How important is selling goods internationally? China’s eCommerce market is nearly double that of the U.S., leading the world with $672 billion. And international eCommerce is only going to be growing in size. In 2010, the Asia-Pacific eCommerce market was only a third of the global market—by 2021, it’s expected to be over two-thirds.
Clearly, ignoring the international eCommerce market is a mistake. Yet selling cross-border has its own challenges, particularly when it comes to fraud prevention. To help merchants meet those challenges, Ekata’s Sam Hartung teamed up with Kount’s Brady Harrison and Melayna Gabiou to present a webinar titled Cross-Border eCommerce: What it Takes to Manage Fraud.
Selling cross-border can be intimidating. Shoppers may have different habits when it comes to buying and shipping, and even simple things, such as, how other countries build addresses can be confusing. The goal of this webinar was to help merchants become more comfortable, whether getting into cross-border for the first time, or breaking into a new foreign market.
You’ll find a ton of value packed into the hour-long webinar, covering topics such as:
- The biggest logistical challenges merchants face—including the main reasons international shoppers abandon shopping carts
- How non-traditional payment systems like WeChat and other apps are complicating fraud, and what you can do to manage them
- Which interaction touch points in international eCommerce present the biggest challenges—and opportunities—for merchants
- Why both authentication and verification of customer data matter, and how to achieve both
- The three pillars of successful fraud prevention
One of the biggest challenges of cross-border eCommerce is that shopping habits vary from country to country. A fraud rule that works well for one region might flag perfectly good customers in another. For example, many customers in Asia prefer to ship to their office, meaning a bill to/ship to address mismatch is typical.
Setting fraud rules without understanding international shopping patterns can shut out a high percentage of legitimate international customers, even for companies that only sell domestically. Many beauty merchants on the West Coast of the U.S., for example, often have fans in China and Japan who order their products through a freight forwarder.
This is why it’s incredibly powerful to build your eCommerce fraud prevention rules around the best data—and to combine data sources to get the clearest picture possible of your customers. Getting a positive match for traditional and digital identity attributes with Ekata, combined with Kount’s boost and device ID technology, offers cross-border eCommerce merchants a layered approach that allows them to approve good transactions confidently while shutting out bad actors.
The biggest takeaway of the webinar? If you’re a domestic merchant only, you’re not addressing 90 to 95 percent of the world’s customers. In fact, you may already have customers outside of your current target country who are trying to get your products through round-about ways—such as freight forwarders—and getting shut down.
Of course, there is risk with any transaction, domestic or cross-border. But with solutions like Kount and Ekata, it’s easy to find where your best customers are. Curious about how Ekata and Kount can help you move confidently into cross-border markets? Watch the webinar today.
About Kount + Ekata
Kount is a software-as-a-service fraud prevention strategy you can use to reduce or eliminate false positives in online credit card fraud. The Kount integration with Ekata’s Identity Check API brings industry leading identity data to merchants to make their rules engine more intelligent.