Ecommerce.co.za

Optimising checkouts is key to driving cross border trade

by Otto Williams: Senior Vice President, Regional Head, and General Manager of Middle East and Africa at PayPal.
Increased intra-African trade, spurred on by the African Continental Free Trade Area, as well as the rapid evolution of technology has already reshaped cross-border trade across the African continent in the past year.

However, the ecommerce and payments landscape changes rapidly. As African businesses seek to sell and expand internationally, the ability to constantly improve the seamlessness of payment solutions, in ways that align with evolving customer preferences, will be crucial to driving success. Payments need to become more instant, frictionless and embedded within customer journeys - all while remaining secure.

Optimising checkouts must be a clear starting point - globally, the cart abandonment rate averages 74%, representing a significant missed opportunity for merchants. A smooth, intuitive checkout process reduces cart abandonment and drives conversion. 

Another important aspect to address is Africa’s deeply fragmented payments landscape. Customers want to use their preferred payment method, which varies by market; and South Africans typically want to see prices presented in Rand. Offering multiple payment methods and presenting local currencies based on the customer’s location is critical for businesses to boost conversion. On the back-end, this means interoperability across alternative payment methods and traditional payment rails alike, not to mention different currencies and languages. Being able to offer options ranging from global digital wallets to regionally-ubiquitous solutions like mobile money, all the way to niche local payment methods, is key.

Finally, security needs to keep pace. The rapid rise of AI is fueling a fraud surge in ecommerce globally. Keeping cross-border payments safe from ever-growing fraud attempts requires robust cybersecurity measures - crucial for businesses to not only avoid financial loss, but also to maintain customer trust. Businesses should work with partners which offer advanced fraud detection and mitigation tools – for instance, incorporating real-time assessment of customer behaviour, to rapidly identifying legitimate customers from fraudulent ones.

Security in cross-border payments also involves building the assurance customers need to buy from new merchants or ecommerce stores halfway across the world, which can naturally raise concerns about fraud or delivery issues. By offering a globally-trusted payment solution with buyer and seller protection, merchants can provide the crucial reassurance an international shopper may need to make their initial purchase from a new merchant.

Useful resources:
PayPal
PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.
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