September 07, 2016
In 2015, e-commerce attributed to 1.2 trillion dollars in global spending. By 2020, that number is projected to reach 1.4 trillion. With continued advances in communication technology, it’s only getting easier to work with international partners. That’s important for any and every business owner who aspires to grow beyond their borders. Trading in parts of the world you never thought possible opens up new possibilities, new potential, and new profit. With retail on the rise, it’s time to rise with it.
E-commerce can work for you or against you.
There’s no doubt that e-commerce has become the most important international sales channel of our time. But that doesn’t necessarily make it a perfect trade platform every time. Just like languages, how you use it can either work for you or against you. Like most things, you need to make it easy and convenient for your customers and partners. Studies show that by providing products priced at the currency of the customer or partner, you can improve sales rates by as much as 70%. That is a huge impact to your profit margins, and a fast-track at achieving growth.
You can pay your way, using alternative methods.
Maybe the most customer-friendly feature of e-commerce is that it accepts all forms of payment, including alternative payments such as PayPal. As a bonus, you may even get an extended rate guarantee, allowing for refunds in the original exchange rate, rather than the current one. Making transactions more available through third party collaborators makes your exchange easier on both parties. And whether you’re making or receiving payment, less hurdles mean more business, and more customer satisfaction.
Professional solutions are key when managing multiple currencies.
Once you’ve successfully created a multitude of new business customers, how will you manage each and every currency, exchange rate and payment? That’s where having an international payment and currency specialist comes in handy. They can help you set up a plan with the right technology to make every transaction as smooth and strategic as possible. At Firma, we put the world’s currencies to work, how you want, when you want, no matter where your money is going. Our clients have a dedicated full-time Firma specialist on their business so you have a direct line for live support. And that equals a whole lot more than your bottom line, although we’ll help you there too.