Contributed post by Worldpay.
Worldpay is a global leader in payments processing technology and solutions. They’re also a platinum-level sponsor of our upcoming Subscribed, June 5-7 in San Francisco.
Worldpay’s recent guide, Shift Happens, What’s Next, produced in partnership with Zuora, explores the challenges faced by global subscription-based eCommerce businesses that are expanding into new markets.
The guide covers:
- How to process subscriptions in a way that’s convenient for your customers
- Opportunities and challenges arising from the growing preference for alternative payment methods
- The recurring payments landscape today and in the future
- Initiatives helping to closely align APMs and subscription
- Payments at the Heart of eCommerce
eCommerce is growing globally with opportunities for subscription-based businesses to expand into a significant number of markets. However global expansion is complex, and navigating the payment landscape is necessary for success.
Traditional debit and credit card payments are no longer the dominant method of payment. Alternative payment methods (APMs), such as eWallets and Bank Transfers are on the rise. In fact, by 2019, APMs are predicted to account for 55% of global eCommerce turnover and 60% of transactions in Europe, the Middle East, and Africa.
This shift can partly be explained by the growth of once peripheral markets, pushing traditional markets like the UK and USA – where consumers still prefer to pay by credit or debit cards – out of some of the top spots for digital spend. While mature markets will continue to see healthy growth, the biggest spikes are predicted in emerging markets such as China, India, Russia, Brazil and Mexico – where APMs such as eWallets or bank transfers are preferred.
To put this change into perspective, growth in traditional eCommerce hotspots is expected to increase by 6% in the UK and 14% in the USA. Contrast this with emerging markets such as China and India, where growth is predicted to increase by 17% and 30% respectively .
For businesses looking to both grow and expand, identifying the preferred payment methods in each market is essential. However, for companies operating on a subscription-based model, accepting APMs can be a tricky task. Understanding how each payment method works and its limitations is necessary in selecting the most appropriate payment type. There are a number of ways to work around the challenges APMs present to subscription-based businesses, and a global payment expert with the knowledge of the complexities will maximise the chances of success.
Download the free guide now, for more information about simplifying global recurring payments, changing consumer demands, push vs pull payment methods, and more.
And don’t forget to register for Subscribed San Francisco 2017 for your opportunity to meet Worldpay; hear from industry leaders from companies including CAT, Ford, IDEO, Symantec, SurveyMonkey, and GE Predix; and network with your peers at the world’s largest conference dedicated to the Subscription Economy.