Jack Sun, Head of US Business Development at Antom, explains how Antom's innovative solutions help businesses overcome payment challenges, boost conversions, and expand globally.
Global retail e-commerce sales reached an estimated US $5.8tn in 2023, with Asian markets accounting for a large part of this incredible growth. And when we talk about e-commerce, we are also talking about cross-border trade. The key challenges for cross-border transactions in e-commerce specifically relate to localisation. For example, merchants need to consider that different customers will pay in different currencies, and how will this affect settlement.
That's why having a payment partner that can sell in different markets, accept a wide range of currencies, and that caters to diverse local payment preferences is a must for global e-commerce expansion.
Hear more from Jack Sun in our video below, and stay ahead in e-commerce with Antom.
My name is Jack and I am the Head of US Business Development at Antom, Ant International's merchant payment and digitisation services platform.
In 2023, global retail e-commerce sales reached an estimated USD $5.8tn. Asian markets account for a big part of this growth.
The breadth of e-commerce is wide; we could be talking about retail, fashion, grocery, or even health supplements and marketplaces. However, when we are talking about e-commerce, we are essentially talking about cross-border trade. Growing e-commerce volumes equal increasing cross-border transactions. That is, if a customer converts and a payment transaction is successful, which is not always the case because of several factors.
There are several challenges for cross-border transactions for e-commerce merchants. Specifically, these all relate to localisation.
E-commerce businesses tend to be global businesses. Customers are coming from all over the world, paying different currencies, but being able to cater to these local needs, especially in terms of presentment and settlement currency, while also having a payment partner that can sell across different regions and in different currencies, is critical for the global expansion for these global merchants.
Localisation efforts go well beyond the user side and also into the operation side of managing these complex cross-border cases. For example, in risk management it goes past just identifying fraud and transactions, where other concerns arise because of unfamiliarity in the payment methods or the digital habits pertaining to that specific payment method. For example, US brands with Korean and Chinese customers will need to pay attention to cross-border aspects such as the regulatory environment, the customs clearing, and APM characteristics that can impact the ultimate customer experience.
And this is the advantage that we offer: being able to cater to unique consumer preferences like using digital wallets, buying on mobile in Asia, being able to comply with strong customer authentication needs globally. These are important for businesses with global presence or expanding worldwide.
Access to a global payments expert, particularly one that offers coverage in the markets that you'll be focused on, is extremely important. But not just that, businesses need to look further ahead in terms of market expansion and also the technology that can help increase efficiencies.
There is a growing global attention on payment tech. At Antom, the tech-driven solutions and our global partners form the platform to help businesses achieve greater impact beyond just payments. EasySafePay connects businesses to our Alipay+ wallet partners, so this means more direct connections, less redirects, and less friction. This leads to higher conversions and better business results.
Our Revenue Booster tech leverages AI and machine learning and is proven to help businesses increase their revenue.
Our A+ Rewards is also very unique. It gives businesses access to the users behind digital wallets in various markets and also the platform to grow user bases and the brand reach through campaigns and mini-programs.
Partnering with Antom means merchants can tap into our tech-driven solutions and our global partnerships. It is important to achieve greater impact beyond just payments.