Expanding your retail business, augmenting your reach, connecting across to customers are few keywords repeatedly used by online business owners. One truth about online business on Prestashop which probably every retailer will completely agree to- online space is limitless. The more you explore, the more you will discover newer and better ways to pitch customers, different types of customers, various products and vivid scales of online strategies. Such being the competency of online shopping business, one extremely important aspect is breaking through geographical boundaries. If you as a retailer are unable to take international sales on a progressive path, it would definitely hit hard on the growth of your business. So what do you think is the main hiccup international sales could include? Payment gateways. Yes, process of transactions is a major challenge for international sales and if you try and come over this particular hurdle, there is nothing to stop you further.
You ought to know that
- The international market can contribute towards 10 to 15% of your increase in sales, if done consciously.
- If you could offer your products at the right price, almost 65% of international customers are awaiting to buy from you!
- 20% of the international sales could give you 200$ of your total domestic earnings
With so much in store for you in the Prestashop international market, don’t you think it’s time for you to take up the challenge and prove your worth?
- The first thing you could do to delight international customers is to accept all types of currencies. This way your customers feel comfortable and are saved from transaction troubles. In your case, it helps you to boost your transaction success rate. Also when you process multi-currencies through a single merchant, it simplifies processes for you.
- Fraud fighting is a major part of online transactions. You need to build a trust worthy relationship with your customers, failing which will impact your sales terribly. You need to strictly consider placing a high-tech fraud detection system which would help scrutinize every transaction and entry. Remember that you are dealing with sensitive information of customers.
- Have a global network to process payments. Every time a payment is triggered for process, it goes through a bank for approval. When you have a local bank converting your transactions, international transactions are at a higher risk of getting declined. So when you have global network, the transaction processed success rate increases leaving you with happy customers.
- Opt for a smart payment gateway which is associated with multiple banks. This way it knows best about where to redirect the transaction for it to be approved, most likely. If in case the transaction is disapproved, the routing system redirects it to a second bank and probably to a third bank, if necessary. This way the system ensures that your transaction is processed.
- Use analytics to find out about the possible areas wherein your customers are facing trouble. Transactions maximum declined at places could slow down the sales in that region. Improve the experience you provide to your customers.
Though growing your business globally is great, it involves its own set of challenges which needs to be surmounted smartly for the better.