These past months have led to a drastic increase in e-commerce since customers have
realised how incredibly easy it is to purchase products from retailers across
the globe. However, merchants have had to deal with certain issues since cross
border commerce involves several points of friction. Let’s look at some ways that
will make things easier for both parties.
Localised pricing
Price localisation on an online shopping
website is a very important factor if you want to target audiences on a global
level. This means that you have to display the correct local currency for a
consumer that is abroad in any given market and to complete payments in that
particular currency. This is possible thanks to the technology available
nowadays. Additionally, multichannel retailers have to work together with
wholesalers in certain regions to avoid undercutting the prices of their
wholesale partners.
Local payment option
If a consumer is able to access the settlement method that he prefers, he will
be more motivated to complete the purchase. Preferred online payment methods
vary from country to country. In some, it could be credit
cards and others digital wallets. Thanks to technology, retailers
can easily choose which options to offer shoppers. Moreover, a good system is
one which eliminates fees related to cross-border payments and reduces any
costs associated with foreign exchange rates.
Photo credit: kreatikar from Pixabay
Localise your settings on your e-commerce website
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