Embracing Payment Technology to Attract New International Customers
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Elavon talk how you can attract International customers through embracing payment technology at eCommerce Expo Ireland 2016 on April 19th in Dublin, Ireland.
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Embracing Payment Technology to Attract New International Customers
- 1. EMBRACING PAYMENT TECHNOLOGY TO ATTRACT NEW INTERNATIONAL CUSTOMERS Eric Horgan, Ireland Country Manager, Elavon
- 2. Who are Elavon? • Enabling Irish businesses to accept all card payments • ecomm & mcomm platform • 15 years in Ireland • No. 1 payments provider in the market to leading brands
- 4. Growth of e-commerce 57% Irish adults shopped online last year €5.3bn sales for Ireland in 2014 15% YOY growth UK is Europe’s largest e-retail economy, 14% of all retail spend Global e-commerce market valued at £1.5 trillion in 2014
- 5. Importance of Mobile in our Lives 5 Consumers are using their mobiles more and more each day. Did you know… 3 feet or less 40 times / day 1 in 4 2 in 3 79% 93M daily players Candy Crush Saga 20% more double spend
- 9. How MCC works on your site?
- 10. Benefits of MCC
- 11. Thank You See us at Stand 4
Editor's Notes
- Next day funding One statement for all cards = easy reconcilation From F2F, to online or mobile you can processes all cards with us simply & easilily
- eCommerce is growing. Not exactly earth shattering news – we all know about how consumers are embracing digital shopping. It won’t be a surprise for you to hear that global eComm is growing twice as fast as face-to-face, and now represents almost 4.2% of all global retail sales (including physical and digital) There are a number of factors driving the growth, and because of these it shows no signs of slowing down anytime soon. Online and offline boundaries are blurring – think click and collect, order at table, mobile payments. Consumers want to choose their purchase channel – online, offline, and all things in between. Social media offering payment or authentication built on use of credentials and recommendation. Login with Facebook is now prevalent across many e-retail sites, and offers total convenience to consumers. ACH and virtual currencies funding digital goods and TV downloads. We don’t even think of iTunes or Google Play as shopping – they’re just services or apps we use on our phones and tablets. Device proliferation, adoption of tablets and the added functionality and apps they bring – and of course the subsequent investment of technology giants like Apple, Google and Samsung. Although it’s interesting to note that none of those players would have contributed heavily to the 0.7% attributed to mobile payments in this chart – that would be Starbucks, and specialist wallets like Yoyo who directly target closed environments like university campuses. Ireland – average spend per person in 2014 €2020 – 57% of population bought on line – total €5.3b
- What’s important to know is that in this new, digital world, consumers are taking control. They are making their own choices about how and when to interact with your business, and your job as a retailer is to make sure that you can satisfy the choices they make. Today their device of choice is mobile, which is hardly surprising when you consider the importance of mobile in our everyday lives. It’s our bedside clock, our bathroom reading material, and our home entertainment system. Increasingly, it’s also our shopping companion and our wallet too, and with tablet payments generating double the spend seen on mobile, growth in tablets means growth in ecommerce. Browsing on the smaller screen of a tablet or mobile means you have many chances not to meet your customers’ expectations. And with more baskets abandoned at the checkout page than anywhere else, getting your payments journey right is critical.
- It’s about much more than ordering your groceries or booking cinema tickets. The retail world is expecting to see huge expansion of online shopping across borders - with the biggest international ecommerce growth coming from shoppers in China (up more than 30% YOY, ) and Latin America, where Brazil saw growth of 24% last year. By 2020, Accenture forecasts that the global cross border ecommerce market will have reached $1trillion, with more than 900 million online, cross-border shoppers.
- So much opportunity to reach new customers, but of course there’s a catch. Consumers want to feel safe and comfortable when shopping online, and one way to do that is to pay in their own currency. Even if they love a product or service, if it’s priced in dollars they may well decide to search for it elsewhere in their own currency. Think about how you feel when shopping online – do you feel more comfortable when faced with your own currency? Does it automatically increase your trust about the site as a whole? You’re not alone. And there’s additional revenue up for grabs too. 59% of Australian and 53% of Canadian shoppers say they are likely to spend more money on a site that prices in their local currency. Businesses that allow customers to pay in their own currency therefore have a powerful advantage to grow their business internationally, and with such accelerated growth forecasts for international eCommerce, doing this has never been more important.
- The benefits to your business are clear. Not only can you target customers in new markets, you’ll be offering them great customer service and a familiar, trusted payment experience. Your pricing strategy doesn’t need to change, and your margins are protected. What’s more you, can track how your business is doing, in all currencies across all markets using one simple reporting tool.