There’s a lot to consider before you venture across borders, and by following a basic strategy and taking a careful and thorough approach, going global can lead to great success and vast expansion. QikServe Payments (QP) can leverage Stripe’s global payments infrastructure enabling operators to accept payments in 195 currencies through a multitude of local payment methods – the hard work is done for you.
So, you want to go global? We’ll make it easy for you with a three-step framework to help you think through your options and take smart steps towards international growth, with our support.
Step 1: Evaluate
As with any adventure, you want to start with a map and plot out where you want to expand to by evaluating global markets. Perhaps it suits you to opt for neighbouring countries, or the most developed regions where digital ordering is already strong. Consider not only where the market stands today, but where it’s heading and what would be required to break into, and succeed in that market. As you’re taking stock of different markets, you’ll want to compare and consider the following:
- Market Size: What is the e-commerce GDP in that particular country or region? What are the growth projections for that market?
- Market Attractiveness: What does your target demographic look like in this market and is it likely to grow? What are the country’s digital ordering and adoption rates? What is the competitive landscape?
- Ease of Entry: When it comes to the logistics and costs of doing business, not all markets are equal. Consider how simple or complex each of the following areas is in your chosen new market.
- Localization Requirements: Look into the market’s tax considerations, shipping partners, data regulations, cross-border regulatory environment, business laws
After a thorough evaluation, you’ll be ready to make a strategic choice and start selling in a new market.
Step 2: Launch
Once you have chosen your new cross-border markets, it’s time to launch. When you start doing business in a new country, it’s critical to ensure not only that you have chosen the right market, but that your company is ready for cross-border transactions. Here’s how to set yourself up for success:
- Offer local payment methods that are familiar to your guests. Payments are personal and understandably, guests want to use payment options they know and recognize. Without these options, guests may be unable to pay and abandon their baskets, losing you crucial sales.
- Optimize your checkout flow. Convenience is key and no matter what markets you enter, friction chases away guests. Whilst your checkout may work seamlessly at home, it may not be so straight forward for guests overseas, so keep your checkout flow seamless with responsive forms that adapt to address formats across countries making sure that your platform offers dynamic, real-time confirmation of network acceptance across banking systems.
Step 3: Optimize
After you are open for business internationally, it is time to refine your operations for optimal performance so you can focus on maximizing your revenue and minimizing costs. Streamline your checkout process so it is consistent across markets so that your guests can be confident that they will have the same experience wherever they go.
New markets await! Contact us to learn more!