Post Event Interview with Worldline

Keynotion is excited to have hosted Worldline as our Silver sponsor. Today, we have Mike Goodenough, Worldline’s Global Head of e-Retail, Digital Commerce, with us. Below is our interview with him.

Hi Mike, it is great to have you with us. Can you introduce Worldline and its activities?

Worldline is the European leader in the payments and transactional services industry and #4 player worldwide. With its global reach and its commitment to innovation, Worldline is the technology partner of choice for merchants, banks and third-party acquirers as well as public transport operators, government agencies and industrial companies in all sectors.

Our solutions target global online businesses who need a partner for global growth. Our experience and expertise across the many sectors we serve help our customers to deliver the payment experience their global customers want. On top of this, we have dedicated teams organized by industry vertical. Not only our sales but also operations, customer service, and product are fully dedicated to addressing the needs of these customers. This combines the in-depth knowledge per industry with the breadth of our market coverage throughout the world.

What is your advice for a brand going global with its e-commerce business?

Many markets, especially growth or developing markets can have high barriers to entry; a complex payment ecosystem, different payment methods, and robust regulations that have to be upheld to enter those markets.

  There are five primary enablers of cross-border:

  • The rise of direct-to-consumer model
  • Multiple consumer touchpoints and social commerce
  • Lower prices and greater choice
  • Improved localization
  • The role of innovation as an enabler

When expanding into a new market it’s essential to understand local consumer behaviour and requirements. Customers in different regions around the world interact differently with eCommerce businesses when it comes to payments. A payment experience that is perfectly matched to the customer’s needs can not only help them smoothly complete a transaction, but can also increase loyalty, boost repeat custom and elevate brand perception.

What are the challenges that your clients encounter when entering new markets?

Clients’ most significant challenge when entering new markets was understanding how to cater to customers’ needs and expectations in different regions whilst also adapting to recent changes in consumer behaviour. Partnering with payment service providers (PSPs) helps them gain this knowledge, as their expert teams have developed expertise and understanding of consumer demand in different regions by working for many years in countries across the globe.

With high-growth markets becoming essential to European eCommerce businesses looking to expand internationally, they must learn how to enter these markets with the most excellent chance of success. At Worldline, we’ve launched many local domestic solutions through a single connection that help reduce the barriers to entry. These solutions, coupled with a relationship management model built on deep understanding of our clients needs, have helped many eCommerce companies successfully break into these rapidly expanding markets.

Why are the high-growth emerging markets the forefront of e-commerce expansion?

The high-growth eCommerce markets such as South Korea, Latin America, and India can be hugely beneficial for companies looking to operate internationally, and we see cross-border sales continuing to take off in these regions. South Korea and Latin America have some of the most significant potentials for digital commerce growth, and those operating across borders should consider offering services there. The key to achieving this is the ability to provide payment services that meet customers’ needs in different localities. Worldline research has found that up to 42% of customers are likely to drop off and search for an alternative website if their preferred payment method is not offered at the checkout. Therefore, businesses must integrate with payment networks in different regions to provide locally relevant payment methods. We have solutions for traditionally complex geographies and continue to deliver solutions for more of these markets.

What payment trends do you think will develop in the next 5 years?

The growth of new technologies as well as the rising importance these innovations hold in the Fintech space are expected to continue and perhaps even accelerate throughout 2022 for the benefit of merchants. Such technologies include Artificial Intelligence (AI) & Machine Learning (ML) driven data analytics, block chain based digital currencies – for example a central bank digital currency (CBDC) effectively the digital form of a fiat currency – embedded payments (e.g. in-vehicle or home assistant payments).

The rise of social commerce and the explosion of live-shopping driven by embedded payment capabilities in that experience, particularly in eRetail, will change the way consumers make purchases

By adopting these technologies, retailers will be able to use data to tailor their products towards the bespoke needs of their customers and streamline their processes to bolster revenue.

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