In a recent episode of our podcast series, Spencer McLain, VP & General Manager, EMEA at Ekata, and Matthew Furneaux, GBG’s Director of Location Intelligence, shared their insights on ‘how to be a truly borderless business’. GBG and Ekata work together to help retailers deliver a clean, user-friendly online checkout experience globally.
At a time when businesses are navigating through the disruption of Covid-19, expanding into new markets has never been more important. But, clearly, becoming a borderless business is not without its challenges.
Whilst the goal is predominantly to increase sales, all businesses need to remember the importance of mitigating fraud and maximising customer experience. Consumers demand a fast, frictionless experience, in a trustworthy environment. For example, a whopping 88% worldwide abandon their shopping basket if this is not up to standard. In addition, businesses also need to understand each market’s consumer preferences for payment methods, delivery fulfilment, and sharing their accurate location details, to ensure you meet their expectations first time.
With this in mind, here are some key tips to cultivate borderless business:
Ultimately, for businesses to succeed they need to think in terms of opportunities, not barriers. Having an agile mind-set can help businesses of any size to go global. SMEs can adopt the big company mind-set, following in the footsteps of e-commerce retailers like Gymshark, whose global expansion to 131 countries started with their founder’s entrepreneurial mind-set and partnerships with technology providers.
It’s clear that the e-commerce acceleration will not slow down anytime soon, particularly as some consumers continue to be wary of returning to the high street. The opportunity to go global and find growth opportunities has never been better for businesses looking to make their mark.