Cross-border ecommerce and payment technology are evolving to remove barriers and drive business growth.
In today’s competitive retail landscape, expanding into new markets and geographical regions ranks as a top priority for European retailers. In July and August of 2024, IDC surveyed over 300 merchants across Belgium,Denmark, Ireland, Finland, the Netherlands, Norway, and Sweden and more than 4,000 consumers in France, Germany, the Netherlands, and the U.K. to find out more about consumers’ expectations and preferences when shopping across borders and merchants’ strategies to expand their international business.
According to the research, 83% of retail merchants consider cross-border ecommerce essential for tapping into larger markets, underscoring its importance in their growth strategies.
Still, selling to consumers abroad remains a challenge for many local sellers.
Nearly half of consumers surveyed abandon their purchases at checkout when buying from international sellers. This behavior is driven primarily by concerns about payment security and unexpected costs at checkout, both of which are significant contributors to online cart abandonment.
Payment solutions play an important role in addressing these barriers and improving international purchase success rates, as they streamline the online customer journey and enhance security, particularly at the checkout and payment stages.
The research finds that merchants implementing advanced payment platforms see substantial improvements in key business metrics, including revenue growth, gross profit margins, and payment success rates.
By adopting robust payment solutions, retailers can achieve their strategic objectives more effectively. These include generating new revenue from international sales and improving the online shopping experience by increasing payment success rates, boosting conversion rates, and enhancing customer loyalty.
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