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Tech Solutions Are Beginning to Smooth the Bumpy Road to Selling Retail Across Borders

Until merchants cab smooth this rough cross-border retail road, both offline and online consumers will continue to pay the price, or simply avoid paying the price by purchasing only locally.

Oren Levy

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Bumpy-road

Cross-border retail is designed to give consumers the opportunity to purchase compelling and inexpensive products that cannot be found in their own countries. However, challenges like unclear exchange rates, hidden costs and declined credit cards drive many shoppers to abandon their carts and buy locally, instead. Until merchants cab smooth this rough cross-border retail road, both offline and online consumers will continue to pay the price, or simply avoid paying the price by purchasing only locally.

Related: How To Make The Most Of Your Network

Customer experience: trust is crucial

Large retailers actively nurture trust in their local markets. They understand the importance of customer experience in driving sales and facilitating conversions. But how is it possible to strengthen consumer confidence and create trust with an unfamiliar audience, in a new territory? Much of cross-border consumer trust has to do with familiarity and comfort zones.

For example, whether online or offline, cross-border customers should have the option to see prices in their own currencies. Online, this is quite feasible throughout the path to purchase. Offline, it’s at least feasible after card swipe at the POS. Currency conversion should be seamless, immediate and reflective of optimum and up-to-date conversion rates.

Card declines are an annoyance to online shoppers, and can prove awkward at the POS. Merchants need to ensure that their acquirers accept all locally-common forms of payment, without deterring cross-border consumers by passing on steep processing costs.

Statement surprises undermine trust. A customer who is surprised by hidden costs from cross-border transactions on his or her monthly card statement will not be a return customer. Merchants must act to eliminate these charges by intelligently routing payment processing and notifying customers, up front, of the surcharges they may encounter.

Lastly, consumer protection laws vary in different countries. Given the vast national differences in return policies and retail dispute resolution, merchants who make cross-border consumers aware of their rights regarding a specific purchase can proactively grow trust.

Promising tech solutions

The good news is that recently-introduced solutions like BorderFree, TradeGlobal, Global Shoppex and PayPal Passport are smoothing the road to cross-border retail. Today, retailers have the option of connecting to multiple acquirers, offering localised payment methods, outsourcing logistics management and intelligently routing transactions between selected acquirers to optimise processing fees and reduce decline rates.

This simplifies integration, increases flexibility, and enables retailers to provide a seamless payment experience across all channels, in any currency, with any payment method.

Related: The 4 Things Every Customer Wants

Some things to look for

There is much to take into consideration when choosing a solution to facilitate cross-border retail.

An effective solution for managing cross-border logistics needs to make payment more comfortable for the consumer by automatically converting prices into local currencies, calculating taxes and duties, factoring them into the price and reducing cross-border fraud.

Additionally, an effective cross-border retail solution should minimise the hurdles surrounding international shipments and customs clearance, global order tracking, inventory transparency (enabling customers to see real-time, up-to-date information about what’s in stock and what has sold out), and international returns.

Cross-border retail solutions must integrate regionally preferred payment methods to make consumers more comfortable paying on their websites. Support for PayPal is a good start, considering it is used for cross-border transactions by consumers and retailers in 57 countries. However, a truly international solution will include support for the numerous region-specific e-wallets in daily use by millions of potential customers. These include Alipay for Chinese consumers, Klarna for the Scandinavian region, iDeal for consumers in the Netherlands and Germany, Qiwi and Yandex for Russia, and many more.

Solutions should optimise international marketing efforts but catering to consumer preferences is only half the battle. Many cross-border solutions enable merchants to optimise these efforts by educating them about local holidays, sales seasons and more.

An effective and forward-thinking cross-border retail solution will offer international marketing messaging services to help retailers optimise their international sites and improve localised marketing campaigns.

Currency differences pose costs but effective solutions focus on decreasing transaction costs. Merchants need to be able to dynamically route transactions between acquirers and e-wallets, calculating the optimal route for every transaction. The flexibility to strategically route payments between selected acquirers transforms international payments into local transactions, eliminating cross-border and currency-conversion fees and optimising costs and acceptance rates.

Finally, retailers must be able to effortlessly connect to a network of financial institutions, including additional acquirers and e-wallets. Today, many are deterred because switching between acquirers and payment service providers is considered complex and involves significant infrastructural challenges. Thus, an effective cross-border retail solution should enable retailers to effortlessly connect to multiple acquirers and e-wallets, while minimising the infrastructural efforts associated with doing so.

Related: Closing the Deal Is as Easy as Smiling

This article was originally posted here on Entrepreneur.com.

Oren Levy is CEO of Zooz and an experienced professional with over 15 years of experience in payments, commerce, and global business. Prior to Zooz, Oren was an executive director at Brookline (USA) for 11 years, managing its worldwide sales efforts and strategic partnerships initiatives. Before Brookline, Oren held marketing, business development and technical positions at BATM, Fundtech and L.G.E.S.

Techniques

Night-owls And Commerce – Doing Business 24-7

With the exceptions of some industries such as the financial sector which in many cases still requires customers to be present at a branch for compliance’ sake, customer interaction resolution around the clock is at your fingertips.

Wynand Smit

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night-owl-business-advice

Within recent memory, businesses would labour all day and then knock off at 5pm. The world of the 9-5 career is now a thing of the past. Your customers (and your workforce) have moved to a landscape of flexi-time, shift work, 7am-3pm or more, with a view to accommodating freelance work, family commitments or the enjoyment of lifestyle pursuits such as sport or gym.

The point is, your customers now expect to do business at equally unrestrained hours – over the weekend, late at night, or early in the morning. Are you delivering customer service that meets this expectation?

For the most part, companies have access to customer service options that allow for this, with the introduction of digital channels, automation and self-service, it’s far easier to interact with your customers 24/7. With the exceptions of some industries such as the financial sector which in many cases still requires customers to be present at a branch for compliance’ sake, customer interaction resolution around the clock is at your fingertips.

Related: Understanding Your Responsibility As An Employer

A case for round-the-clock availability

Increased business opportunities

Instead of asking your customers to come back in the morning (Mondays to Fridays only or shortened operating hours on weekends), you can assist them when they need it, allowing more hours for more opportunities to resolve queries, sell products and services or conduct campaigns. In effect, you are magnifying your market, just by being available for more hours of the day.

Ease of doing business

So many interactions can be conducted without involving human agents. You can have chatbots assisting with general queries, product information and even facilitating sales. Automated processes can assist with simple enquiries and more. In turn, this means that either fewer human agents need to be on hand to deal with customers, and/or that those human agents who are present can handle the more complex tasks. This means that efficiency is being optimised in the contact centre environment, and more often than not, CX enhanced for the customer.

Rapid response and feedback

In an age of instant gratification, your customers want service now. Even if this is not always possible, it is important to manage their expectations and communicate timelines every step of the way. Who is dealing with their query, what are the contact details and name of the person or department managing it and how long will it take? Customers expect this information to be readily available and communicated, particularly if the process is complex and there are multiple tasks that need to be completed to achieve a result (e.g. a successful loan application).

This can aid in defusing problems before they get out of hand, leading to improved customer retention and an opportunity to build customer loyalty.

Related: Is Working From Home More Stressful Than From The Office?

Working with your data

The data you have accumulated on customer interaction preferences can guide you in developing more targeted business and customer support strategies – via insights gained through data analytics, you could find out when individual customers are more likely to be available and open to doing business according to the time of day that they typically interact with you or buy from you. This will help you manage and schedule your workforce better, as well as provide an opportunity to offer a more personalised service to customers.

Your customers should no longer feel like they have to wait to speak, email, chat or approach you, and your business has the opportunity to work effectively through extended hours without taxing your workforce too hard (remember, some people prefer to work at night, for example, while others need to be available to do the school run). It’s about meeting human preferences and being able to match these with efficiency in the contact centre environment.

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Techniques

4 Tools For Perfecting Your B2B Sales Funnel

Cloudlead, GrooveJar, Stripe Checkout and Drip can help you customise your first-time visitor’s journey, to ‘customer.’

Thomas Smale

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sales-funnel

The B2B customer journey from visitor, to lead, to customer, to promoter is often broken down into four steps: Attract, convert, close and delight.

These steps are the foundation of inbound marketing, a term first coined by Hubspot CEO Brian Halligan. And each one of these steps is intended to guide visitors to your website through your sales funnel, with the end goal being to not only close that first one-time sale but convert your customers into repeat buyers and advocates for your business.

Here are four tools your business can put to work today to optimise your B2B sales funnel and boost your sales.

Attract: Cloudlead

Typically, the top of the sales funnel for online business focuses on generating relevant organic traffic. Traffic generation can be achieved with a solid content-marketing strategy covering the creation and promotion of quality content that engages your target audience through blog posts, social media, guest posting and link-building.

While content marketing is the best way to increase your organic search traffic, its results are far from instantaneous. If you’re in the B2B space, for instance, you may find that your strategy to reach the decision-makers you need, to close a sale through content marketing, isn’t producing results quickly enough. That’s where tools like Cloudlead come in.

Related: Creating a Sales Forecast for your Business Plan

Cloudlead harnesses the power of machine-learning coupled with human research, to find qualified leads for your business. After you provide this tool with a detailed description of your product and buyer persona, Cloudlead’s proprietary research tools provide you and your sales team with detailed contact information for decision-makers relevant to your product.

This in turn enables you to target potential customers with pinpoint accuracy and move them to the top of your sales funnel without having to wait for your content marketing efforts to pay off.

Convert: GrooveJar

groovejar-logoOnce you have attracted a visitor to your site, the most crucial incremental step you can take to edge him or her toward a purchase is to capture the visitor’s email address. According to a 2017 survey by Episerver, “92 percent of consumers visit a brand’s website for the first time for reasons other than making a purchase.”

So, when targeting first-time visitors, capturing an email address is a much more realistic conversion goal to aim for than an outright sale.

Email capture enables you to follow up with targeted marketing emails, such as special offers and discounts or engaging content relevant to your lead’s interests. This process is often referred to as “lead nurturing,” and it helps move potential customers further down your sales funnel, closer to the ultimate goal of achieving a sale. But how do you convince a visitor to your site to part with his or her email address?

GrooveJar is a suite of eight intelligent pop-up apps that have been shown to triple the industry-standard email capture rate of 3 percent. The most popular app, GrooveUrgent, uses the psychological principle of urgency to convince visitors to provide their email address by creating  a pop-up window with a countdown timer; this gives visitors a limited time to heed a call-to-action that you specify.

The latter offer can be a discount, a free trial offer, the opportunity to download an ebook – whatever you think may entice a visitor to leave an email address. Once you have captured that address, GrooveJar’s Collect and Convert function utilises the power of email automation to retarget your leads and turn them into buyers.

Close: Stripe Checkout

Once you’ve nurtured your lead sufficiently to the point where this person is ready to make a purchase, how do you close the deal? While this may seem straightforward, 67.4 percent of checkouts are abandoned before the purchase is completed, according to CoxBlue.

Abandoned cart email apps, such as MageMail for Magento, can be highly effective in helping recover those sales, but it is essential to optimise the checkout process itself. Payment processor giant Stripe is popular for a reason: It has been making it easy for businesses to accept payments from major credit cards since 2011.

More recently, Stripe Checkout was developed to allow online businesses to embed highly optimised checkout forms anywhere on their site. Stripe uses data gathered from its many users to continually refine and optimise the checkout process, helping ensure you don’t lose sales due to poor checkout form design and functionality.

Stripe Checkout renders seamlessly on desktops, mobile and tablets. As an added convenience, consumers have the option of having Stripe Checkout “remember” their payment details, enabling faster checkouts on repeat purchases and on other websites that use Stripe. Stripe Checkout can help ensure you don’t stumble at the finish line when your customer is ready to make a purchase.

Related: Mastering The Sales Process

Delight: Drip

Many business owners assume that the ultimate goal of any sales funnel is to make a sale. While that is inherently true, Halligan’s hierarchy of inbound marketing states that the sales process doesn’t end there. The crucial final step is to delight your clients, turning them into repeat customers and advocates for your business.

Many businesses devote most of their marketing efforts to acquiring new customers, but a BIAKelsey study showed that 61 percent of SMBs surveyed reported that more than half of their revenue came from repeat customers, rather than new business. That’s just one reason why it’s so important to stay in touch with your customers after they make a purchase, and not just with an order confirmation email.

You should deliver personalised, engaging content and incentives to encourage a repeat purchase or upsell to more services. You can even incentivise your clients to send other potential customers your way by offering a reward for referrals. Drip enables you to do all of these things at scale through email marketing automation.

While automated marketing campaigns that send out emails based on defined intervals or customer actions – usually referred to as “drip campaigns” – are often employed at an earlier stage in the sales funnel, they can be just as effective in delighting your existing customers. Repeat customers are often one of a business’s most valuable assets. Clever use of marketing automation using Drip can help turn customers into advocates.

Final thoughts

Optimising your B2B sales funnel means maximising your chances for success at every stage of the customer journey, from visitor to brand advocate. Cloudlead, GrooveJar, Stripe Checkout and Drip can help your business do just that.

This article was originally posted here on Entrepreneur.com.

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Techniques

Want To Become A Supplier To A Big Company? Consider This First

A giant customer can be highly profitable or cost you your business. Have you considered all the angles?

Ed Hatton

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customer-service

“How do I get into the big corporates or Government?” Business owners visualise huge sales and profits by becoming a supplier to a giant, and that is often the case. For a big organisation with billions to spend, a trivial expenditure to them may be a large fortune to you. Do not let the number of zeros dazzle you, riches are not guaranteed; many entrepreneurs have suffered losses or businesses collapse from such dealings.

You must understand the motivations of managers of large organisations, and the risks they face. They are KPI-driven and risk serious damage to their careers if something goes badly wrong. Compared to these issues, your profitability, work hours and ego are minor considerations. You may believe that you only have to perform in terms of your agreement, but in reality, you need to make your contacts look good. Aim for a zero fail rate; deliveries that are late, faulty or incorrect may cause a disproportionate explosion because that means your contact has let someone down. If you are smart, you can help your contacts get a reputation for superior internal service.

Related: How To Stay One Step Ahead In The Knowledge Era

Understand the risks that big customers pose to your business

There are risks in any unequal buyer/seller relationship. The biggest risk is if the giant stops buying. Large customers can be extremely demanding; they see you as an extension of their business and can be intolerant of your need to service other customers. Many small suppliers will be familiar with a peremptory summons to an immediate meeting and occasional rudeness. A supply contract inevitably favours the big guy, and this means pricing and other terms of trade are vital. You must protect your ability to make a reasonable margin even if circumstances like inflation, exchange rates or sector wage agreements change.  

Large organisations care about meeting their budgets, not about your profitability, and many suppliers have failed because they were bound to supply goods at an unsustainable price. Managers move around, and if your champion is promoted, the replacement manager may prefer their favourite suppliers, so out you go. Broaden your range of contacts in the organisation to avoid this risk.  Large organisations are huge bureaucracies; decisions may take time and payments may be delayed, especially if your paperwork is not perfect.

There are opportunities — but evaluate them carefully

The major opportunity is significant growth. They will buy if you supply a product or service that suits their needs and budget at service levels that make the managers look good. It is entirely possible to make your company almost indispensable by solving problems and offering them innovative new ways of exceeding their KPIs at reduced cost. There are opportunities to supply other parts of the giant, as well as their supply chains. Be careful with growth. Your primary contact will be used to your full attention and if he or she senses that this is no longer happening because you have grown, they can seek alternative suppliers. Never let growth reduce your customer service level.

A very large and prestigious customer gives your company credibility, allows you to attract the brightest staff, makes selling to other giants easier and gives you funds to develop new markets and new products.

Related: Are You Forgetting To Think About Your Business Strategy?

Is it worth it?

Is it worth the big money? Yes, if you can manage the risks, chief of which is becoming too dependent on one customer. However, dealing with the big gorillas is not the same as having a more balanced supplier/buyer relationship. It works if you use your ability to be nimble and flexible to solve their problems. It helps if you are innovative and can use your creativity to respond rapidly in ways that big corporations cannot. It works if you can give very personal service, even if that means you, the owner, are the primary interface. By doing these things you can become an indispensable cog in a huge machine.


REMEMBER THIS

You need a champion in your client’s organisation, but ensure you have other contacts too. What happens if they leave or are promoted? Is your contract safe?

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