Many retailers and brands are familiar with the largest global ecommerce markets but may not have a firm grasp on each country’s payment preferences. Alternative payment methods are expected to not just overtake credit cards by 2020, but replace them altogether. VISA and Mastercard may still prove sufficient for domestic ecommerce business, but offering only traditional payment options in global ecommerce markets won’t win over local customers.
Enabling local payment options is a critical step toward increasing conversion and reducing friction at check out. To make it easier, the cross border ecommerce experts here at Flow have created a “cheat sheet” that breaks down the payment preferences for each of the top 12 global markets.
Any retailer or brand going global should keep this cheat sheet handy to know exactly how their new international consumers want (and expect) to be able to pay.