Cross-border shopping will make up 17% of eCommerce in 2023, with sales of 736 billion US dollars globally.
Forrester Online Cross-Border Retail Forecast, 2018 To 2023 - Global
In 2018, the global revenue of the fashion eCommerce market reached $600.99 billion. It is predicted to grow to $825.55 billion in 2020.
Forrester Online Cross-Border Retail Forecast, 2018 To 2023 - Global
The Asia-Pacific ecommerce revenue is expected to show an annual growth rate of 7.3%, resulting in a market volume of $1.7 trillion US dollars by 2024.
Statistal
Cost is the main driver of cross-border shopping, with nearly a quarter of consumers citing shipping costs as more affordable.
PayPal Insights 2018 Global Report
Fundamental to delivering a great global experience is the integrity of your international address data
Due to the complex nature of international address formats, it's very easy for a user to make a mistake when entering their delivery address in online or mobile forms. It is no surprise then that 1 in 20 orders go missing or are not delivered on the first attempt, and according to retailers, 19% of this is caused by bad data. You can learn more about the state of data quality in the retail industry by reading the Fixing Failed Deliveries report.
Capturing accurate delivery address details is really important; it enables us to get our products to our customers super-fast, with no delay. Loqate helps us do this.
The four key strategies of successful international retailers
Recognise the individual
Ensuring you have language and currency selectors as well as giving your customers the ability to search for a delivery address in their local format on your eCommerce checkout will create a quicker, convenient and more personal experience.
Where’s my nearest?
If you have local stores in different regions, make it easy for your website visitors to find their nearest store by embedding a store locator tool within your checkout.
Get ready for conversational exchanges
Smart Speakers will soon understand and act upon more conversational exchanges e.g. voice commands to enter a delivery location instead of having to type the address. It is key however not to underestimate the complex nature of such commands, especially when thinking about your global customers who are likely to have different accents and slang terms, each needing to be understood, transposed and standardised to ensure an accurate address is captured.
Accurate delivery anywhere in the world
Express delivery depends on your ability to capture accurate address data at the point of entry. This will reassure your international customer that you have got the correct address and significantly reduce the risk of failed deliveries.
Design for the user
Creating online forms which capture all your customer’s contact details in real time helps to create an intuitive and convenient site which leads to a higher rate of conversion.
Ensuring the user experience on mobile is second to none is a top priority for our team. We have seen a definite reduction in friction on our mobile checkout for new users since switching on the geolocation feature in our address verification implementation from Loqate.
Find out more about address data validation from Loqate and how it can help you increase global appeal and support your international growth strategies.
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