10 Things You Should Know About European E-commerce

Selling online internationally requires more than a one-size-fits-all global strategy, you need to localize your approach to each individual country and market. However before you attempt to market or advertise to these global audiences you need to know how they use the internet. For example a French consumer uses the web in a different way to someone in Germany, likewise China and Spain and so on. With that in mind here are10 things about global ecommerce that businesses which are looking to sell internationally should be aware of:

1. Mobile search is on the rise in France
Not only has tablet usage doubled in France in the last 12 months but a third of the population now owns a smartphone and this has unsurprisingly led to a steady increase in mobile search in the country. What is perhaps more surprising though is that 68% of mobile search takes place at home. The conversion rate for mobile search in France is just over a quarter.

2. French consumers are discerning
Purchasing products online is not some knee-jerk, rapid process for French consumers. Instead they spend a long time comparing what’s on offer and reading reviews before actually committing to a sale. The result of this is that France has one of the lowest return rates for ecommerce purchases in Europe at between 10 and 15% – much lower than Germany’s 20-25%.

3. Mobile is king in the Middle East and Africa
More than nine out of 10 internet users in the Middle East and Africa use their phones to go online. This is the highest rate of mobile internet access on the globe.

4. German consumers like choice
Payment methods and which to offer is one of the critical criteria to get right when entering foreign markets and it’s no different in Germany. Research has shown that by retailers offering a choice of payment methods they can actually increase their sales. Paying by invoice is the most popular method of paying, with just under half of Germans preferring to part with their cash this way, followed by credit cards and then PayPal.

5. The Dutch love to shop online
When you think of global ecommerce the Netherlands is probably not one of the first nations that spring to mind – however the Dutch are keen internet shoppers. In 2013 80% of internet users in the Netherlands made an online purchase, while the nation also boasts an extremely active elderly population when it comes to Ecommerce with eight in 10 65-75-year-olds accessing the web regularly for this reason. It’s not just the more experienced consumer getting in on the act though. The Netherlands is home to Europe’s highest rate of social media users – a figure that stands at 98% for 18-24-year-olds.

6. Smartphones are big in Sweden
In 2013 Sweden’s smartphone usage was more than double the European average, while the country can now also claim to being the eighth largest online marketing market in Europe. In other Swedish news the nation’s consumers are fond of content marketing, with eight in 10 marketers believing that it is an effective method to enhance a business’ brand.

7. Italy’s Ecommerce is surviving country’s economic problems
As a nation Italy has not had the best of it economically recently, yet despite these difficulties ecommerce continues to grow. Internet sales were up nearly a fifth at the end of last year, and as many as 14 million Italians now use the web to shop.

8. Norwegians are much more likely to buy via desktops Norway’s Ecommerce spend was considerably up in the second half of 2013, however of these purchases the vast majority (86%) were made via a desktop. Sales through tables accounted for less than 10% of transactions and mobile was even less at below 5%.

9. The Danes are fond of foreign retailers
A disposition to shopping from foreign retailers is quite common in global ecommerce. Take Russia for instance, a lack of trust in domestic sellers has caused consumers to cast their gaze further afield. Denmark is one such nation that can be relied upon to buy from non-domestic retailers and in quarter four of 2013 almost one in two Ecommerce purchases were from a foreign business.

10. Spanish consumers are nervous about online fraud
Despite Spain being fourth in terms of Ecommerce billing in Europe the country’s online market is still plagued by inherent trust issues, especially surrounding online fraud. In a recent consumer survey 54% of Spaniards admitted they were still nervous about giving their details out online.

 

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What are your responsibilities as a merchant?

With having a merchant account, comes great responsibilities. Rules and regulations established by the credit card industry can be stringent and failure to comply can lead to account termination. The credit card industry maintains a list of merchants who have been terminated in the past, and if you land on this list then you will find it is extremely difficult to get a new merchant account.

Here are a few of the main responsibilities you have as a merchant:

Preventing Credit Card Fraud

Your primary responsibility as a merchant is to accept credit only from the person to whom it was issued. This is much easier to accomplish in the retail business where the cards are swiped and you have evidence of signatures to compare. However, when you accept an online credit card payment, ensuring the identity of the buyer becomes more difficult. This is one reason why internet purchases have the highest rate of credit card fraud. Moreover, credit card fraud criminals intentionally target new merchants because generally, they are comparatively inexperienced. The offenders believe that due to inexperience, a merchant would already have dispatched the order before discovering that a crime has been committed.

Let’s take a look at several steps that you can take to ensure that you don’t become the victim of credit card fraud:

• As soon as you set up your merchant account, call your bank and discuss the kind of risks you might be exposed to and the best way to deal with them.
• Understand the characteristics of a fraudulent transaction:

1. Orders for your highest-priced product  in bulk
2. Order might be from outside of your country and may be from countries that statistically have the highest rate of credit card crime.
3. The email account is usually untraceable.
4. Orders are placed with a request for quick or instant overnight delivery.
5. Shipping address might be different from the billing address.
6. The billing address might by suspicious. You can now use a map service to ensure that address provided is valid.
7. Delivery instructions might be to leave the order at the door. Make sure that you employ delivery services that require the signature of the receiver.

All of these characteristics can also be of true of valid transactions so make sure that you are sure before accusing the customer of criminal activity. In such a situation, you can ask for assistance from your bank as they can advise you on how to confirm the transactions.

Chargeback

This occurs when the holder of the credit card disputes the transaction with the card issuer. In this case, the account of the customer is credited, and yours is debited. In such a situation, you will have to prove that the product or service was delivered to the customer. If there is even the slightest doubt, the customer will get the benefit of the doubt—not you, the merchant. Chargeback may occur due to following reasons:

• The ordered product or service was not received by the customer. In order to ensure that this does not happen, you need to have a delivery confirmation system in place.
• The customer might think that the service or product was not delivered.
• The customer can also forget that he made the purchase. To avoid this situation you need to ask your merchant bank to identify your company’s name on the credit card statement of your customers as well as in the delivery confirmation system.

These are just some of the many responsibilities that rest on your shoulders as a merchant. Act conscientiously by carefully going through all the rules and regulations in order to avoid any unpleasant circumstances. Your bank and a reliable online payment company should be able to help answer many of your questions and give solutions to your concerns.

 

 

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Top 5 Online Merchant Challenges and ways to overcome

 

A successful e-commerce website can prove to be a stepping stone for your business. An online store significantly reduces some of the overall costs of running a “brick and mortar” establishment. Overhead such as employee salaries, insurance, licensing fees, and rent will be greatly reduced. Moreover, an online store allows you to stay connected to your customers round the clock, which allows transaction to be made at any time of the day. Finally, with international shipping being reasonably priced, it is common to receive orders from anywhere around the globe. People can now order products from the source and often eliminate the middleman.

However, where you find numerous advantages there are always a few challenges. To start with, a large majority of sellers do not realize the amount of time and effort that is required to start and maintain an e-commerce website. A website template and layout, the installation of a shopping cart, content generation, site optimization and e-mail marketing strategies are just a few things that you need to give birth to an online business. If not planned strategically from the get-go, you may run into a few kinks later on in your business development.

The best way to address such challenges is to be aware of them first in order to tackle them head on— with the right attitude.

Here are a few of the major challenges that are faced by merchants and what they can do to avoid them:

Unreliable Website

It does not matter how sophisticated your website looks and whether you hired a professional to design your web store or you just doodled it on a piece of paper—customers may not trust your website security right away. This may be the case particularly if you are selling high-priced items with sizeable shipping costs.

To gain your customers trust, always make sure that you add your point of contact information in your site. If possible, you can also add photographs of yourself and the people who help you in business and website maintenance. You can include genuine customer testimonials to build your customers trust. It is a good idea to be sure your social media is visible and there is an active dialogue between you and your readers. Don’t forget to outline your return policies clearly as well as which payment service system available.

 

 

Threat of Security Breach

No matter how big or small your business is you can never be safe from a security breach. It can be a nightmare for both you and your customers. This can compromise your customers’ personal information. It can even be as bad as payments being transferred to an unknown account.

Put simply, the best way to protect yourself and your customers is to change your password regularly, customize the database location of the shopping cart frequently, check the report of e-commerce breaches often and figure out the key vulnerabilities of your FTP server/web. You may even want to hire a third party expert to be your watchdog.

Stand out in the Clutter

Customers who shop online are presented with a great selection of online boutiques to choose from. In fact, the selection is nearly endless. This is a shopper’s heaven, but it also means that they are bombarded with information.

The best way to break through the clutter is to be unique. Recent trends such as pop-ups, group-on coupons and flash sales are a snazzy way to get attention. Catchy content that tells the story of who you are and why you do what you do will grab those clients who are wondering, why they should buy from you. Hiring a good content writer can do wonders and save you loads of time.

VIDEO! Don’t forget video—fun, colorful video never fails to impress.

Intelligent Use of Social Media

Love it or hate it, social media is an efficient way to get the word out. However, one bad review, tweet or comment from an unhappy customer can tarnish your image like nothing else.

In such a scenario, the best approach is to use social media to have an ongoing dialogue with your clients. Something goes wrong? Tell them how you fixed it. A bad review? Have 10 great ones to minimize the effects of the one not-so-flattering comment. Merchants who make intelligent use of social media sites such as LinkedIn, Twitter and Facebook can make a huge difference to the reputation of their company as well as help their customer base understand the decisions they make as a company.

Mobile Commerce

Due to the influx of smartphones and tablets, customers are using these devices spend, spend, spend. If you fail to cater to them by not having a website that is compatible with mobile devices and online payment services then you might lose many potential customers.

Be sure to develop a utility app where you can display the products on a tablet or a smartphone.

Take on these challenges one by one and take steps to overcome them. Get your resources in order well in advance and even hire extra consultants if need be.

Hindsight is 20/20!

 

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Merchant Services Tips that make your business stand out from the rest

Being an online merchant or retailer, you may already know how the use of online payment is growing. Then you must also already be aware of the increasing competition triggered after this increase in worldwide online transactions. It has certainly changed the way of how you view your competitors as well as how you manage your payment services.

As most merchants and retailers offer secure online payments to their customers, it is no longer considered a competitive advantage. It is necessary for online dealer to take extra measures to make sure your site stand out from others in the same industry.

Here are a few things you can do to make your online store more attractive and user friendly:

Revamp Your Website

There have been many studies into how colours can provoke different reactions in people and their emotional responses. Website occupied with appealing high-resolution images enable the customers to stay on your site a little longer and high possibility to put an order. Make sure the images highlight the main features and unique selling points of your options. Don’t confuse clients by having a picture of something you don’t offer just because the picture seemed to fit that exact spot (you would be surprised how often people do this). For example, if you don’t accept certain cards, be clear about this before your client goes through the entire payment process only to be left hanging with their order.

In addition, merchants’ site can add images and icons that guide the customer through the payment process. Many online payments came to a halt at the last step because payment confirmation page is not visible to the client. Close-ups and easy to read fonts on buttons or in information guidelines are essential. You can even consider to include a video to demonstrate the payment process, giving your client confidence in using your online payment system.

Don’t Forget To Add a Trusted Name

Using a trusted source is necessary if you want your online payment system to survive in the highly competitive online marketplace. Choose one that is easy, safe and recognized internationally. If your source is not used all over the world and is not popular among your target groups, you may scare away potential users. Having a relatively common setup on your website will increase your validity. Moreover, giving customers a way to pay through a preferred method can help increase brand loyalty.

Easy Currency Conversion

If you are operating in international markets and have clients all over the world, make sure your website features a currency conversion tool. Better yet, it should display the prices in the customer’s home currency. In this regard, it is highly recommended that your payment partner have local payment partners as they tend to offer accurate and up to date commercial rates.

Immediate Confirmation

Most retailers offer real time booking via online payment. A confirmation puts the buyer at ease and gives them a guideline to the shipping period. This is expected when purchasing online and a customer won’t think twice before switching to other online stores if yours lacks the immediate confirmation feature. Guarantee payments, confirmation upon availability and other related benefits is what makes online shopping convenient and comfortable.

Try a Social Media Shout Out

You may be losing many of your potential customers if you are not vocal about the ease of your online payment options on social media. Reinforce how easy it is to shop on your site by outlining your payment system features and offering great deals and promotions.

Live Chat Support Customization

At times, customers may not be able to process a request due to technical errors or new customers are unsure about the use of a website’s online payment system. Make it easy for them to ask questions. A live chat is a great way to resolve immediate concerns. Customer support such as “send an email and we will get back to you within 24 hours” no longer works and may cost you online sales. That’s right, they have already moved on to another site that offers real time online shopping support.

 Customization

It all comes down to customization. Your online store should offer a personalized experience to visitors based on their location as well on their past purchases. The faster and more customized your online system is, the more successful it will be in the competitive retail arena. Repeated clients can be rewarded with special promotion or get notified earlier before new products are launched.

 

We would like to know about any specific feature you are looking at for online retailer or what you have to say in your latest online shopping experience. You can leave your comments here or write to us at ac@maxxstrategies.com  and we might credit mention your site in our upcoming monthly newsletter.

 

 

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Secure E- Payment with Paymundo

As the press of a button has given rise to the convenient of masses online users in these modern era, there is no doubt that online payment is the way to go in both business and personal transactions. From something as big as world tours, cars and electronic items to something as small as cosmetics and mobile phone accessories- everything can be purchased and sold online. While online payment is made to be so easy and cost effective, why still go for wire transfers that cost a fortune and cheques that almost becoming obsolete?

Most consumers expect to be able to make payments online and receive their order hassle free and as a business owner, it is necessary to be prepared unless you want to say “no” to accepting money.   Whether you are an existing online payment user or you are exploring for another payment system for your business, it’s vital to choose a competent and reliable merchant service provider according to your business’s needs.

Here is a quick overview about the online payment mechanism for those who are new to this field.

Online Payment System – At a Glance

There are many ways to outline the flow of online payment system, in brief this is how it works:

1. Buyers shops at Merchant website
2. Checkout and select payment option at PayMundo
3. PayMundo authenticates with relevant Financial Institution
4. Financial institution reverts on payment result to PayMundo in real time
5. PayMundo reverts payment result to Merchant in real time
6. Merchant informs Buyer payment result (success/fail)
7. Financial institution settles payment to PayMundo
8. PayMundo settles payment to Merchant

Online payment system takes place when your customer buys your product/service online and then pays for it online via credit card, bank transfer or any other intermediary. First thing you need to have is a Merchant Account with Merchant Service Provider like PayMundo.

A Merchant Account plays a primary role in the online payment cycle. It checks and verifies the payment details submitted by the customer. This includes if the credit/debit card or bank transfer details are valid, if the particular card is stolen or reported lost by someone, or if it has enough funds to pay for the underlying purchase.

The next important thing is a reliable Payment Gateway. When a customer submits any payment related details, it is not directly divert to the merchant account. As a matter of fact, the details are submitted via the payment gateway which then passes on the information to the pertinent financial network through which then forwarded the results to the merchant account. In other words, a payment gateway serves as an intermediary between your website, where the payment is made and your bank account where you receive the funds.

Deciding on a Gateway Provider

With loads of gateway providers out there, sometimes it’s difficult to make the right call. Merchants are advised to read extensively about the fees, guidelines and notifications of your chosen payment gateway and chose one that fits your needs. Other key factors to keep in mind are the levels of customer support and coverage of the area/country. Look for a high level of security so that your customers feel secure in doing online business with you.

Why PayMundo?

• Dedicated acquiring account and merchant support team
• PCI-DSS  Level 1 Certified E-Commerce Gateway
• A front end audit and processor with Secure Gateway
• Experienced with various bank processing systems around the world
• Full support for global marketing and sales

For more features , kindly send in your inquiry to info@paymundo.com .

 

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Online Retailer Must Know: What are the preferred alternative payment by shoppers?

With more than 300 alternative payment schemes in action globally, merchants must meet shoppers’ expectations at the checkout. Providing an adequate mix of alternative payment methods, as well as the right set of local and industry-specific fraud prevention tools, sets merchants apart and therefore ensures PSPs/ISOs success. A suitable payment set-up is the key to lower costs, fewer dropouts, higher conversion and, ultimately, higher revenues. While in a recent post we focused on Europe, today’s post will take a look at preferred alternative payment methods in America.

Alternative payments in the United States

In the US, eCommerce amounted to $225 billion in 2012 and is estimated to reach $370 billion by 2017. The most popular payment method is by card (71.5%). However, eWallets are also a significant method of payment (17.6%). The US accounts for 33% of all mobile transactions worldwide and mobile devices are used to complete 1.2% of payments, with mobile wallets being used for 0.7% and direct carrier billing making up 0.5%.

Alternative payments in Canada

eCommerce turnover in Canada amounted to $21.5 billion in 2012, with cards being the preferred payment method (65%). However, eWallets have a significant portion of the payments market (23.2%). Bank transfers make up 3.3% of transactions, while offline cash-based payments account for a further 7.2%. A popular alternative payment method in Canada is Interac, a national payment network that allows Canadians to access their money at 60,000 automated banking machines and at 766,000 point-of-sale terminals.

Alternative payments in Brazil

Brazilians are the most avid internet users in Latin America. In 2012, eCommerce sales amounted to $22.3 billion and are expected to reach $26 billion in 2015. Brazilians pay mainly by card (59%), although offline methods are still significant (paper cash: 20%, cash on delivery: 3.1%). eWallets comprise 4.5% of payments and mobile payments currently make up 0.6% of all transactions. Another Brazil-specific alternative payment method is Boleto Bancário, which is regulated by the Brazilian Federation of Banks. A Boleto can be paid at ATMs, via the internet banking of any bank, at the post office and at some private companies, e.g. supermarkets.

Alternative payments in Mexico

In Mexico, cards (30.5%) and bank transfers (29.9%) are the preferred payment methods, but alternative payments are continuously gaining importance, with eWallets amounting to 17.3% of all transactions. Offline methods, however, are not widely used (cash on delivery: 6.6%) and mobile payment is still in its infancy (0.1%).

Alternative payments on the rise

Overall, alternative payments are on the rise. In 2013, the amount of payments processed as alternative payments were up 22% and it is estimated that alternative payments will account for 59% of all online transactions in 2017. 61% of online shoppers have greater confidence in a website that offers them a choice of domestic payment methods in a secure shopping environment; this can only be achieved with the right set of specific fraud prevention tools. It is important that merchants jump at the chance right now!

 

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Why your business should go e-commerce?

Electronic commerce or e-commerce refers to a wide range of online activities for products and services. In other words, any form of business transaction that interact electronically or through a computer-mediated network rather than by physical exchange or direct physical contact is considered e-commerce. In 1999, Andy Grove the chairman of Intel stated: “All companies will be internet companies in five years time or they wont be companies at all.” [The Economist] By that time, many presume that’s just an exaggeration remark made by infamous information-technology company like Intel. Now in the year of 2014, that impudent and distinct statement stands for itself.

Yes, welcome to the digital world.

Okay, one may argue that their business is doing very well with their conventional brick and mortar position even without having any online sales. True, many businesses are making huge influx by not having a presence in internet. However, I think no one can argue that most successful and remarkable business that is globally renowned did not fail to presence themselves in digital world.

Claim Your Fame
Kill two birds with one stone by spending some effort on developing a digital platform. This enable the consumers to express their opinions and suggestions in order to improve your business and at the same time give your business a complimentary form of publicity. Work on building a stronger brand by having influencers to talk about your trade name and marking. Plus, what kind of legitimate established business do not crave for the pure viral marketing. Nevertheless, be careful as this can also turn against you if it’s not managed properly.

Increase Your Profit
Living in the era that is being bombarded with all the technological advanced gadgets and devices, now is the best time ever to have an online presence for your business. Being visible online means that you are able to sell products or any services 24 hours a day, 7 days a week and having unlimited space to showcase. This automatically help to extend your sales by creating more awareness and reach customers you might not have reached before. Undeniably, e-commerce has been more important than ever for business to stay afloat. However, bear in mind that no e-commerce trend will survive without a solid brand or foundation.

Fulfill The Market Needs
With the lifestyle changing of consumers , there is definitely a growing need for specialized and larger diversity of products to be sold online. E-commerce reduces delivery time and labor cost thus it has been possible to save time of both the vendors and consumer. An interesting fact is that consumers commonly visit a traditional bricks and mortar store then go online to make purchase because it is cheaper.

Get Found from Multiple Channels
Yes, if you are out of view you are out of sales. Basically, your online store is no longer going to be enough. As mobile and tablet traffic are on the rise, it’s becoming more apparent that online shoppers come from different shapes and directions. In order to reach out to bigger target market, you ought to have a presence through popular online marketplace like Amazon, eBay or even Facebook or any famous online retailer depends on your business model and your location or country.

So now you know that there are incessant opportunities with e-commerce, it’s time to get into the game. Whether you are exploring into online business or trying to optimize, let us know how we are able to lift your business to the next level.

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