global eCommerce opportunities
International eCommerce will top $3 trillion in 2019, according to a report from BlueSnap and Kount
Kount, the leading AI-driven fraud prevention provider, and BlueSnap, an All-in-One Payment Platform, have released a new Internet Retailer survey and report finding global eCommerce will top $3 trillion this year for the first time. One of the major findings is that despite more consumers shopping internationally, retailers say fraud prevention and currency and payment processing are obstacles to taking advantage of the growing market.
International consumers are increasingly shopping online, with North America’s top 1000 e-retailers selling $143 billion worth of goods to customers outside the U.S. Amazon accounted for 44 percent of those international sales, largely because of its first-mover advantage. But the study found there is opportunity for retailers to gain significant market share by expanding their global efforts.
Fraud and foreign currencies
More than half of online shoppers have already purchased goods outside their country. Despite the opportunity for U.S. online retailers to sell internationally, less than half of them ship outside the country. The survey also found 67 percent of retailers agree international ecommerce is a critical source of future growth, and 52 percent concur with the statement that international ecommerce “is suitable for us because we have many international customers and followers of our brand and products.” The study found that two primary concerns are preventing North American retailers from catering to international shoppers: fraud and the challenge of accepting foreign currencies and payment types. 60 percent of respondents cited “currency and payment processing” as a top obstacle to international ecommerce. An identical 60 percent pointed to “fraud prevention.”
BlueSnap and Kount
A partnership between BlueSnap and Kount enables retailers engaged in international eCommerce to address their two primary concerns—fraud prevention and payments processing—with a single vendor relationship. The all-in-one solution combines BlueSnap’s payment platform, which handles payment processing in more than 100 currencies and via 110 payment methods, with Kount’s AI-driven digital fraud protection, which helps 6,500 global online businesses minimize fraud losses while maximizing the number of orders they accept. The integrated solution can help leading internet retailers compete internationally. “The combination of BlueSnap and Kount clears the way for retailers and brands to serve the hundreds of millions of consumers around the world ready to buy from their websites,” said Rich Stuppy, Chief Customer Experience Officer at Kount. “Our integrated fraud prevention and payments processing solution enables retailers to benefit from the strengths of both companies, while getting reports from a single source and managing a single technology platform.”
“The survey results affirmed what we already know to be true. The international market is still an area of massive potential for U.S. retailers,” said Ralph Dangelmaier CEO of BlueSnap. “In order to be competitive, companies need to have the right mix of payment solutions. We’ve partnered with Kount to make payment and fraud prevention integration easier and help U.S. businesses grow.”