Cross-border eCommerce is becoming more accessible to businesses, ranging from small scale independent stores to multinational giants.
Facilitating this surge in cross-border eCommerce are platforms like Magento® an Adobe company, which accounts for 16% of all eCommerce websites. They include some big names like Coca-Cola and Christian Louboutin.
Platforms like this offer a huge opportunity for a business to create a site and get trading quickly, especially with a host of extensions that allow businesses to manage their stock, create labels and provide a better customer experience. Magento alone has over 250,000 sites and saw an increase of 7,500 in 2019, covering a total of $155 billion in total merchant sales.
Risk and reward
With 57% of all online shoppers buying cross-border, the prize associated with using an eCommerce platform is large. This does however also expose your business to the risks associated with cross-border eCommerce, such as parcels being seized by customs due to poor data, or customers being charged extra upon delivery due to import duties and taxes not being paid.
These situations can lead to a negative customer experience which can result in customers making a one-time purchase then shopping elsewhere. With businesses able to earn 50% more revenue if 40% of their customers are returning, it is important to understand the issues surrounding cross-border eCommerce and ensure your business is prepared.
The Hurricane solution
Hurricane has developed a suite of solutions that allows businesses to show their customers the total cost of any purchase inclusive of shipping, import fees and any extra costs, as well as screening for denied parties and prohibited and restricted goods to ensure total compliance.
Hurricane has become a Technology Partner with Magento, one of the leading eCommerce platforms and will give their customer base the cost-effective and user-friendly tools needed to successfully trade cross-border and reduce the risk of fines and negative customer experiences.
With customer experience becoming the main differentiator between brands, surpassing pricing and the products, providing a positive experience is crucial.
Hurricane’s cross-border solutions will provide businesses with an engine for growth by improving the customer experience from the first site visit, all the way to the delivery, thus increasing the likelihood of them making repeat purchases, and making businesses fully compliant with customs and import regulations.