This lecture is focused on supporting U.K. businesses that are getting involved in the United States’ e-commerce marketplaces. Payoneer exists to help lower the boundaries of...
This lecture is focused on supporting U.K. businesses that are getting involved in the United States’ e-commerce marketplaces. Payoneer exists to help lower the boundaries of cross-border trading for businesses through simplification of payments in the marketplace. Their goal is to help their customers grow and thrive globally through connecting them with new marketplaces, and this lecture is intended to inform and assist their U.K.-based customers in doing just that.
Payoneer has been able to thrive thanks to the revolutionary changes in the global economy since the development of the internet about 20 years ago. The internet allows you to connect to business opportunities across the world in mere seconds, and Payoneer helps you connect to the information and tools necessary to capitalize on those opportunities with low costs and flexible products.
To start with, a little bit of background on the economic status of e-commerce in Britain should be given. U.K.-based businesses selling on Amazon achieved an impressive 1.8 billion pounds of product exported through their marketplaces in 2016. This represents an approximate 29% annual growth of global exports by the U.K. and about 40% growth of U.K. exports in the European Union.
This shows that there is real potential for closing the gap of U.K. sellers dealing business in the U.S. with respect to other countries. According to Amazon, more than 60% of the tens of thousands of businesses in the U.K. are already selling through e-commerce, showing that the U.K. is a highly advanced market when it comes to embracing the opportunities afforded by e-commerce.
With e-commerce on the rise in the U.K., and globally, it is important for companies to understand how to brand itself. As it turns out, branding your merchandise as “brand Britain” has shown to be increasingly successful in the marketplace. This type of branding can be achieved through relatively simple means, such as placing “made in Britain” or union jacks on the merchandise.
“Brand Britain” has turned out to be especially successful in American marketplaces, as Americans hold Britain very near to their hearts. This was confirmed in a recent study in which approximately a third of all Americans say that Britain is their favorite country in the world.
This is important because Americans love to shop, love to shop online and represent a combined 340 billion dollars of annual e-commerce sales. They are obsessed with English culture and history, making America a veritable gold mine for British sellers to invest in.
Additionally, e-commerce has now evolved to put a focus on cross-border commerce, allowing businesses to get in contact and make transactions with buyers from across the world. This creates tons of opportunities for sellers to deal with untapped marketplaces in various places.
The only thing that stands in the way of this golden opportunity is the limitations posed by cross-border commerce. These limitations include connecting with potential customers, the cost of cross-border currency conversion and payments, and shipments. This is where Payoneer really shines, as it helps their customers handle all those annoyances with ease.
With the maturation of retail services coming to a culmination, and retail experts in marketing and business being readily available, the marketplace is now set up to help e-commerce sellers be successful.
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Looking to expand your business into the U.S.?
The Payoneer UK Forum, held in London last June, provided a...00:47Introduction to Conference Summy PackIntroduction to Conference Summy Pack
Looking to expand your business into the U.S.?
The Payoneer UK Forum, held in London last June, provided a 360 degrees perspective to selling in the U.S. Tune in to listen to Payoneer’s partners, who will help you shape your U.S. selling strategy.
Our team from Summurai created this "Summy Pack" to make sure you don't miss anything. We summarized the lectures and narrated them into short summies, that will give you the main insights.
We invite you to go ahead and get smarter.
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04:36Selling in the U.S. with AmazonSelling in the U.S. with Amazon
After reaching a certain level of success selling online, it is a natural next step for sellers to look to the U.S. market and Amazon is a good way to break into that market.
The speaker works for Amazon in the global selling team specifically helping U.K. based businesses expand into the U.S., including helping them find solution providers, like Payoneer, that make the process possible.
His team is based in the U.K. and there are team members who help sellers who want to expand into the U.S. as well as others who exclusively cater to those who already sell there.
The number of U.K business that started selling online has increased by more than thirty percent in the last year which brings more selection and means that the field is still growing. Of all those UK based sellers, 60% of them sell around the world. Most sellers start selling things locally but as they expand tend to start selling abroad. This can start by simply reaching out to other European Amazons like in France which can greatly expand opportunities and from there even further. Last year alone, Amazon UK exported 1.8 billion pounds which means the marketplace is huge.
Deciding what to sell and where is the first step and Amazon’s global selling team can help evaluate what to sell and if selling in the US is even the right option. The next part is figuring out the fulfillment options. ‘Going it alone’ i.e., without using Amazon’s resources like fulfillment by Amazon or Prime, means having to respond to customer questions and complaints in their language, shipping there and sometimes having to deal with returns. Fulfillment by Amazon takes care of all of that, however, making it a more approachable way to expanding abroad.
Amazon now has more than 110 fulfillment centers which are key to Amazon Prime and selling abroad. The seller sends their products to these centers and Amazon takes care of the rest. However, they do have customers from more than 180 countries despite not having a marketplace or fulfillment center in each one.
Despite all these possibilities, the best opportunities lie in the North American market. In fact, it still represents 40% of all Amazon sales. Demographics are very well distributed; there is no particularly dominant group from 18 to senior citizens. The groups of the amount spent are divided into under fifty, fifty to two hundred and over two hundred, and there too there is no dominant group which means that customers feel safe purchasing from Amazon, so much so that they regularly spend more than two hundred dollars. On average, each user visits Amazon 5.5 per month which shows that most purchases happen on the weekends.
The typical first step for a UK seller looking to sell in the US is to have a conversation with the global selling team to see if it might be a good fit. This is followed by the UK seller registering a North American account, exactly like the UK one. The global selling team can help with recommendations with about what to sell and what solution providers the new sellers might need. The team will also help the seller get off the ground in the US market, which can be a real challenge since it is the biggest marketplace in the world and has millions of sellers and buyers. They also offer other tools like FBA Prime as well as others to help businesses grow. The team also has a list of solution providers that can help sellers grow in areas where Amazon can’t help them like international returns.
Seventy-five percent of seller reported a thirty percent increase in sales after joining FBA.Guillaume CodsiCategory Merchant Manager at AmazonWe just need your phone...
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03:51Creating Your Export RoadmapCreating Your Export Roadmap
The speaker is the director of strategic partnerships, EMEA, at ChannelAdvisor. While he doesn’t only work in the U.S., given the importance of the market, it does occupy much of his time.
ChannelAdvisor is a multichannel platform that helps brands and retailers get their product in front of consumers through various channels like marketplaces and digital marketing (both search and comparison shopping). In the last six months, they have put over eight billion dollars worth of sales through their platform. They have about 3,000 clients and about 600 employees worldwide.
They connect brands or retailers to their platform, get their product information out there, sink their stock levels, optimize the product content for all the channels the brand or retailer wants to use, and advise them where to find a solution for where they want to sell.
There are so many so many countries that each have their markets and search engines, not to mention all the emerging markets, so how can a seller decide where they want to sell? The simplest way is to make a grid with opportunity on the Y-axis and complexity on the X-axis. As for the opportunity, there is so much data available- starting from market size and how well e-commerce does in that country and how well a certain product does there. A good source of data, however, can be the company’s own. If there are a lot of sales being generated from one country, it can be a good place to expand into. Another factor is the competition in that market and if it is possible to price the product in a way that it sells and creates a profit.
The complexities, however, can be infinite from taxes, VAT compliance, what products can be exported to other countries, customer returns or complaints, and shipping.
While there are many big markets like China or the Middle East, they are also very difficult to break into because they already have very competitive local sellers like Alibaba. From the UK in particular, exports go to Europe and secondly to the US. Australia however, despite being far away, has a growing market that has the same language and similar customs to the UK. India, on the other hand, is very difficult to break into due to the new laws that basically outlaw sending money out of India.
To start, there are several steps and challenges to go through. The first step is to make the product available in other countries. This is easier than registering a new account on a new marketplace, it just allows users from other countries to buy and see which countries have a market for which products. The second step is to find the CBT marketplaces. These are platforms with consolidation centers that make it easier to sell in other countries as well as taking care of returns and can making trying out a new territory more approachable. Obviously, the commission rate will be higher but it can be worth it. Once it is clear where demand is coming from, it is easy to decide which markets to expand into. This can mean find local language support, and possibly having a center there for quick fulfillment.Håkan ThyrDirector of Strategic Partnerships, EMEA, ChannelAdvisorWe just need your phone...
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03:41Navigating the Complexities of U.S. Sales TaxNavigating the Complexities of U.S. Sales Tax
The speaker is the director of sales EMEA at Avalara which is a company that creates tax technology and automatically and correctly calculates taxes and automatically files tax returns. They provide peace of mind that your company is complying with the local tax code. They have about 1,200 employees and have offices all around the world.
They focus on transactional taxes like sales tax, VAT, goods, and services tax, exercise, and customs tax and they create both technological and advisory services. Their tech can be hooked up to over 6,000 platforms to make sure the taxes being paid are right.
This type of technology can be fundamental for anyone selling cross-border, big or small.
VAT is different from sales tax. VAT is applied at every stage- for example, an iron mine sells their iron to a refinery and they pay VAT, the refinery sells to a car company and they pay VAT, and the car company makes the parts and assembles the car selling it to an individual and pays VAT. Sales tax, however, is only applied to the sale of the car to the individual. There is an obligation of sales tax in the U.S. only where there is a nexus. Nexus is where there is a physical presence in the state and thus sales tax must be calculated according to state taxes.
A U.K. seller selling items and shipping them to the U.S. from the U.K. will not have a sales tax obligation, but if they start shipping internally they will. For example, if a seller has a warehouse, goods, employees or offices in a state then that can create the physical presence. Even storing goods in a third party property constitutes a physical presence. Sending employees to sell or install anything can count as a nexus, or in some states, an employee entering into the state makes a nexus- every state is different. Or in New York, shower caps are taxable but swim caps are not. Food is also very complex. In New Jersey, naturally carbonated water isn’t taxable but artificially carbonated water is, and juice tax depends on the percentage of fruit. It also can change street by street, for example in Colorado charges taxes for some types of buildings so sending an item to that building costs more in taxes, whereas other types, like hospitals, are completely exempt from taxes but have to provide a certificate.
Many states in the U.S. are investing in auditors to recuperate lost tax revenue so it is important to make sure that everything is in order, and this can be almost impossible to do without software. Rates can change on a weekly basis, and Amazon often ships goods around the country to make shipping as fast as possible to without an automated service it can be very complicated and stressful.Sacha WilsonDirector of Sales, EMEA, AvalaraWe just need your phone...
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04:13Pricing and Strategy in the Competitive U.S. LandscapePricing and Strategy in the Competitive U.S. Landscape
Jordan is the business development lead at XSellco where he helps small and medium businesses increase prices without losing sales.
Most prices are set in one of three ways: cost-based pricing, competition based pricing or value-based pricing and most are in the first two groups. Cost-based pricing is the most simple because it just adds up the costs behind that product or service but it doesn’t take into account competition or rate of change of price. Competition based prices are a bit better because it can create a small advantage but demand isn’t taken into account here. Value-based pricing is the most profitable strategy. This bases the price on the perceived customer value but it can be difficult to implement because an outside expert generally needs to come in.
One example is a small nonbrand yogurt company in the UK who made only had one direct competitor that was a big brand that charged 2.99. The company had a cost of 1.29 for the yogurt so they wanted to launch at 1.99 but they went to a cost consultant and they found out that the small yogurt company actually sold a lot to moms who put it in their kids lunches due to its low sugar content so if they launched focusing on the health aspect it would be valued at 2.89, but then with the fact that it was a non-brand they should launch at 2.49 which they did. They increased both their prices and sales by two hundred percent.
There are a lot of companies that take popular products and offer them at less just to get people in the door like Costco that offers organic food at a low margin for less than most other places like Trader Joe’s to win over new customers.
Other companies, however, charge as much as they can then slowly lower the prices overtime to win over early adopters that will become brand ambassadors and then overtime win over bigger and bigger markets.
A third way that one of the most difficult to scale is keeping prices quite low and trying to keep costs low and making money through high volume sales.
Another way to set prices is through psychology pricing which means using tactics by dropping prices by one cent so that customers see a one instead of a two as the first number and feel like it’s a better price.
Amazon tends to work like value-based pricing. They rotate sellers in and out of the buy box based on which sellers they perceive as valuable. Being valuable means knowing your metrics and getting the right ones up. What Amazon values most is not prices but fulfillment method. There is FBA which is easy to get into and more appreciated by Amazon and there is Prime which means having perfect scores on everything and that is just to apply to get in. Then there is price, shipping time, perfect order percentage score, feedback score, feedback count, response times, order defect rates and delivery metrics.
The first strategy to get into the buy box is to match the price in the buy box if you have really good metrics. The second strategy is targeting by fulfillment metrics which means pricing based on other sellers with the same type of fulfillment. If most of the metrics are the same, and fulfillment is the same, target other uses by feedback to decide on a price. Thirdly, watch sales and use them to adjust strategy.Jordan ByrneBusiness Development Lead, XSellcoWe just need your phone...
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04:30Lean Localization: The Fastest Way to Start Converting International BuyersLean Localization: The Fastest Way to Start Converting International Buyers
Fitch Richardson is the product manager at Webinterpret which makes a plug and play international e-commerce solution. This solution is an AI pad solution that leverages natural language processing to enable businesses to localize and expand worldwide. They work with marketplaces as well as store owners.
The plugin, which takes about fifteen minutes to install, creates sixty fully localized versions and on average creates a twenty percent increase in sales.
ocalization is not the same as a translation because a translation is simply changing the words into another language without actually taking into account cultural differences. Something fully localized should be indistinguishable from a native local seller. The only way to capture the full potential of the international market is to fully localize. Lean localization doesn’t mean localization light- it is still end-to-end but more agile. Lean localization means validating the opportunity, getting traction and then optimizing.
The localization toolkit starts with the language and currency. Many UK sellers get about 70%-80% of their traffic from domestic customers who convert at about 3% and 20%-30% from international customers who convert at about 1%. Of this one percent, a large portion is from the U.S. because they share a language. Typically, if a site has one hundred international visitors, sixty will go on to visit a product page, thirty percent of those will add something to the basket and of those only five percent will check out. So out of one hundred visitors, only one will buy something, which isn’t great. When changing the funnel, however, it’s important to remember that changes at the bottom will have compound effects and be disproportionately important.
There are many ways to change a buying funnel, but they should be weighed by their importance as well as the associated cost.
One of the first things to target is the payment method. Local payment methods should be enabled, like in Germany they still use bank transfers and Switzerland still uses cash upon delivery. Next is delivery options. Free delivery always creates a notable uptake, about thirty percent on international sales. Providing more flexible options on shipping times can also increase sales, about eight percent. Webinterpret has so many clients (about 35,000) that all together send hundreds of thousands of packages every month so they were able to negotiate the lowest possible international shipping rates and they have international shipping hubs where they take care of all the international shipping documentation and sending. The third step is converting measurements or publishing a table that shows the conversions because otherwise, customers will buy the products and then return them which will cause a big spike in international returns. They provide an automatic translation that is quite high quality and adapted to e-commerce that is then re-read and corrected by a person. Along with translation, there is SEO and SEM. While translating from BSE to AmE isn’t necessary, some words, especially for SEO, it is fundamental or it can cause miscategorization.
As for setting up the site or domain, there is the possibility to buy a local domain or use the existing one and having it in other languages. While Google does reward a local domain, it rewards a well-ranking page more.Fitch RichardsonProduct Marketing Manager, WebinterpretWe just need your phone...
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04:07Growth Trend: The UK, an Export CountryGrowth Trend: The UK, an Export Country
Edward Donald is an e-commerce/marketing communications specialist in the department of international trade but he also consults for private clients as well.
The new government program to help UK sellers that want to sell abroad has taken some big steps. It no longer just helps them arrive at the market then leaves them, it now stays with them and offers support. It also has more digital aspects and offers better new terms for UK sellers abroad that were negotiated for them.
A 2015 study showed that searches for UK associated items and brands have gone up each year for the past five years. This was when the government decided to get involved to see if they could boost this even further, especially after the UK fell behind France in exports recently.
This program is made up of 5 key elements. The first is to create a capability for all UK sellers to have a single view of all B2C sellers around the world. The second is that the government negotiates with partner marketplace specific rates for UK sellers like commission, registration fees, even advertising. The third is the website full of companies that provide solutions to possible problems for a single seller, a 5 person company or even a large company with more than 100 employees that want to sell abroad. This site is useful because it provides a list of companies but more so because it provides a list of possible problems that a seller can have and that they need to solve. The fourth part is providing e-commerce specialized advisors that can help UK sellers with a variety of specialties. The last part is the creation of advertising abroad to drive interest and create demand for British brands and products.
British commercial teams have been sent out to find partner markets. They are much more active and try to create a smooth path and an open market when British sellers arrive.
They study e-markets to see where demand is and try to move into that marketplace.
Measuring is, of course, important so they track how many UK merchants have moved into that market, registered on those platforms and what the dropoff rates are and the causes.
There are three phases that a seller goes through. The first is that the seller goes to the government website where they can find information about different products, countries, and platforms almost like a menu. Once they have isolated the e-markets they are interested in, they can dig deeper and find information about the ecosystem, the commercial terms or other terms the government has put in place and other fundamental information like whether they need local registration, or if there’s a fulfillment service they can buy into. Basically, it provides all the information needed to build business model of fixed and varying costs with a certain platform. The third and last phase is being on the platform where they will receive support from both the platform and the government.
The goal is to have as many sellers as possible gain solid footing and continue to grow the brand of ‘British’ that is so in demand of late and to accelerate the process and make it accessible to as many sellers as possible.Edward Donaldse-Commerce Communications SpecialistWe just need your phone...
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03:45Expanding in the U.S.: Selling on Marketplaces - Wish, Tophatter & NeweggExpanding in the U.S.: Selling on Marketplaces - Wish, Tophatter & Newegg
Sarah Hughes is the head of Europe business development for Wish, Neil Tunbridge is the head of Europe for Tophatter and Gareth Lloyd-Jones is the head of European acquisitions for Newegg.
Sarah just started working for Wish because she finds it to be so interesting. The service is completely mobile and has 300 million registered users. They ship between one and two million packages a day to over 70 countries and is one of the top mobile shopping apps. While it is so popular, it has so many downloads and daily active users, there are still so many that haven’t heard of it because it is almost only millennials. They are a U.S. based business but their second biggest market is in France, which is why they are now opening an office in Europe.
The founders of Wish realized that e-commerce had a big problem. When most go shopping, they may have one product in mind, but maybe not but many go home with more than they planned. They realized that if it was possible to browse like in a shop then customers would be more likely to purchase and they would be more likely to come back. In fact, they are able to keep millennials engaged, which is no small feat.
A recent study showed that the zip code that has spent the most so far has been a low-income area in Los Angeles which shows that this app is accessible to everyone. They are also very popular in Scand avian countries. The growth in Europe, however, has all been organic and they recognize the opportunity for a lot of growth.
Gareth works for Newegg which is online technology site that has over 32 million customers. They provide high-quality tech products and they have fulfillment centers all over the world that allows them to ship faster and cheaper than their competitors. It is, in fact, the biggest tech-focused platform in the world.
Their average user is 36 and male and with a large amount of disposable income and are early adopters. They are also tech optimized. They have many products offered by various partners so as to offer the latest tech at the best prices and offer FBN or fulfillment by Newegg which helps get new partners onboarded.
Neil works for Tophatter which is an auction site that combines gamification with e-commerce. It is almost all mobile and often offers 90-second auctions. They have most of their customers in the U.S., then the U.K. then France and across Europe. Most items start at $1, $5, $10, or $20 and then users can bid for 90 seconds. They do of course have a fixed by section.
They are growing at about 100% a year, and they don’t have listing or registration fees and the first 45 days are without commissions. The accounts can be personalized so that both sellers and buyers are more accessible by what they buy/sell. This is not a platform for selling old bits that are lying about; it’s for sellers that have large amounts of products to sell. Over 85% of all products listed get sold.Sarah HughesHead of Business Development at WishWe just need your phone...
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04:18Optimizing Your Business with a Cross-Border Payments ProviderOptimizing Your Business with a Cross-Border Payments Provider
The Payoneer service supports the payments side of businesses with cross-border transactions.
Payoneer serves millions of customers from more than 200 countries and handle billions of dollars annually in more than 150 currencies.
Among others, Payoneer supports giants such as Amazon, Google, Airbnb, and more.
To start with, there are two different sides to the Payoneer business: the mass-payout side and the direct side.
The mass payout side are the guys around the world that directly work with the different verticals that Payoneer serves.
They serve the freelancing, ecommerce, digital marketing, vacation rentals, and other varied and niche verticals.
As an example, Airbnb has to perform a huge amount of payments across the globe. Airbnb could use the Swift network service to handle these transactions. Unfortunately, however, the Swift network is not meant to handle many small transactions due to having to move the transactions through many different banks. Since the majority of Airbnb’s transactions involve many small payments, the Swift network does not work out well for their needs.
This is where Payoneer comes in with a unique type of service.
Payoneer uses a system developed in the United States called automated clearing house.
This service removes the necessity to communicate with many corresponding banks completely, thereby allowing companies like Airbnb to have a more optimized payments platform.
On the direct side of Payoneer, the Payoneer users work directly with the online sellers and freelancers. In this case, Payoneer serves as a marketplace.
This service can help sellers to distribute their products more globally by creating a smooth and solid bridge over the currency gaps that would originally inhibit the companies from entering that marketplace. This is one of the major goals for Payoneer: Allowing sellers to move into new markets through their established market bases.
When looking for an example to follow in cross-border selling, Chinese sellers are the pioneers, and as such already do a lot of business with Payoneer. When these sellers were surveyed, the top 3 services they worked with were Amazon.com, Amazon.eu, and Amazon.co.uk, in that order. The most important thing these sellers utilize is the multi-channel approach in which they work in multiple market places.
This approach works well for scaling and growing a business by allowing your products to be accessible in many different markets, so if the product is not doing well in one particular country, you can jump to another one that will purchase it.
The top three product types that Chinese sellers offer are electronics and accessories, clothes and accessories, and home items, in that order. The remaining item types on the list are about the same in terms of sales.
Businesses need to embrace the cross-country selling opportunity, as it offers a real ability for to grow.
Payoneer offers the ability for service provides to have the marketplaces they work with, deposit money into your account, giving a better control over your funds from across the globes. With Payoneer serving customers around the globe, it makes it easier for businesses to deal with each other. In the case of one Payoneer user owing money to another, Payoneer allows the transaction to be made for free, even in cases of differing currencies.Daniel MayhewCountry Manager, PayoneerWe just need your phone...
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Temando is a global shipping and fulfillment service that works leading companies, marketplaces and platforms globally. Temando aims to connect the world’s logistical resources into a single intelligent platform, making commerce universally accessible to everybody.
Ecommerce has been growing rapidly across the globe, making intelligent shipping services more and more relevant to providing the best customer service possible.
The largest challenge facing companies looking to participate in ecommerce right now is ensuring that the customer has the best possible experience they can while shopping. Temando aims to fill this gap by providing customers with all the relevant shipping options available to at their checkout.
Studies have shown that poor customer experiences contribute to approximately 73% of customer cart abandonment, accumulating to encompass an astounding $4.3 trillion annually. One of the best ways to increase customer experience is by providing an effortless process for the customer. Doing this will encourage the customer to continue their business with the seller, and to return in the future.
An effective way that technology can assist with the payments industry is to improve the visibility of the costs of the product throughout the consumer journey. Customers appreciate transparency, and want to use payment and delivery options that most convenient for them as well. Most consumers nowadays would like to be able to choose between standard shipping, express shipping, and the ability to pick up the item from the store when they purchase products online. This access to varying shipping and payment has shifted the industry’s focus towards providing more customer convenience.
To summarize this, consumers want the convenience of choice more than anything. As of right now, Amazon holds the market in ecommerce spending; however, in the future, this avenue of market will be readily available for all retailers. For any type of brand that wishes to secure its future, it is pertinent to keep up with this growing market, and the growing trend of consumer convenience.Oliver TaylorEnterprise Sales Manager, TemandoWe just need your phone...
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04:13Over the Atlantic: Returns ManagementOver the Atlantic: Returns Management
In the upcoming years, manufacturing giants like Mexico and India will be overtaking the United Kingdom in ecommerce sales. In order to stay competitive in the field, U.K. sellers need to look towards exporting their products more, specifically to the United States.
Recent studies have shown that a small majority of Americans (51%) prefer to shop online, and over 96% have made online purchases in their life. Ecommerce has been growing at a rate of 23% each year.
In this field, however, sellers are impacted by the high propensity of Americans that want to return the product that they bought, which can be more than 40% of returns in some industries, such as Fashion. Statistics show that 30% of shoppers deliberately over-purchase goods when shopping, knowing that they will be returned.
This high frequency of returns cause sellers to increase the price of their goods by about 20% to help cover the costs of returns.
When shopping online, American customers that were surveyed claimed that they care most about the website having images of the products up, followed by accessible reviews of the product, and then product comparisons. When it comes to the reasoning as to why people buy more products abroad versus locally, the top given answer was that online shopping gave consumers more available options to choose from, thereby providing a broader range and quality of products.
Additionally, the customers surveyed claimed that online shopping gave more appealing offers and had better conditions than when shopping locally. With growth in cross-border share of sales increasing dramatically, you need to be sure that you build up trust with the customer via reviews; this should be especially true with fashion, where your customers frequently ask how the product fits in respect to sizing.
Most U.S. retailers are now offering free shipping and free returns, meaning that U.K. sellers need to be able to keep up with these offers by giving a return address as well as possibly offering free shipping for returns as well.
ZigZag is a Software as a Service returns platform that assists retailers worldwide in handling returns; they are the middleman that joins the consumer with the marketplace sales. They collect data on the returns made and make it easily accessible to the seller through an online portal.
For the consumer, it can be as little as two clicks for them to return the product, and ZigZag will work out the best available method for the product to be returned.
As a seller, you can tell ZigZag exactly how you want your items to be returned, and can even offer alternative options to the consumer for them to buy other products from you.
Once the item is in their 24-hour warehouse, it can then be decided whether the product should be resold and reshipped out again to the next buyer that wants the product, according to the returned condition of the product and any other requirements the seller wants to make.
This service can save on average about 50% of the costs of transportation, which equates to about 6 pounds per order, and can get the product back to the seller’s warehouse in 2-3 days versus 2-3 weeks. This is not only a clever solution to a transportation issue with returns, but also a smart and environmentally friendly action to be taken.Al GerrieFounder & CEO, ZigZag GlobalWe just need your phone...
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This talk is the final one given in The Payoneer Forum and involves the managing director of Payoneer giving a brief summary of what this conference achieved. Howard Gibbs gives thanks to all the people who have talked throughout the conference, as well as gives a brief synopsis of what they talked about.
To reiterate what the conference is about, and how Payoneer seeks to serve its customers, Howard summarizes the goals of Payoneer as follows:
Payoneer has a goal of allowing businesses to have a choice in the ways that they can be paid, as well as giving the choice of how businesses want to use those funds to pay suppliers. Payoneer wants to make payments faster and at a lower cost, and with complete safety. It is of large emphasis that all of the funds are safeguarded and Payoneer is required by law to ensure that the money stays safe.
To give further credence to the fact that Payoneer focuses on simplifying complex matters, they are constantly adding multiple unique payment tools to their service options. Anyone, anywhere in the world, can sell to anyone, anywhere in the world, with the help and guidance of Payoneer.
Payoneer accomplishes all this through the use of a combination of cutting-edge technology, detailed understanding, and expertise in financial compliance, harnessing the state of the art operational capability. With approximately 1000 dedicated Payoneer people around the world, Payoneer is here to create the bridge between the online economy of the world of e-commerce and the last regulated mile for delivering payments.
This conference has focused more on selling to the US, but of course, there are markets all across the world that can be sold to. The UK is a key market and Brexit will only make that much more interesting going forward. Selling in the US is a massive opportunity for UK sellers thanks to the development and demand for “brand Britain.” Selling cross-border across the whole world is a great opportunity, and Payoneer is here to partner with businesses to help them grow.Howard GibbsManaging Director, Payoneer EUWe just need your phone...
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