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PYMNTS Daily Data Digest: FedEx Helps Merchants Take On The World

Cross-border payments may represent a massive potential oppurninty for merchants, but it is still largely a vastly underexploited one.

According to the latest PYMNTS X-Border Payments Optimization Index the majority of merchants barely get a passing grade when it comes to being open to a cross-border shopper. Not enough options for languages, currencies, payments methods or transparency on the final cost of a product led consumers to abandon ship long before a conversion can happen, which adds up to retailers losing more than $150 billion a year. 

And this is the problem that FedEx — with its unique positioning and background — is aiming to solve.  How do they want to do it?  We have the essential data here.

$1 Trillion | The value of incremental revenue of cross-border commerce for merchants.

$2 Billion | The estimated amount FedEx paid to acquire GENCO, a reverse logistics firm that specialized in FedEx returns.

200 | The number of countries FedEx operates in; their cross-border eCommerce solution accepts over 80 currencies and supports 15 payment options.

95% | The value of the world’s GDP that is connected by FedEx.

33% | The percentage of U.S.-based eCommerce sites that are set up to accept foreign currency. FedEx’s data show that international customers are more likely to abandon shopping carts that only show U.S. dollar pricing.

 

 

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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