5 Cash Flow Challenges for Global Businesses & How to Solve Them
Recent global events have caused lasting changes in behavior due to adaptations that were put in place to protect the people around us. Because of this, the world of eCommerce saw a drastic uptick in numbers from online shopping, and it doesn't seem to be slowing down.
Online shopping is expanding into global markets, urging global eCommerce companies to change their platforms to accommodate this new wave of customers. To stay ahead and offer the best possible service, the customer checkout experience should be improved by all global eCommerce companies.
These best practices will help your global eCommerce company improve the customer experience:
Remove Language Barriers
If you are a global eCommerce company, chances are that not all of your customers will speak the same language. Though English has now become the primary second language in most other countries, you cannot assume that everyone interested in your product or service can read and understand it. The best solution is to offer your customers different languages to choose from on your website and the checkout page. Offering different languages not only eases confusion but increases overall trust in the company. With more people feeling comfortable on your website there are more chances that they will convert from a new lead to a loyal customer.
Integrating website translation services is quick and simple. Multiple companies will allow you to offer one new language on your website for free just by entering your website's URL. Google translate also offers this service, offering an all-inclusive list of languages. Though some companies can be pricey, the investment may be worth it to grow your global eCommerce business.
Removing the language barrier helps your customers feel included and builds trust with your brand. Not only is it quick and easy but it can save you from losing countless leads and generate more revenue.
Support Multiple Currencies and Payment Options
As a global eCommerce company, it's important to offer the prices of goods and services in multiple currencies. This not only eases customers' questions and concerns but it offers an added layer of transparency that is essential when it comes to global eCommerce companies. Offering different payment options can also be beneficial to expanding the countries your business can sell to. Consider partnering with Paypal. Not only is it available for 200 countries, but it also supports 25 different currencies!
If a French consumer comes across a Swedish eCommerce company and is greeted with prices displayed in the Swedish krona, they will likely exit the website simply out of confusion. Not knowing how much something costs in the currency that someone is used to can be alarming and not worth the confusion that comes with converting currencies.
However, if the price of the goods or services is already adjusted to showcase the currency of the country your customer is from then the initial reaction won't be to leave your website. Rather, they will find ease in browsing through the website as they can make an informed decision on what they wish to purchase. This takes away uncertainties and the hassle of having to convert the currency themselves, which can cause problems if not done correctly.
Follow Global Tax Guidelines
Navigating through taxes can be hard without the added aspect of international laws. So when dealing with global eCommerce, it's important to study the rules and regulations that come with international taxes.
As a global eCommerce business, you must understand that some countries will tax a product as high as 40%. This can cause potential leads to turn away before they even have time to see what your business has to offer. Including this cost directly in the purchase price may offset the potential surprise that could occur in the checkout process.
Failure to charge the current tax rate can result in a detrimental loss in revenue and should be avoided at all costs. The best way to navigate these ever-changing tax guidelines is to stay on top of it and ensure that the current rate is applied to the country from which the customer is shopping.
Provide Transparency at Checkout and Throughout
As stated previously, transparency is essential when it comes to global eCommerce companies. With tax laws and regulations constantly changing, it's up to you as a business to ensure accuracy throughout the purchasing process and keep your customers updated on changes. All taxes and currency exchange fees should be clearly stated at checkout so no extra charges go unaccounted for.
Without transparency, customers will leave your website unhappy and misguided so it's important to make it your number one goal. As long as all cross-border taxes and conversion fees are accounted for and openly showcased, customers will leave your website knowing that no nasty hidden fees will show up unexpectedly in their bank statements.
Ensure Privacy and Security
Shopping online poses questions of privacy and security when it comes to entering private information. This leaves many first-time visitors of any global eCommerce company questioning the legitimacy of the company as a whole and its trustworthiness with sensitive information.
Not only is adhering to privacy and security guidelines essential for operation in certain countries, but it also can build trust with potential customers. One way to visually do this is to display security certifications and trust seals on checkout pages.
Beyond the checkout page, it's important to also get a Secure Sockets Layer certificate for your eCommerce website. This provides a secure connection and encrypts credit card information, so that customer information is not easily accessible. Complying with various privacy acts and regulations is also essential as they outline the correct way to store sensitive information you collect from customers. This includes information such as their phone numbers, credit card information, shipping address, email address, and any other personal information required at checkout.
Optimize the Checkout Page
Last but not least, optimizing the checkout page to make the final step of the process seamless should be considered. A single-page checkout can be simpler to use and seem more user-friendly. With less navigation between multiple pages, customers will feel more comfortable as they can see all of their information at once which can add a sense of security. This also minimizes distraction as a customer is imputing information, decreasing the chances of cart abandonment.
Another thing to consider on a checkout page is enabling smart form filling. Smart form filling uses a shipping address predictor tool as well as Google Autofill to ensure fewer errors when inputting personal information. Enabling error notifications to spot errors on the go can also be beneficial in avoiding simple mistakes. Lastly, adding a small checkbox to allow users to select the same address as the shipping address speeds up the checkout process while eliminating the chances of user errors. These tools make checkout an efficient, quick, and error-free activity, not only decreasing the chances of cart abandonment but increasing the chances of conversion as well.
As you can see, there are multiple ways that a global eCommerce company can improve its customer checkout experience. Removing all barriers that come from purchasing an item from a different country is a great way to start. Being able to understand what product or service is being sold and how much is essential to keeping a customer engaged. Providing transparency throughout the checkout process and ensuring that all information is safely stored can increase trust between buyer and seller, increasing the likelihood of a sale. By optimizing the checkout page, customers can feel at ease knowing that they are getting the best customer experience through your global eCommerce platform.
This information may seem like a lot to take in, but you don't have to tackle it alone. Hiring an experienced company such as Fyorin will ensure the best possible customer checkout experience, without having to be hands-on. Fyorin is a one-stop shop for all your business banking needs, with services spanning from offering business multi-currency accounts to optimizing a customer's checkout experience. Give your customers what they are looking for by partnering with Fyorin today!
Thinking of expanding your business globally? Read our free guide to learn more.