Kount, the leading AI-driven fraud prevention provider, and BlueSnap, an All-in-One Payment Platform, have released a new Internet Retailer survey and report finding global eCommerce will top $3 trillion this year for the first time. One of the major findings is that despite more consumers shopping internationally, retailers say fraud prevention and currency and payment processing are obstacles to taking advantage of the growing market. The full survey results are available here.
$3 trillion in global eCommerce sales 2019
20% CAGR 2016-2019
Top 1,000 e-retailers sell $143 billion outside U.S.
Amazon accounts for 44%
60% of retailers cite “currency and payment processing” and 60 % cite “fraud prevention” as obstacles to international eCommerce
International consumers are increasingly shopping online, with North America’s top 1000 e-retailers selling $143 billion worth of goods to customers outside the U.S. Amazon accounted for 44% of those international sales, largely because of its first-mover advantage. But the study found there is opportunity for retailers to gain significant market share by expanding their global efforts.
More than half of online shoppers have already purchased goods outside their country. Despite the opportunity for U.S. online retailers to sell internationally, less than half of them ship outside the country. The survey also found 67% of retailers agree international ecommerce is a critical source of future growth, and 52% concur with the statement that international ecommerce “is suitable for us because we have many international customers and followers of our brand and products.”
The study found that two primary concerns are preventing North American retailers from catering to international shoppers: fraud and the challenge of accepting foreign currencies and payment types. 60% of respondents cited “currency and payment processing” as a top obstacle to international ecommerce. An identical 60% pointed to “fraud prevention.”
A partnership between BlueSnap and Kount enables retailers engaged in international eCommerce to address their two primary concerns—fraud prevention and payments processing—with a single vendor relationship. The all-in-one solution combines BlueSnap’s payment platform, which handles payment processing in more than 100 currencies and via 110 payment methods, with Kount’s AI-driven digital fraud protection, which helps 6,500 global online businesses minimize fraud losses while maximizing the number of orders they accept. The integrated solution can help leading internet retailers compete internationally.
“The combination of BlueSnap and Kount clears the way for retailers and brands to serve the hundreds of millions of consumers around the world ready to buy from their websites,” said Rich Stuppy, Chief Customer Experience Officer at Kount. “Our integrated fraud prevention and payments processing solution enables retailers to benefit from the strengths of both companies, while getting reports from a single source and managing a single technology platform.”
“The survey results affirmed what we already know to be true. The international market is still an area of massive potential for U.S. retailers,” said Ralph Dangelmaier CEO of BlueSnap. “In order to be competitive, companies need to have the right mix of payment solutions. We’ve partnered with Kount to make payment and fraud prevention integration easier and help U.S. businesses grow.”
Kount’s award-winning AI-driven digital fraud prevention solution is used by 6,500 brands globally, helping them to reach their digital innovation goals. Kount’s patented technology combines supervised and unsupervised machine learning, a flexible policy engine, self-service analytics, and a web-based case-management and investigation system. Kount’s solutions stop fraud and increase revenue for digital businesses, acquiring banks, and payment service providers. www.kount.com.
BlueSnap provides an All-in-One Payment Platform designed to increase sales and reduce costs for B2B and B2C businesses. Our Platform supports online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal. With a single-integration to our Platform, businesses can accept any payment with ease. The Platform includes access to 110 payment types, including popular eWallets, built-in world-class fraud prevention to protect sales and detailed analytics to help businesses grow. Based in Waltham, MA, BlueSnap is backed by world-class private equity investors including Great Hill Partners and Parthenon Capital Partners. Learn more at https://home.bluesnap.com/.