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.