{"id":723,"date":"2016-02-26T00:00:00","date_gmt":"2016-02-26T00:00:00","guid":{"rendered":"https:\/\/www.motionpoint.com\/?post_type=blog&p=723"},"modified":"2016-02-26T00:00:00","modified_gmt":"2016-02-26T00:00:00","slug":"want-to-supercharge-global-sales-sell-like-a-local","status":"publish","type":"blog","link":"https:\/\/www.motionpoint.com\/blog\/want-to-supercharge-global-sales-sell-like-a-local\/","title":{"rendered":"Want to Supercharge Global Sales? Sell Like A Local"},"template":"","blog_categories":[5,15],"resource_categories":[],"targeted_localized_audience":[],"document_categories":[],"class_list":["post-723","blog","type-blog","status-publish","hentry","blog_categories-international-business-strategies","blog_categories-website-translation"],"acf":{"blog_short_description":"Ignoring locally-preferred payment options often means lost sales in global markets. Learn why, and discover several online payment trends, in our exclusive report.","news_inline_styles":"","blog_video_id":"","article_body":"

As U.S. companies increasingly expand their e-commerce endeavors into global markets, many are surprised to learn that international customers don\u2019t use the same payment platforms Americans do.<\/p>\n

Worse still, these companies often quickly learn that by not offering locally-preferred payment options, fewer customers visit their global sites\u2014which means far less traffic, engagement, conversion and revenue than expected. A brand\u2019s online ambitions can quickly sink when company decision makers ignore local payment options. <\/p>\n

In South Korea, for instance, global brands usually generate only 20%<\/a> of what they\u2019d otherwise earn, simply because they didn\u2019t support local payment types.<\/p>\n

\u201cOnline merchants\u2019 websites need to be fluent in more than just a market\u2019s preferred language,\u201d explains Blas Giffuni, director of MotionPoint\u2019s Global Growth team. \u201cThey must communicate, and cater to, the understanding of a culture\u2019s perspectives on debt and credit\u2014and that local users are more comfortable with their own payment options.\u201d<\/p>\n

This financial fluency provides invaluable insights in new markets. For instance, we\u2019ve found that payment options linked to a direct bank transaction (such as PayPal, or the Netherlands\u2019 iDeal, or Germany\u2019s Giropay) usually have a lower Average Order Value, but they\u2019re used more often than regular credit cards. <\/p>\n

More orders beats higher AOVs every time. One of our clients, who leveraged iDeal in the Netherlands, saw 377% higher sales on that platform than on MasterCard and Visa combined.<\/i><\/p>\n

Every country and market has unique payment preferences. But combining third-party research with our own 15 years of data and experience operating global e-commerce sites, MotionPoint can provide some general, yet valuable, insights on global payment trends.<\/p>\n

We\u2019ll also briefly highlight the preferences of several European markets.<\/p>\n

General Online Payment Trends <\/h2>\n

Make no mistake: credit cards have deep penetration in many global markets, and will remain the preferred form of payment for some time. But in key developed markets and especially emerging markets\u2014where most expanding companies wish to engage online\u2014this isn\u2019t the case. Consider these findings, seen in Adyen\u2019s Global E-Commerce Payments Guide<\/a>:<\/i><\/p>\n