Consumers want access. Merchants want simple, global, and secure opportunities to serve them. How to achieve both.
While riding the local commuter rail on my last leg home from NYC, I sat next to a woman who was on her smartphone shopping on what looked like a Chinese website. I smiled to myself after just having spent the day talking about the massive opportunities presented in the borderless world of eCommerce. The scenario was very timely as the day’s discussion centered on providing consumers with access to goods and services and the merchants’ opportunity to serve them anytime, anywhere with the payment options they desire.
The conversations took place at ACI’s eCommerce Disruption Opportunity, a simultaneous gathering of merchants, payment service providers (PSPs), eCommerce enthusiasts and industry analysts in both New York City and London. The keynote speakers and panelists from both sides of the pond illustrated the differences and similarities of consumers in their quest for the purchase of goods and services and the opportunity provided by their needs.
- 2.2 trillion dollars in annual eCommerce revenue is up for grabs today
- The number of cross-border shoppers is set to rise from 400 million this year to nearly 1 billion by 2020, with cross-border eCommerce spending projected to reach 1 trillion dollars
- But despite this opportunity, 2 billion dollars are lost to eCommerce fraud each year and is growing at a rate of 30% annually
Taking advantage of the shift in the digital commerce world requires the right knowledge and tools to effectively and safely navigate the waters of opportunity. Payments technology is complex, with many different standards requiring many integrations. Add to the mix the complex process for offering cross-border payments and buying. And time to market for merchants is critical. They need flexibility in an eCommerce solution to meet the needs of today’s shoppers and buyers.
To that end, they need eCommerce payment solutions which are:
- Simple – offering the ability to easily integrate payments into any eCommerce website or application, including mobile apps
- Global – supporting multiple acquirers and methods of payment, in multiple currencies and multiple languages regionally and around the world
- Secure –minimizing risk and fraud, removing the burden of PCI compliance and providing peace of mind and trust to both the consumer and the merchant
The event served as the launchpad for ACI’s UP eCommerce Payments solution. A solution which is founded on and embodies the simple, global and secure tenants in its capabilities and offering.
I don’t know if the woman ended up buying the decorative planter she was browsing for as she abruptly opened another app. I can only hope she didn’t abandon her shopping due to lack of payment options she desired.
P.S. Thanks to the MBTA commuter rail for providing the last minute inspiration for this blog!
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