Connect with us

News

BREAKING EUROPE: SEVEN KEY TRENDS TO ENSURE YOU EXPAND EFFECTIVELY

Looking beyond the UK to European markets is always an exciting time in a business’s growth story. Opening a business up to the potentially huge new audiences across our nearby neighbours can be the key to significant growth, particularly for eCommerce businesses. The barriers to market entry are also constantly falling, meaning it’s more tempting than ever to make the jump into new territories.

This said, expanding abroad for the first time can also be a seriously daunting process. Language barriers provide one obvious challenge, but there’s a lot more to consider than just translating websites and product information into local languages. Perhaps the biggest challenge – and gamble – is first deciding which market, or markets, to focus on and market size certainly shouldn’t be business’s only guide.

Before making this choice, and starting to formulate a launch and growth strategy, businesses need to understand the local nuances that should impact how they approach things and their likelihood of success. Across Europe there are a variety of shopping trends and buying behaviours that are worth understanding in more detail. Any firm entering a new market, would be wise to dig out relevant research and set this against how their products/services are likely to resonate, but here are just a few interesting starters for ten:

  • Big spenders: The UK remains the EU’s biggest eCommerce market (€165bn in 2018), but the continent’s other economic powerhouses aren’t far behind, with Germany (€98bn), France (€84bn) and Spain (€24bn). While businesses shouldn’t target growth on market size alone, it certainly provides a useful guide for expansion plans.
  • eCommerce penetration: In spite of regular articles about the ‘death of the highstreet’ in the UK, eCommerce habits vary widely across Europe. The Centre for Retail Research estimates 15.1% of Germany’s retail sales were made online in 2018, whilst in Italy it was just 3.4% of purchases.
  • Online shopping habits: While eCommerce as a proportion of total retail sales are low, habits are changing fast and these numbers are only increasing. Eurostat research in 2018 found that 84% of Danes had shopped online in the last year, and 77% of Germans. This falls to just 20% in Romania and 12% in Montenegro, where economies are smaller and internet penetration less widespread.
  • Mobile shopping: While it’s easy to imagine mobile shopping is the primary method of online shopping today, this is actually far from the case. Amazon Pay and Drapers asked consumers about the devices they use to shop with and Italy came out ahead in mobile use with 39.7% using a mobile to shop. This compares with 24% in France, 22.4% in Germany and surprisingly 16.8 % in the UK. The use of mobile for shopping, however, is of course rising rapidly.
  • Payment trends: Payment cultures also vary widely across Europe. According to Paysafe, the UK for example makes 63% of online purchases made via payment card, however, in the Netherlands, the picture is quite different where nearly 60% of online purchases are made via bank transfer, with only one-third by card. Worldpay research also charts the growing importance of alternative payments across Europe, such as e-wallets and real time bank transfers.
  • Delivery trends: In addition to shopping habits, European consumers also vary widely in how they like to receive goods. Salesforce research finds, for example, that there’s a large difference in acceptance of click and collect between nations, germany for example has an adoption rate of just 51% versus 66 in Belgium and 75% in the nordics.
  • Currency: While the Euro may dominate the European Union, within the EU there are a further nine currencies in use. So, while having a bank account within the Eurozone will give you an advantage, if you plan to operate within other territories, you need to ensure you have a cross-border payments solution which can allow you to act as a local within each currency market.

Of course every business is different and a variety of different trends and cultural idiosyncrasies will impact each in different ways. Gaining an understanding of the differences that are most important to a business is a vital first step in planning expansion, prioritising focus areas and giving businesses the best possible chance of international success.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEW TECHNOLOGY PLATFORM REDUCES CLAIMS PROCESS FROM WEEKS TO MINUTES

CLAIMS

New platform has potential to cut fraudulent claims by almost half Decrease claims costs by as much as two thirds

 

Pact Global, an insurtech business, has launched an Artificially Intelligent (AI) Claims as a Service (CaaS) platform to help the General Insurance market significantly reduce fraud exposure, accelerate the claims process, enhance customer insight and significantly reduce the overall cost of handling a claim by up to 66%.

 

Mark Seddon, Founder and CEO of Pact, says what currently takes days or weeks to complete, can now be managed in minutes: “Our platform is better for the customer, as it makes the claims process much faster and easier, and also much better for the insurer, as it automates the whole process and minimises the time spent on claims management, a significant cost to the business.”

 

Focussing currently on travel, motor and property insurance, all Pact’s offerings use more than 50 separate data points during the claim validation process to verify the customer’s contact details and investigate their claims history.

 

Verification is supported by the use of AI, behavioural analytics, assisted intelligence and a purpose-built, face and voice recognition program. Employed at the First Notification of Loss (via a white labelled customer mobile and web app), it confirms the customer’s identity and detects whether expressions/behaviours or variations in speech might give cause for concern.

 

Pact enables the collation of all policies and schedule information for easy customer access, importantly allowing the platform to verify the claim against the policy for the insurer.  Relevant limits and schedule information are then known to be correct before the claim progresses.

 

For travel insurance claims specifically, the platform cross-references claims like cancellations and delay, to transport information (e.g. Flights).  Across all insurance types, checking weather patterns increases the likelihood of detecting fraud and helps insurers predict possible surges in claims:

 

“The platform is so intelligent that it can detect whether any images or videos, invoices, warranties and receipts uploaded have been used anywhere else in the world,” Mark continues, “and it’s all done within a matter of minutes.”

 

Alongside this, Pact has automated and simplified the process of dealing with third parties to obtain quotes, instruct workers, update claims status and verify job progress prior to invoicing, all accessible to both customer and claims handler through the app.

 

The platform can integrate into existing networks or be used to find local tradespeople or garages, supporting local communities. The open communication between worker, claim handler and customer reduces complications and allows the customer and/or claims handler to easily flag and resolve potential issues.

 

To further improve customer service, the mobile app features a Machine Learning Chat Bot called Ollie, which is designed to advise, assist and simplify the user experience. It delivers real time notifications, keeping claimants informed of their claim’s status improving customer service by 65%. It stores all policy information and T&Cs and can identify policy cover and limits. This increases customer awareness and creates upsell opportunities for insurers, buying or renewing with a single click.

 

Mark says that Pact has been built to deliver customer transparency and improve the experience with their insurer, ultimately building and cementing trust: “It is designed to significantly reduce the time and cost of handling claims for insurers, delivering real savings to the bottom line.  It’s win-win for company and customer.”

 

Continue Reading

News

CORONAVIRUS PANDEMIC, STORE CLOSURES, SHIFT CONSUMER BUYING BEHAVIOUR LEADING TO ACCELERATED DIGITAL TRANSFORMATION FOR MERCHANTS

CORONAVIRUS

Forter Issues First In A Monthly Series of Coronavirus Special Reports 


Forter, the leader in e-commerce fraud prevention, today announced the release of the Forter Special Report on the Impact of Coronavirus on Consumer and Fraudster Behaviour. The report provides merchants across industries with insight into trends seen within the $150B in transactions that Forter processes annually.

As the Coronavirus pandemic sweeps across the globe, government responses have included enforced social distancing and financial support to beleaguered economies. Merchants who sell non-essential goods have responded by closing physical stores, and in some regions also their online operations. Consumers have begun to shift their purchases, even those of essential items such as groceries, online.

The Forter Special Report tracks trends and spikes in consumer behaviour as well as innovative methods that opportunistic fraudsters take to prey on consumers during this unprecedented and unpredictable time.

“Merchants are scrambling to cut costs, reduce the impact of fraud, scale efficiently, and deliver a consistent customer experience to meet rising consumer online buying behaviour,” said Michael Reitblat, CEO and co-Founder of Forter. “The aftermath of the pandemic will accelerate digital transformation among merchants as consumer shopping habits adapt.”

Covering industries including travel, fashion and beauty, food and beverage, marketplaces, and more, The Forter Special Report uncovers consumer buying trends such as:

  • The travel industry has been extremely hard hit. Regional variations are appearing, in particular an increase in purchases of inbound international travel to China in the weeks before the country closed down inbound travel on 26 March. Data in the last month points to “optimistic travel” in which the travel date is 120 or more days following booking. Such bookings now account for 65% of travel purchases.
  • The food and beverage industry has seen a dramatic increase in online purchases. New accounts now represent 15-25% of all customer volume, compared to 5-7% prior to the pandemic. As merchants struggle to manage the increased volume and meet expectations of new customers, we are seeing an increase in service chargebacks.

Fraudsters are exploiting confusion and uncertainty caused by government and corporate policies:

  • As people adjust to working from home, Forter sees a marked increase in social engineering fraud, associated with fake emails purporting to be from HR and corporate addresses. Here fraudsters invite people to click for more information, instead taking victims to malicious sites.
  • With a shift to online shopping in Apparel and Accessories, we see an increase in gift card purchases. While a higher number of legitimate buyers usually means that fraud rates drop, gift card fraud rates have not. Fraudsters have noticed an increased demand of the completely virtual merchandise that is easy to monetise.

In its recent report, “Mitigate Coronavirus (COVID-19) Business Impacts With Digital Commerce (March 2020),” Gartner asserts that “the COVID-19 outbreak will negatively impact business performance in the short term as offline activities are cancelled and online orders overwhelm delivery capacities. Application leaders can mitigate the impact and ensure continuity of operations by accelerating digital commerce initiatives.”

 

“With more consumers experiencing buying online, we expect merchants who hadn’t considered e-Commerce as a viable platform to now try it,” continued Reitblat. “Merchants that had already adopted e-Commerce struggle to meet this increase in demand. Working collaboratively from home and hiring to meet the volume create obstacles for those who manually review transactions for fraud.”

Forter’s integrated fraud prevention platform delivers real-time decisions at every point of the customer journey from account sign up and login, to purchase, and to returns. The system is tailored for each merchant based on its unique business requirements, pairing merchant feedback with Forter’s expertise.

Forter’s growing Global Merchant Network includes over 620 million consumers globally and 97% of online US consumers. Links among known consumers and those new to the network allow the platform to infer trust, resulting in higher accuracy without the need to manually review transactions and interactions.

With the Forter platform merchants can expect an up to 90% reduction in false declines, recapturing otherwise lost revenue and delivering the best possible buying experience to their consumers, with an up to 90% decrease in chargebacks due to fraudulent activity. Forter allows merchants to scale and accelerate their digital transformation strategies even in an uncertain time.

“Rules based systems by their nature look at the past and adapt to it,” said Reitblat. “New consumer behaviours, which we’re seeing across industries, as well as new fraud behaviours, are missed by these systems until they can adapt. Forter’s identity-based system authenticates the buyer, not just the behaviour.”

Together with the Special Report, Forter has also issued its Eighth Fraud Attack Index, highlighting industry trends and innovative fraud vectors, showing the evolution of fraud, comparing H2 2019 to H2 2018. The report features the continued evolution of fraud attack vectors across all customer touchpoints, demonstrating the need to protect merchants’ digital offerings at all interactions in the customer journey, from account abuse to payment abuse to policy abuse.

Continue Reading

Magazine

Partner Events

Trending

SOFTWARE SOFTWARE
Business19 hours ago

MAKING THE (ENTERPRISE) GRADE IN LOW-CODE SOFTWARE

By Willem van Enter, Vice President EMEA, OutSystems   We all use software applications every day, all the time. That...

INSURANCE INSURANCE
Top Stories19 hours ago

IS PRIVATE PLACEMENT LIFE INSURANCE THE PERFECT PRODUCT FOR GLOBAL HNW FAMILIES

By Louis Zuckerbraun, Managing Director, GMG Insurance    Everyone wants to know that their family will be okay after they...

FINTECH FINTECH
Top Stories19 hours ago

FINTECH IN AFRICA: WHY THIS MUSTN’T BE A DECADE OF WASTED POTENTIAL

Albert Maasland, Chief Executive Officer at Crown Agents Bank  The current COVID-19 pandemic is an unprecedented crisis of our times....

CLAIMS CLAIMS
News19 hours ago

NEW TECHNOLOGY PLATFORM REDUCES CLAIMS PROCESS FROM WEEKS TO MINUTES

New platform has potential to cut fraudulent claims by almost half Decrease claims costs by as much as two thirds...

CORONAVIRUS CORONAVIRUS
Business19 hours ago

CORONAVIRUS: FURLOUGHED WORKERS AND WHAT IT MEANS FOR BUSINESS

by Tina Chander, Wright Hassall   c All businesses with a PAYE scheme in place on 28 February 2020, regardless of size...

CAR INSURANCE CAR INSURANCE
Wealth Management19 hours ago

FIVE THINGS YOU’RE DOING THAT ARE INVALIDATING YOUR CAR INSURANCE

Car insurance is a legal requirement for motorists, but many drivers may be unknowingly voiding their policy. Failing to update...

CORONAVIRUS CORONAVIRUS
News20 hours ago

CORONAVIRUS PANDEMIC, STORE CLOSURES, SHIFT CONSUMER BUYING BEHAVIOUR LEADING TO ACCELERATED DIGITAL TRANSFORMATION FOR MERCHANTS

Forter Issues First In A Monthly Series of Coronavirus Special Reports  Forter, the leader in e-commerce fraud prevention, today announced...

FINANCIAL FINANCIAL
News20 hours ago

BTON FINANCIAL PARTNERS WITH GENESIS TO AUTOMATE TRADING FOR ASSET MANAGERS

BTON Financial, the independent outsourced dealing desk for asset managers and genesis, the Low Code Application Platform for Capital Markets,...

DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION
Technology2 days ago

HOW TO KEEP DIGITAL TRANSFORMATION ON TRACK AFTER THE PANDEMIC

Ashley Coker, CEO and founder, Slate   Introduction The global coronavirus health emergency has made it abundantly clear how dependent...

DIGITAL BANKING DIGITAL BANKING
Banking2 days ago

THE FUTURE OF CUSTOMER EXPERIENCE IN DIGITAL BANKING

By Richard Billington, Chief Technology Officer, Netcall Over the past five years, the digital banking revolution has had a seismic...

COVID-19 COVID-19
Banking2 days ago

TRANSFORMING BANKING: WHY COVID-19 IS UNFREEZING CONSUMER HABITS

Raj Chakraborty, Senior Managing Director, Publicis Sapient   There is much debate about the impact of COVID-19 on the economy....

LEASE LEASE
Business2 days ago

IS YOUR OFFICE LEASE CRUSHING YOUR BOTTOM LINE? YOU HAVE OPTIONS

By Jonathan Wasserstrum, Founder / CEO, SquareFoot These are unprecedented times for us all. Nobody has a playbook to get...

HOME HOME
Wealth Management2 days ago

THE TRIALS AND TRIBULATIONS OF TRADERS TRADING FROM HOME

Steve Haworth, CEO of TeleWare Group Banks had hoped to keep their London trading floors open amid the worsening coronavirus...

OPEN BANKING OPEN BANKING
Banking2 days ago

HOW WILL REVOLUT’S MOVE INTO OPEN BANKING AFFECT US?

By Richard Mathias, Senior Technology Architect at LiveArea Despite current uncertainty, the financial services sector is experiencing transformative change year...

AUTHENTICATION AUTHENTICATION
Technology2 days ago

IN CONSUMER BIOMETRICS WE TRUST: AUTHENTICATION FOR THE DATA PRIVACY AGE

Jonas Andersson, Head of Standardization at Fingerprints Data privacy is high on the global agenda. In the wake of data...

COVID-19 COVID-19
Business7 days ago

CAPITAL MARKETS – LIQUIDITY MANAGEMENT DURING COVID-19

Tony Farnfield, Partner at management and technology consultancy, BearingPoint   When “Dr. Doom” predicted the 2008 financial crisis back in...

SONY BANK SONY BANK
News7 days ago

SONY BANK SECURES AND ENHANCES MOBILE BANKING WITH ONESPAN’S MOBILE SECURITY SUITE

App shielding, biometric authentication and additional technologies secure and improve the customer experience for Sony Bank’s mobile banking app  ...

MOBILE BANKING MOBILE BANKING
News7 days ago

KOREA’S KB BANK USES TRUSTONIC IN-APP PROTECTION TO ENHANCE MOBILE BANKING EXPERIENCE

Using Trustonic Application Protection enables KB Bank to dramatically improve the authentication experience for users of its mobile banking app...

Customer Customer
News1 week ago

CUSTOMER CARE TODAY WILL BUILD RESILIENCE FOR FUTURE CRISES

Cathal McGloin, CEO of ServisBOT writes, “The COVID-19 pandemic has created major spikes in calls to financial sector helplines dealing with customers...

CREDIT CARD MARKET CREDIT CARD MARKET
Banking1 week ago

THE CO-BRAND CREDIT CARD MARKET – SINK OR SWIM

By Chris Vinnicombe, VP Financial Services at Acxiom The co-brand credit card market is the result of the partnerships between...

Trending