News • 10.07.2019

U.S. merchants lack critical tools to fuel global expansion

Top challenges: payment localization, compliance, and cybersecurity

Hands holding onto a wire mesh fence, sunshine behind the fence; copyright:...
Source: panthermedia.net/Cristina Conti

Rapyd, a FinTech-as-a-Service provider, today announced the results of its inaugural ‘2019 State of Cross-Border eCommerce: U.S. Merchant Outlook’, which found that most U.S. business units (91 percent) prioritize cross-border sales as a key growth area but struggle to execute on the opportunity.

According to the study, nearly 50 percent of U.S. companies surveyed currently have 80 percent or more of their ecommerce revenue coming from North America, revealing that the cross-border opportunity, hasn't been fully tapped by U.S. merchants. However, modern, global merchants struggle to manage risk, reduce costs and implement technology that can provide connectivity and redundancy while optimizing the customer experience. 30 percent of respondents cited cybersecurity as the top risk in cross-border payments.

Less than one-third of merchants have fully implemented basic industry tools for cross-border success such as "local customer support" (27 percent) and "local card scheme acceptance" (25 percent) across relevant geographies. Moreover, only 18 percent have fully implemented local cash acceptance or COD for online transactions in relevant geographies.

Poor user experience also contributes to the sub-optimal conversion rates for cross-border buyers. Cross-border ecommerce conversion rates slip when digital properties such as apps and websites fail to localize the user experience.

"Global cross-border eCommerce is estimated to reach 1 trillion dollars in 2020 but most global retailers are completely unprepared to tap this massive market opportunity," said Arik Shtilman, Co-founder & CEO of Rapyd. "Merchants that desire a bigger footprint and more customers need to have the tools in place and the persistence required to expand global sales. Using technology that enables hyper-local payments to consumers doesn't need to be a complex initiative."

Key findings for U.S. cross-border commerce:

  • Merchants are prioritizing cross-border sales. Only 5 percent of U.S. merchants listed cross-border sales as a low priority.
  • Online merchants prioritize mobile experience and global payments.
  • Nearly a quarter of U.S. merchants (24 percent) believe they are missing the EU cross-border opportunity.
  • U.S. Merchants eye APAC and LATAM for growth.
  • Cybersecurity leads merchants' cross-border risk concerns.
  • Creating engaging local customer experiences tops merchants' cross-border challenges.
  • Offering local card scheme acceptance critical to cross-border success.
Source: Rapyd

related articles:

popular articles:

Thumbnail-Photo: The iXtenso editors tested self-scanning ......
30.09.2019   #mobile payment #self-checkout systems

The iXtenso editors tested self-scanning ...

... with an app of the Hobbymarkt Knauber in Bonn, Germany

Snabble has developed a payment app that allows customers to scan their purchases in retail stores and pay online. I wondered: How does it work?The app is in use in the Bonn DIY and hobby market Knauber, among other places. Let’s make a move ...

Thumbnail-Photo: App creates personalised shopping experience...
26.08.2019   #mobile payment #app

App creates personalised shopping experience

The Swiss trading company Valora is opening its first cashless convenience store

The goods are chosen, scanned and paid for using the avec smartphone app. Mobile computer vision specialists Scandit’s scan engine is a key component of the customer-facing app. The future of shopping - whether online or offline - is ...

Thumbnail-Photo: Innovative ICA store triples revenue
22.08.2019   #electronic shelf labels (ESL) #price labelling

Innovative ICA store triples revenue

Automatic price updates and product information at the shelf

Since ICA merchant, Jan Sikström, took over the ICA Ettan store in Sundsvall (Sweden) in 2016, he has almost tripled the turnover from SEK 15 million to SEK 40 million. Today, the store has 15 employees and approximately 5,000 different items ...

Thumbnail-Photo: Smart meters: Be proactive and reap the benefits...
12.08.2019   #energy optimization #electrical installation

Smart meters: Be proactive and reap the benefits

The Metering Point Operation Act calls for smart meter rollout

The black and analog electric meter box has become obsolete: The mandatory smart meter rollout will commence in a few months. What does the installation of digital, smart electric meters mean for retailers and chain stores? ...

Thumbnail-Photo: Enhanced, interactive, virtual – It’s all about the experience!...
21.11.2019   #online trading #customer satisfaction

Enhanced, interactive, virtual – It’s all about the experience!

AR and VR can boost online and offline retail

New technologies permeate all aspects of the retail business, whether it’s self-checkouts, AI or robotics. Virtual and Augmented Reality (VR and AR) are yet other components in this setting. In this interview with iXtenso, Kelly Goetsch, ...

Thumbnail-Photo: Irma: flagship store in Copenhagen
30.10.2019   #electronic shelf labels (ESL) #price labelling

Irma: flagship store in Copenhagen

Denmark's oldest grocery chain opens a new store

At the same time Irma, a Danish grocery chain, could celebrate its 133rd birthday, the chain also opened a new flagship store at Østerport station in Copenhagen. Besides showing renewal and being able to ensure the customers updated prices ...

Thumbnail-Photo: New year brings new regulations
13.09.2019   #data management #receipt printer

New year brings new regulations

What are the big changes for German point of sales systems come 2020?

Big changes are coming to Germany’s point of sale systems starting January 1, 2020. Two terms that are tossed around in this connection are "Belegausgabepflicht" (Receipt Provision Ordinance) and ...

Thumbnail-Photo: POS machine market growth
27.08.2019   #epos systems #pos systems

POS machine market growth

Driver: Adoption of mobile devices for POS transaction

The number of POS machines has increased in the past four years following the introduction of chip-embedded payment cards & Personal Identification Number (PIN). Moreover, growth in the number of departmental and retail stores, which is fueling ...

Thumbnail-Photo: Retail analytics: Breaking down data silos and improving operational...
29.07.2019   #data management #data analysis

Retail analytics: Breaking down data silos and improving operational efficiency

How comprehensive data usage led to higher revenue at Heine

“As a business with heritage in mail order, we used to have access to detailed reports about product performance in our catalogues. Once our digital presence grew, we had very limited information available that combined the KPIs for both our ...

Thumbnail-Photo: “Money left on the table”
19.11.2019   #customer satisfaction #customer analysis

“Money left on the table”

Mark Thomson from Zebra explains why stock management is essential for retailers

Zebra Technologies Corporation did a study on attitudes of shoppers and their buying behavior. It shows that more than half of Generation X shoppers shopped in a store and left without a purchase only to end up purchasing the item ...

Supplier

iXtenso - Magazin für den Einzelhandel
iXtenso - Magazin für den Einzelhandel
Celsiusstraße 43
53125 Bonn
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Permaplay Media Solutions GmbH
Permaplay Media Solutions GmbH
Aschmattstr. 8
76532 Baden-Baden
Superdata GmbH
Superdata GmbH
Ruhrstr. 90
22761 Hamburg
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven