A CHASE PAYMENTECH WHITEPAPER. Open the door to international e-commerce The potential of cross-border trade for e-tailers

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1 A CHASE PAYMENTECH WHITEPAPER Open the door to international e-commerce The potential of cross-border trade for e-tailers

2 Table Of Contents The potential of cross-border trade... 3 What makes shoppers venture across borders?... 3 What concerns international shoppers most?... 4 Payment challenges of international expansion... 5 Develop an international payment strategy... 6 About Chase Paymentech chasepaymentech.co.uk 2012, Chase Paymentech Europe Limited. All rights reserved.

3 Last year, over 200 billion was spent by Europe s estimated 240 million online consumers 1 - but only one in ten shoppers was willing to make a purchase from an e-commerce store overseas 2. The opportunity for cross-border sales is certainly growing but how can merchants turn domestic success into international expansion? And what are the challenges they will face? The potential of cross-border trade Having overtaken the US market, Europe is now the world s largest online shopping region and e-commerce sales are predicted to keep on growing by 16 per cent in 2012, according to the Centre for Retail Research. Most of this growth is driven by the markets in the UK, Germany and France which account for approximately 70 per cent of all European online sales 3. While online sales in the UK are expected to grow by 14 per cent, other markets are starting to show even higher growth this year. Growth in Poland is predicted to be 24 per cent followed by France (22 per cent), Sweden (18 per cent), Italy (18 per cent) and Norway (17 per cent) 4. These trends present new international opportunities for CNP (customer-not-present) merchants. Early estimates indicate that cross-border trade could account for as much as 20 per cent of e-commerce sales by A survey conducted on behalf of Chase Paymentech suggests that CNP retailers have already recognised the potential for overseas expansion with more than 40 per cent already trading internationally and looking to expand into more countries. The same survey reports that international retailers also have higher expectations for growth than their domestic competitors, with at least one in ten expecting to grow their CNP sales by over 50 per cent 6. However, attitudes towards cross-border e-commerce vary widely across Europe and consumers can be cautious about shopping from e-commerce stores in other countries. Merchants therefore need to adapt to the local shopping habits in each market and build consumer trust, for example, by translating websites into local languages, offering additional payment methods and meeting customer expectations for deliveries, returns and refunds. At the same time, retailers should not underestimate the increased complexity and operational demands of handling international sales. Adopting a standardised approach to managing international payments, multiple currencies and online fraud can help minimise the costs and risks associated with cross border selling. What makes shoppers venture across borders? Research conducted by IPC shows that the inclination of consumers to buy from an overseas website is heavily influenced by the size and maturity of their domestic e-commerce market 7. In general, the more experience shoppers have of making purchases online, the more likely they are to shop cross-border. 2012, Chase Paymentech Europe Limited. All rights reserved. chasepaymentech.co.uk 3

4 The number of retailers who view increasing European cross-border e-commerce to be a priority for growth The location that European online consumers choose to shop 68% Sale Verkoop Verkauf Myynti Prodej Salg Vente Vendita Venta 10% International 18% European 73% Domestic Consumers are more likely to shop in a country that shares their language In their in-depth study of 250 top e-retailers in five European markets, IPC noted that most online consumers are motivated to shop internationally to find either a better price, or products that are unavailable in their own domestic market. For example, consumers in Denmark are keen to take advantage of currency exchange rates to secure the best prices leading to higher levels of crossborder shopping. Other trends that have emerged include: Cross-border shopping is more dominant in smaller countries like Luxembourg and Belgium where there are fewer domestic e-retailers. Consumers are more likely to shop in a neighbouring country, or one that shares its language (for example, British consumers are more likely to shop from the US while Austrian shoppers often shop on German websites). Younger, highly educated men tend to shop more often from overseas websites, while older female consumers prefer to shop domestically. In countries with a strong domestic e-retailer network, consumers have to identify a clear need or desire for specific deals or products in order to venture cross-border. Despite some concerns, international shoppers are just as likely to enjoy buying from outside their home market as they are from a domestic site. With greater experience of shopping online, these cross-border shoppers are also more likely to buy more often and shop for a wider range of goods. What concerns international shoppers most? Consumers can regard cross-border purchases to be riskier than buying goods domestically. Perhaps this is one of the reasons why 39 per cent of European consumers chose to shop from domestic retailers in 2011 compared to just 10 per cent buying from other European states or five per cent from stores in the rest of the world 8. Merchants need to reassure potential customers and address their concerns about buying internationally. This means adapting an online shopping experience to meet the local expectations of consumers. In particular, consumers need to be confident that their payment and personal data will be protected, that their purchases are covered by guarantees, and that delivery and returns policies will allow them to return their goods easily. Consider additional payment methods Every European market has its own mix of popular payment methods. Providing consumers with a familiar choice of credit and debit cards alongside local payment types makes shopping more convenient and allays fears over security, which can convert more orders into completed sales. In addition to international credit and debit cards (which reach into every European market), merchants should consider offering other payment types like ideal in the Netherlands, EMV in Germany and domestic cards, such as Carte Bleue in France or Carta Si in Italy. Cash-on-delivery methods in Russia and Eastern Europe should also be considered. 4 chasepaymentech.co.uk 2012, Chase Paymentech Europe Limited. All rights reserved.

5 Localise your e-commerce store and checkout Translating your website into a local language makes it easier for consumers to find the right products, increases their trust and helps to facilitate their checkout experience. Make sure that all site functions are updated including checkout pages, terms and conditions, returns policies and even error messages. Remember that what works well at home may not be interpreted in the same way cross border. Reassure consumers about security Consumers want to feel confident that their payment will be secure and their details are safe. Use data security solutions, such as tokenisation, to avoid having to store and transmit sensitive information. Furthermore, ensure that your payment pages share the same design as the rest of your e-commerce site to provide a seamless and reassuring customer experience. Make delivery costs clear Consumers want to know how much they will have to pay for duty, shipping and delivery. Unexpected costs are one of the main reasons for cart abandonment so make these costs clear on the product page rather than at the end of the checkout process. Notify customers when their product is dispatched and offer a choice of delivery options (for example, flexibility in the time and location of delivery is more important to consumers in the Netherlands or the UK than it is in Denmark, France or Germany) 9. Facilitate cross-border returns Handling returns can be a frustrating issue for consumers and retailers alike. Shopping habits including consumer expectations for how returns are managed can differ from one market to the next. UK consumers are more likely to organise a specific pick up while French consumers will often return goods immediately at the moment of delivery. Consumers will want to know the cost of returning items and how they can receive refunds quickly. Payment challenges of international expansion A recent report by Accenture found that 68 per cent of retailers consider increasing European cross-border e-commerce to be a priority for growth, and one in four believe they can increase revenue by 25 per cent if they can sell more effectively online and cross-border in Europe 10. However, international expansion also increases complexity and back-office costs for retailers. In the survey conducted by Chase Paymentech, 60 per cent of international CNP merchants faced two or more challenges related to CNP sales 11 including: Handling foreign cards (40 per cent) Dealing with exchange rates (35 per cent) Handling multiple currencies (34 per cent) Handling cultural issues (28 per cent) International fraud (27 per cent) International expansion (23 per cent) National fraud (21 per cent). Retailers need to consider how to manage their e-commerce technology, payments and fraud across a growing number of markets. Adopting a standardised approach is the most effective way to address the added complexity of accepting multiple methods of payment and currencies, while at the same time minimising overheads and the cost of reconciliation. 2012, Chase Paymentech Europe Limited. All rights reserved. chasepaymentech.co.uk 5

6 Last year, over 200 billion was spent by Europe s estimated 240 million online consumers BUT only 1 in 10 shoppers made a purchase from an e-commerce store overseas 60% of international CNP merchants faced two or more challenges related to CNP sales including: Handling foreign cards Dealing with exchange rates Handling multiple currencies Handling cultural issues International fraud International expansion National fraud 40% 35% 34% 28% 27% 23% 21% Accept multiple currencies Make sure your payment system offers a wide choice of currencies, enabling you to offer your customers the ability to pay in their preferred local currency. This helps consumers to understand the price and instils confidence that the price shown on screen is what will appear on their statement. From a settlement perspective, merchants may prefer to receive funds in the local presentment currency or receive funds in their home currency. Such flexibility may be of benefit in treasury management and financial planning. Get an overview of company-wide performance Use centralised reports to help you manage fraud, review chargebacks and monitor returns on a country-bycountry basis. Setting up reports to show transactions by currency pair, exchange rate or fees can help identify business issues, trends and costs as well as enable merchants to set benchmarks for monitoring international performance. Automate your reconciliation The Chase Paymentech survey revealed that CNP merchants spend an average of nine days every month on the manual reconciliation of CNP payments and these costs increase for companies with larger sales volumes or rapid growth plans 12. Streamlining your international payment reconciliation through a single payment system can drive down overheads and improve efficiency. Rationalise your payment processing Complexities and inefficiencies can be the result of mergers and acquisitions and the corresponding use of multiple systems. Taking a strategic view to your payment processing and acquiring needs can streamline your payments, reduce costs, simplify processes and increase business intelligence. When entering a new market, it might be necessary to use a local partner or set up a local bank account. However, a growing number of local acquirers or partners also increases complexity. Adopt a single integrated system early for fewer relationships to manage and improved efficiency. Tackle international fraud Chase Paymentech found in its survey that nearly a third of international merchants have seen levels of fraud increase in the past 12 months and that average losses were three times greater for these retailers compared with those trading nationally 13. Ensuring that you use the latest geolocation tools to detect fraud more accurately can help minimise the cost of manual reviews and identify emerging fraud patterns and threat levels on an individual country basis. Develop an international payment strategy Your payment acquirer can help you to develop a crossborder e-commerce strategy to meet your commercial objectives. Ask for advice on the methods of payment 6 chasepaymentech.co.uk 2012, Chase Paymentech Europe Limited. All rights reserved.

7 you should consider in each of your markets and make sure that you offer your customers their preferred local currencies. Chase Paymentech provides over 130 different currencies and helps merchants to manage their multi-currency transactions with a choice of 12 settlement currencies. Consider whether your customers online experience could be improved? Work with your acquirer to implement new solutions, such as customer profile management or tokenisation, to help improve authorisation rates. Furthermore, innovative new features, like Chase Paymentech s Dynamic Payments Page, can help to design your checkout pages in the same way as the rest of your site. About Chase Paymentech Chase Paymentech, a subsidiary of JPMorgan Chase (JPMC), is a leading provider of payment processing and merchant acquiring. Chase Paymentech s proprietary platforms enable integrated solutions for all payment types, including credit, debit, alternative and mobile payment options. Chase Paymentech has uniquely combined proven payment technology with a long legacy of merchant advocacy that creates quantifiable value for companies of all sizes. In 2011, Chase Paymentech processed more than 24 billion transactions with a value exceeding $553.6 billion. In addition to the ability to authorise transactions in more than 130 currencies, the company provides business analytics and information services, fraud detection and data security solutions. Finally, investigate the opportunities available for cutting operational complexity in your payment processing and fraud management. For example, could you streamline multiple systems through a single-source payment gateway to improve efficiency and cut costs? A single payment system can benefit merchants with international ambitions through simplified reconciliation, better fraud and chargeback management and enhanced reporting and business intelligence. This provides a robust platform for entering new e-commerce markets and managing growing volumes of cross-border orders as well as minimising international fraud in a more flexible and sophisticated way. Disclaimer Chase Paymentech Europe Limited, trading as Chase Paymentech, is a subsidiary of JPMorgan Chase Bank, N.A. (JPMC) and is regulated by the Central Bank of Ireland. The information herein or any document attached hereto does not take into account individual client circumstances, objectives or needs and is not intended as a recommendation of a particular product or strategy to particular clients and any recipient of downloadable document shall make its own independent decision. This downloadable document and the information provided herein may not be copied, published, or used, in whole or in part, for any purpose other than expressly authorised by Chase Paymentech Europe Limited. 2012, Chase Paymentech Europe Limited. All rights reserved. REFERENCES & 4. Centre for Retail Research: For more information, contact: UK: or Rest of Europe: , or visit & 9. Eurostat: July Channel Monitor & 13. Dynamic Markets: The Changing CNP Payment Landscape - March International Post Corporation: IPC Cross-Border E-Commerce Report European Cross-Border E-Commerce: Accenture/ERRT , Chase Paymentech Europe Limited. All rights reserved. chasepaymentech.co.uk 7

8 Chase Paymentech Europe Limited, trading as Chase Paymentech, is a subsidiary of JPMorgan Chase Bank, N.A. (JPMC) and is regulated by the Central Bank of Ireland. 2012, Chase Paymentech Europe Limited. All rights reserved.

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