Traders will be able to access, in addition to the markets in the region, markets in Western Europe
35% of Europeans who shop online choose the offer of traders from other countries, and cross-border trade is one of the strongest trends in eCommerce, as Eurostat data suggests. At the same time, a growing number of online merchants are already generating revenue from sales to European Union countries. In response to the growing interest of eCommerce players in international expansion, PayU is expanding its portfolio of payment methods in Europe.
Credit or debit cards are the international standard for payment in online stores. However, in many countries, some alternative local payment methods are much more popular among online shoppers, such as installment cards in Romania, fast bank transfers from Poland, the so-called pay-by. -link or the Dutch iDeal system, which works in a very similar way.
The list of these examples is very long. Therefore, when considering expanding the trader to new international markets, care should be taken to adapt payment methods to local customer preferences.
The introduction of the consumer’s preferred method of payment in a local currency also allows for the clear presentation of all additional charges, including shipping costs, which translates into an exact final cost that the buyer pays for the desired products.
The appetite for the digital economy in the countries of the region – a growing opportunity for local traders
Neighboring countries, in addition to logistical and legislative similarities, have a growing appetite for technology, online commerce and online payments, and annual growth is steady.
The online merchants in the PayU portfolio who have already taken this step recorded sales that contributed 50% to their turnover and managed to become among the strongest regional players.
We have been investing in the concept of cross-border trade for many years and our products meet the specific needs of each market. We are glad that an increasing number of traders are bravely entering foreign markets, taking their offer beyond national borders. PayU has appropriate solutions for local payment methods, which allows us to support merchants in cross-border development throughout Europe, but also in South America, Asia or Africa.
Elena Gheorghe, Country Manager PayU România
Online merchants who do not follow the localization principle when implementing their international expansion strategy could in some cases lose access to over 80% of the market if they limit the payment methods offered only to payment cards. Therefore, the key to success in cross-border e-commerce is to provide local payment methods. By expanding the payment solutions portfolio, accessing markets in countries such as Italy, France, Germany, Austria, Belgium, Greece or Finland is easier than ever.
Elena Gheorghe, Country Manager PayU România