The major key to success for any eCommerce business is customer retention and satisfaction, and they cannot achieve this without providing a seamless payment experience for their customers. This is where Fincra comes in.
Global eCommerce refers to the online selling of products and goods to buyers in foreign countries. It is a synonym of international eCommerce, although they may have slightly different connotations concerning the number of countries you are selling to.
As of 2021, the global eCommerce market was over three times its size in 2019 and it’s expected to nearly double by 2027.
To keep up with buyer expectations, and expand across borders, global eCommerce companies must deliver frictionless and optimized online sales and payment experiences.
The following are 5 habits of highly successful global eCommerce businesses:
1. They choose a reliable and secure B2B/B2C payments partner
In the global eCommerce arena, bulk orders and repeat orders are common practices. You want to make your customer experience as seamless as possible, therefore it is important to choose a B2B/B2C SaaS payment partner such as Fincra. By integrating with Fincra, businesses can improve the payment experience of their customers, expand into new markets, and increase their revenue.
2. Enablement of multiple payment channels
It is important for global eCommerce companies to have multiple channels for their customers to make payments through to reduce frustration and friction, and consequently lose customers. Today’s most successful businesses have omnichannel enablement for payments on their platforms. These channels include cash, credit/debit cards, cheques, barters, money orders, mobile money payments etc.
A successful eCommerce business must be aware of the regulations and laws for the industry it is in and its location. This might be tedious, but it is a make or break factor in the success and future of any global eCommerce business. Therefore, it is important to take time out and do some research to properly understand marketing regulations such as General Data Protection Regulation (GDPR) in Europe, as well as payment fraud best practices and compliance.
4. Organization and documentation
An important best practice for any business is to document workflows and processes. As an owner of a global eCommerce business, this is key as you build your team so that everyone knows what is expected of them and they can deliver uniform service to your customers. Your customers don’t want to wonder if each time they call customer service they’ll get a different answer. Your team can’t succeed if they’re constantly questioning how and when they should complete each step in your workflow. Take yourself out of the equation so you don’t have to micromanage your team and answer every question by organizing and documenting your entire workflow.
5. They constantly build trust
Since the eCommerce industry is internet-based, customers need to know that your brand is trustworthy. You need to showcase reviews and testimonials to build trust with your target market. Product reviews, testimonials or case studies are crucial, especially if you’re selling a large ticket item. Your potential investors need to know that their investment will be worthwhile and will give them the benefits they need. You can provide them with this peace of mind through customer testimonials and case studies.
The major key to success for any eCommerce business is customer retention and satisfaction, and they cannot achieve this without providing a seamless payment experience for their customers. This is where Fincra comes in. A payment infrastructure provider for global businesses, online platforms and fintechs.
As a global eCommerce business, you can receive money from Europe, the UK and Africa without headaches of international banking with Fincra. Our easy-to-integrate payment collection API is perfect for optimizing your current payment collection processes and providing your customers with an easy way to pay for your services in different currencies like EUR, GBP & NGN. Fincra is PCI DSS compliant, so you can be rest assured that you and your customers’ data is secure.
Give our products a quick spin by signing up for a demo here: https://sandbox.fincra.com/auth/signup, it takes less than 5 mins!