Today’s post comes to us from Sue Park, the head of Small Business Partner Marketing at PayPal. She’s here to share some tips for those of you thinking about expanding your business on a global scale. Take it away, Sue!
Global prosperity and mobile adoption are creating opportunities for small businesses to reach new customers abroad. It’s estimated that by 2025, the global consuming class will grow by 75% to a total of 4.2 billion people. These 4.2 billion consumers will spend an estimated $30 trillion annually.
Whether you’re just beginning to consider the potential of opening your shop for business to international buyers, or already testing a few target markets, the stakes are high: checkout is the place where the majority of international shoppers abandon their purchases.
There are several reasons, but one of the main ones is trust. Consumers should have confidence that their payment will be handled securely, and should have the comfort and convenience of paying in a familiar currency using their preferred method.
Here’s what you should think about and take action on before you start taking payments from international customers.