Localise payments and grow your eCommerce business beyond India

$2.1 trillion. This is how much the cross-border eCommerce is anticipated to grow by 2023, as our latest eBook reveals, signalling the ideal time to expand your India-based online business abroad.

The Covid-19 pandemic has facilitated digital-first ways of shopping and paying for global consumers. With internet-enabled devices like smartphones, online shoppers can buy products and/or services from foreign vendors easier and quicker. Therefore, accepting cross-border payments becomes all the more crucial, but this comes with a level of complexity.

Our eBook, Expand beyond India with localised payments, delves into the trends and opportunities associated with cross-border eCommerce that can help boost the profit margins and conversions of your eCommerce brand outside India.

Choosing the right market to expand your eCommerce business beyond India

Almost all (91%) Indian merchants are pursuing business growth beyond their home country and for good reason; the appetite for cross-border online sales is rising, as consumers are looking for products at lower prices or unavailable in their region.

As our eBook indicates, there’s fertile ground for growing your online brand in Europe. For instance, the majority (70%) of Dutch digital buyers made an international purchase in 2021. Additionally, Europe boasted the highest value of Indian exports in the same year, recording $86.15 billion, which makes the idea of expansion and revenue growth more enticing. Heavy export activity from India is also observed in the US and the UK, standing at a volume of $73.26 billion and $10.37 billion, respectively, as of 2021. This way, the US and the UK have become sought-after markets for Indian sellers looking to capture market share overseas.

Gain a competitive edge cross-border with localised payments

While identifying the markets that can enable your cross-border expansion for higher sales volumes should be top of mind, how you choose to sell globally is equally important.

Localisation is a key element to consider when tailoring your offering to the payment preferences of your customers across regions. As illustrated in our eBook, most online consumers (70%) worldwide will likely complete the buying journey when they can find their preferred or local payment method at checkout. However, payment needs vary from country to country. Understanding the payment landscape of your key regions and offering the preferred payment options of the customers you want to attract can lead to higher conversions.

Accepting payments from your customers in foreign currencies can be costly. In fact, if your processed transactions are in a different currency than the one you received your funds (a process also known as settlement) can incur additional foreign exchange (FX) fees. A payment partner that offers discounted FX rates can help you reduce the cost of cross-border transactions considerably while maximising your payment acceptance rates.

Internationalise your eCommerce business with emerchantpay

For Indian merchants aspiring to grow their online business globally, cross-border eCommerce is a great way to sell overseas for higher conversions and profitability. However, accepting international payments can be a complicated and costly process while holding a higher risk for payment fraud and data breaches of your target consumers.

emerchantpay is here to equip you with the expert support, payment insights and resources you need to navigate the challenges of expanding across borders. Our local team of business specialists based in India has worked with several Indian businesses to help them with cross-border eCommerce. This means our local team has extensive experience to help you supercharge your payment strategy to capture the hearts and minds of your target consumers on a global scale.

Download your copy of our eBook now and find out about the purchasing habits and local payment preferences of consumers in key markets. Partnering with an experienced payment service provider can help you successfully expand your online business beyond India.