54


Future of Retail — Payments Innovation


issue 02


To attract and retain a new international audience,


retailers must talk their language – literally. That means allowing shoppers to browse in their own native language and purchase in their local currency or payment scheme. Fortunately, technology is now making it easier than ever for businesses to set up their online store to work in multiple language formats and process foreign currency transactions quickly and securely. Another barrier many retailers cite when it comes


to expanding internationally is the need to navigate the complexities of new markets. That might involve complying with local taxation and duty requirements or getting to grips with cultural nuances, including major seasonal sales spikes or shopping trends. Yet here too, help is at hand. PayPal PassPort is a guide designed to help businesses expand internationally and provides a


number of useful tools for selling successfully overseas. Free advice and resources for international trade can also be found at GOV.UK.


GOING MOBILE Most retailers are well aware of mobile shopping’s growing popularity – both here in the UK and abroad. According to mobile industry body the GSMA, an additional 1.6 billion people will become mobile internet users over the next six years, bringing the total number to 3.8 billion by 2020. That’s 3.8 billion people with access to the global marketplace. And 3.8 billion potential customers for the world’s retailers. Consequently, many business are already tapping into this opportunity by optimising their websites for mobile and launching dedicated mobile apps.


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