Turkish e-commerce is coming off of two consecutive years of hypergrowth, and is showing no signs of slowing down. According to the Turkish Informatics Industry Association, the Turkish e-commerce industry reached 42.2 billion lira ($8.6 billion USD) in 2017, an increase of 37% from the previous year.

Emre Ekmekçi, Chairman of the Association of E-Commerce Operators (ETID), is confident that the nation’s e-commerce sector will continue to improve by between 30% and 35% in 2019 alone. This continued growth stems from a variety of different sources, including Turkey’s emerging online shopping culture driven by their young, digital population.

As the geographical intersection between Asia and Europe, Turkey has been a hub for cross-border trade since the beginnings of the Silk Road. Not only can businesses around the world profit from expanding their e-commerce operations to Turkey, but they can also reap the added benefits of entering other e-commerce markets in the vicinity for more untapped business potential.

Turkey’s attractiveness as a growing e-commerce market isn’t a secret. Plenty of international e-commerce businesses are vying for Turkish consumers to sell their products to. This is why it’s crucial that businesses understand the market before they expand their operations.

Here are 4 Turkish e-commerce trends that can differentiate your business from the hungry competitors.

The Importance of Retail Holidays

For years, annual shopping holidays like Black Friday, Cyber Monday and Boxing Day have been a retail marketing must around the world. However, Turkish retailers have taken this to the extreme with large discounts that have led to significant retail growth.

In fact, the Turkish e-commerce industry broke its previous record in 2018 for growth during the week of Black Friday, showcasing the importance of this annual retail holiday.

For businesses around the world, the importance of retail holidays isn’t new no matter which market you’re entering. However, understanding that Turkish consumers may be holding off on making as many e-commerce purchases in the weeks prior to these sales can provide numerous operational benefits that can save businesses time and money.

As an example, lowering your marketing spend during the weeks leading up to Black Friday or Cyber Monday can help offset the losses incurred by the special discounts. Plus, accounting for the decrease in demand can make your product orders more accurate, which could result in less waste and more free capital.

Electronics and Media Rank #1

Above all, electronics and media are the top-selling product categories in the Turkish e-commerce industry, accounting for almost half of the country’s total e-commerce sales.

This is followed by Turkish furniture and appliances, which represent $1.18 billion USD worth of market share.

By 2021, these numbers are expected to keep growing for both product categories, as more young Turkish consumers enter the e-commerce market.

The increased demand for these specific Turkish products can provide a significant opportunity to foreign businesses that are looking for a new audience to sell their products to.

Understanding the goods that are consistently selling in the market can allow businesses to prepare with a marketing strategy that aligns with the needs of their new Turkish audience.

Consumers Love Computers

Despite a national smartphone penetration that surpasses the global average, 76% of Turkish consumers are purchasing goods and services through their desktop computer, compared to 16% on smartphone and 3% on tablet.

There are countless reasons why this may be the case, but what’s important is that foreign businesses take advantage of this knowledge when they’re entering the Turkish market.

If security is the reason why Turkish consumers are shying away from mobile purchases, it would be worthwhile to heighten the security of your mobile website. Similarly, if your audience is frustrated by your website’s functionality, it could be time to upgrade your digital presence.

Plus, just because consumers aren’t purchasing through their mobile device, that doesn’t mean that they aren’t worth interacting with through that medium. Engaging in omni-channel marketing can ensure that your Turkish audience is receiving your message loud and clear on all platforms.

Preferred Online Payments

Around 86% of Turkish consumers use credit card payments for their e-commerce purchases, while 6% use Paypal and 6% use other e-commerce wallets.

One of the most vital elements of e-commerce success for any business is finding a payment method that your audience is familiar with. While online purchasing has been drastically simplified over the last decade with technological advancements, it can still feel unsafe to spend money using a payment platform that you don’t trust.

That’s why it’s important that any foreign business that is looking to enter the Turkish e-commerce market should ensure that they accept Visa and Mastercard. Otherwise, they may be turning Turkish consumers away as they look elsewhere for their products.

How to Excel at E-Commerce in Foreign Markets

Every e-commerce market is unique. If businesses aren’t prepared, cultural differences and strict regulations can ruin deals and hurt profits. To find success in any e-commerce market, you need to know your new audience like the back of your hand. That way, you can provide them with what they need, how they need it and when they need it.

A great place to start is allowing them to purchase products with the payment method that they feel most comfortable with. However, this changes drastically depending on the country.

Emergent Payments provides comprehensive payment solutions for over 70 high-growth emerging markets around the world – including Turkey.

We understand that merchants need access to effective local payment methods that are familiar with their consumer base. After all, our team of experts have proven experience leading some of the world’s largest digital merchants.

Our payment solution uses state-of-the-art technology to deliver reporting and analytics, flexible billing periods and more.

Plus, we harness the latest security and compliance protocols to deliver a secure, reliable and highly scalable platform with comprehensive global payment capabilities.

Sign up with Emergent Payments today and experience the advantages of deep local payment coverage in high-growth emerging markets.

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If your business is looking to enter the booming Nigerian market, chances are you’ll meet plenty of competition. Nigeria is in the midst of a massive economic boom which has led to a staggering $6 million in foreign investment over the first three months of the year alone.

With that much congestion in the market, it can be hard to secure a foothold and build some relationships with key stakeholders.

Many of the world’s most successful businesses have been able to conquer competitors by paying with local methods in Nigeria and other emerging markets across the world. This has allowed them to snag the lucrative opportunities and establish the best relationships before competitors can settle in the market.

Local payment methods are a pressure point for consumers that has the potential to lead to abandoned shopping carts and lost market share. In fact, a study showed that over 50% percent of online shoppers have abandoned a transaction because the e-commerce operator failed to offer a preferred payment option.

Understanding prospective consumers payment habits and preferred platforms, especially when it comes to recurring payments, is an essential part of delivering a product or service that resonates with your new-found audience.

Here are three ways that using local payments in Nigeria can benefit your business.

Building Consumer Trust

One quality that businesses and consumers share is that they’re not likely to purchase a product or service if they feel their money is at risk.

Facilitating transactions with a familiar payment method is crucial to gaining the trust and business of consumers and corporations alike. This is especially the case in Nigeria, where many citizens feel the risks of carrying physical cash.

For Nigerians, a payment method that they are familiar with is debit cards. In fact, 95% of all online purchases are made using debit cards, compared to 0.5% of the population using credit cards.

Local payment methods can also provide consumers with the information that they need – in the language that they speak – to encourage them to make a purchase. Trying to enter a foreign market with a foreign payment platform can be confusing for consumers, especially when they can’t understand the process.

With millions of corporations around the world competing for the business of Nigerian consumers, supporting debit payments can be the difference maker for your organization.

By supporting local payment methods that Nigerians are familiar with, businesses can enter the Nigerian market with greater chances of gaining a step on competitors.

Offering Added Convenience

Local payment methods are better for both parties, making it a clear winner for entering high-growth markets like Nigeria. Businesses benefit from gaining the trust of their new audience, while consumers experience added convenience that allows them to seamlessly purchase goods and services with ease.

In many circumstances, businesses that are providing local payment methods can offer an even better service than what the consumers are originally used to.

For instance, Nigerians that aren’t within close proximity to a bank or any other financial institution could benefit from mobile banking if your business supports it, providing customers with added value that will keep them coming back for more.

Cultural Immersion

Building strong relationships is a key component of finding business success in foreign markets like Nigeria, where business culture considers trust and respect to be an essential part of every deal or negotiation.

While understanding a country’s culture can be a daunting task, one way that businesses can learn more about these intricacies is through using local payment methods.

Let’s take Nigeria as an example. Boasting over 173 million mobile subscribers – with further infrastructure development planning to skyrocket this number further – it’s safe to say that Africa’s largest mobile market has embraced the smartphone revolution.

Coupled with the fact that 95% of Nigerians make online purchases using debit cards, it’s safe to say that mobile banking is a familiar payment method that Nigerians would welcome from any foreign business.

Understanding these behaviours can go a long way in gaining the trust of Nigerian consumers, and can even help attract their attention during marketing efforts.

For instance, businesses can use this information for better advertisement placement as well, ensuring that the majority of their budget is directed at mobile ads.

No matter what nation your business enters, these figures can tell a story that is worth listening to.

What’s the Best Way to Support Local Payments in Nigeria?

Any foreign business that is hoping to operate in Nigeria – or anywhere internationally – needs to support local payment methods. Otherwise, they will be leave themselves open to consumers finding suitors elsewhere that will facilitate their needs.

Local payment methods build the trust and respect that is vital to any strong and long-lasting business relationship. They provide a level of convenience that can be considered added value free of charge.

Plus, knowing about local payment methods and purchasing behaviour can help build your understanding and secure your grasp on the market, allowing you to make more strategic decisions.

With this in mind, it’s important that you find the best payments solution for the job. After all, supporting business deals with a faulty payment platform runs the risk of losing your consumers money, and your own.

When it comes to local payments in high-growth emerging markets, there’s no one better suited for the job than Emergent Payments.

Representing over $1.1 trillion in ecommerce payments across the world, we’re the trusted partner of high-performing businesses around the world.

Emergent Payments is led by an expert team of industry professionals with extensive experience in some of the world’s largest digital merchants.

This allows us to provide our clients with value on every purchase by managing the taxes, regulations and other intricacies of emerging markets, enabling them to focus on what’s important: their business.

We understand that the best payments platform is one that is flexible to the changing needs of emerging markets and their consumers. That’s why our payments solution is expertly engineered to be highly intuitive and globally scalable, allowing businesses to outperform competitors in any emerging market that they enter.

Powered by state-of-the-art technology, our intricate payments platform features comprehensive reporting and analytics, customizable dashboards, flexible billing periods and more, empowering your business operations with intelligent payments.

Sign up with Emergent Payments today to discover the power of local payment methods in high-growth emerging markets.

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In our global world, we’re seeing more and more domestic businesses looking overseas for lucrative opportunities that can help them grow profits and cut expenses. The US imported $266.5 billion in goods and services from the international market in 2018 alone.

Similarly, emerging markets are fighting to attract foreign investment in an effort to continue fuelling their rapid economic climb. Japan skyrocketed their exports in 2017 with $698.1 billion in goods and services — a blistering 8.2% increase from the previous year — driving them higher up the global economic rankings.

While there is plenty to gain for domestic businesses, stiff competition remains an obstacle for many that are looking to get ahead by entering the global market. With a bountiful selection of foreign suitors, companies in emerging markets have the luxury of weighing their options carefully and choosing the deal that best suits their needs.

To seal the deal in emerging markets, domestic companies will need to offer intangibles that sway the vote in their favor.

Here are five reasons how paying with local payment methods can help domestic businesses and their overseas partners boost profits.

Save Time

In both the global and domestic market, nothing is more important to businesses than time, especially when it comes to small businesses who are often juggling multiple roles in their company to stay afloat. Convenience is a valuable commodity that won’t go unnoticed or unappreciated.

Paying with local payment methods allows businesses in emerging markets to receive their money without jumping through bureaucratic hoops or wasting precious time.

Globalization has made it easier than ever for businesses to scan the market for someone that is willing to sell or buy goods in the currency of their choice. As a result, saving businesses time by meeting their payments needs can be a valuable bargaining chip.

Preferred Rates

Foreign exchange remains an annoying thorn in the side of the international business. While the business receiving the payment is the one that officially exchanges the currency, the sender will likely suffer from a poorer deal as a result.

By paying with local payment methods, you set yourself apart from the competition as the convenient option. Plus, this favor is often reciprocated in the form of preferred rates on any goods or services that are being purchased.

Businesses that are expanding overseas are likely already getting a bargain to begin with. By trading with local payment methods, domestic businesses win more deals and earn more profits on every purchase, while companies in emerging markets save money on marked-up foreign exchange rates.

Strengthen Relationships

When it comes to business, no two countries are truly the same. While American businesses tend to gravitate towards the profit margins and risks associated with any given deal, companies in Asia and South America lean on trust and the continued growth of relationships.

Knowing this can pay dividends for businesses that are expanding overseas, helping them differentiate themselves from the competition and gain traction quicker on foreign soil.

Paying with local payment methods is not only a great strategy for saving time and cutting costs, but it can also gain the favor necessary to secure lucrative deals in the future.

Plus, making business friends can result in advice on potential market expansions, information on streamlining regulatory requirements, preferred service from business connections and so much more.

Client Convenience

For companies and customers alike, buying goods and services using a familiar method increases the likelihood that they make the purchase.

If a Chinese importer wanted to purchase goods from an American store but noticed they only sent and received money using Paypal, the importer would likely find someone else to do business with.

Money is important for both customers and clients. As a result, many prefer to do business in ways that they already know. This helps assure the security of the transaction while providing individuals with a platform that they know is void of potential hidden fees.

Expand Target Market

Most businesses that drive their operations into the global market are on the hunt for more clients to sell their products to or buy their products from. After all, this is one of the greatest benefits that globalization has presented businesses by shrinking borders.

Although entering the international market comes with logistical costs, it is often considered worthwhile considering the gain in potential customers.

However, many businesses and consumers don’t have access to international payment methods. India, the second most populous country in the world, relies primarily on debit cards —  846.7 million in 2018 — for purchases. However, the majority of these Indian debit cards are not activated for international purchases.

Expanding business operations to India and its 1.3 billion citizens without the ability to facilitate their local payment methods takes a serious cut into your profitability.

While the competition is having their target market, businesses can adopt local payment methods to widen their business potential wherever they expand.

How to Facilitate Local Payment Methods

Businesses that are interested in providing local payment methods to their clients can trust Emergent Payments to help them beat the competition.

Representing $1.1 trillion in e-commerce payments, Emergent Payments is the trusted payments partner in over 70 emerging and high-growth markets around the world.

We provide a digital payments solution powered by cutting-edge technology that delivers reliability and security while reducing redundancy. Our platform features state-of-the-art multi-layered security, including HMAC authentication, client-side encryption and more.

Plus, we’ve engineered our payments platform to be highly scalable and simple to integrate while offering total global payment capabilities. This allows us to deliver advanced reporting and analytics, customized dashboards that fit your needs, flexible billing periods and more.

Emergent Payments can handle the entire checkout flow. Once you open the hosted paywall and customize how it looks, your customers can simply follow the instructions on-screen as their guided through the payment process. With real-time visibility, you can have eyes on every transaction that takes place.

Best of all, if you want to host your own payment flow, we can take care of the sensitive data while you run operations. Since we’re handling the information, you don’t have to worry about the compliance requirements.

We know emerging markets better than anyone. Let us handle the tax, remittance, compliance and fraud management so you can focus on what matters most: your customers.

Our expert team has proven global payments experience at the world’s biggest companies, allowing us to provide you with the best payment methods for each market. Whether you need a platform that supports one payment or a thousand, we have you covered from start to finish.

Sign up today for local payments that help you grow your business in emerging and high-growing markets around the world.

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Africa is the world’s second fastest growing region and a prime trade destination for businesses. With average annual GDP growth of 4.6% from 2000 to 2016, Africa has seen steady economic growth that is projected to continue heading towards 2022.

The United Nations Department of Economic and Social Affairs projects that between 2018 and 2035, the world’s 10 fastest growing cities will all reside in Africa.

According to the International Monetary Fund (IMF), Africa’s explosive growth stems from hosting several premiere emerging economies, including Ethiopia, Rwanda, Côte d’Ivoire, Kenya and Burkina Faso among others.

“About half of the world’s fastest-growing economies will be located on the continent (Africa), with 20 economies expanding at an average rate of 5% or higher over the next five years, faster than the 3.6% rate for the global economy,” writes Brahima Coulibaly, director of Brookings’ Africa Growth Initiative.

Here are six ways that businesses around the world can benefit from Africa’s great economic growth.

Openness to Foreign Investment

With a stable political climate and a massive population of young skilled workers, Africa has never been more prepared for the global market. On top of the continent’s great business potential, they are also attracting foreign investment by developing Investment Promotion Agencies.

These organizations have been built to serve as a single destination for international businesses that need to learn more about permits, registrations, regulations, taxes and more.

Eliminating the ambiguity of doing business in Africa will motivate foreign investors to enter the African market with confidence, bringing new ideas while benefiting from the continent’s economic growth.

Heightened Economic Diversity

International businesses can no longer ignore Africa’s trade potential. Natural resources — which Africa is notably abundant in — makes up for only one third of the continent’s growth, highlighting Africa’s economic diversity for interested foreign businesses.

Africa’s strategic move away from specializing in commodities has allowed them to become competitive in several other industries, diversifying what they can offer foreign investors to broaden the interest they recieve on the global market.

Although Africa and China have a strong business relationship, Africa has also invested in additional trade partners to help mitigate the effect of external market forces. This has allowed them to stay competitive on the market by have the flexibility to deal with other countries, while opening the gates to new products and ideas from other markets.

Plus, Africa’s labor costs are some of the lowest in the world, even while costs in India and China are increasing over time. This provides foreign businesses with bountiful outsourcing opportunities that can streamline their costs and help them deliver a more competitive product on the market.

In particular, many foreign countries could be interested in the low labor costs associated with high-skill industries such as the pharmaceutical and telecommunications sectors

Little to No Market Competition

Over the years, Africa has seen far less foreign investment than what would be expected from the world’s second largest continent in terms of size and population. This is due to a variety of different factors, including political strife and the crashing commodity market that took place in 2014 and 2015.

Africa has proven to be a safer bet for foreign investment with an increase in political stability across the region over the last few years. According to World Bank rankings, countries like Botswana, Namibia and South Africa have received increased global scores for their governance in recent years.

And, as is often the case with market volatility, the commodity sector has bounced back in a big way, especially with hard commodities like gold.

This swift change in Africa’s business prospects has led it to become a hidden treasure for many international businesses. However, doing business in Africa requires a thorough understanding of the business culture, regulatory nuances, and the importance of building relationships.

Being one of the first businesses to enter the African market, you can get a headstart on the competition that can lead to immense profits.

High Infrastructure Demand

Although Africa’s economy is continuing to grow at a rapid pace, there is still a high demand for the essential infrastructure that is present in other more developed countries. This absence can hinder international trade and limit the foreign interest attracted to the growing continent.

In fact, Africa’s lacking transportation infrastructure results in as much as 50% of fruits and vegetables spoiling before they even reach market. With similar effects occurring in other African industries, reducing unnecessary waste and improving market efficiency is crucial for improving the continent’s foreign marketability.

Although Africa’s lacking infrastructure may seem like a negative to some, international businesses that can solve this problem by connecting the developing continent internally, as well as externally, with the tools and resources they need can win big.

International businesses have seen similar success in helping emerging countries like Singapore and Dubai with their rush for infrastructure, gaining from the early investment and establishing fruitful relationships before competitors enter the market.

Ease of Innovation

One of the greatest benefits of fast-growing economies like Africa’s is that their lack of prior infrastructure allows them to easily adopt the latest technology and innovations.

While many developed countries have already heavily invested in coal, oil and other resources that are becoming obsolete with the rush towards sustainable fuel, Africa has the flexibility to openly embrace new ideas and technologies.

Africa has the most unused arable land in the world, allowing the continent to experiment with the latest innovations in agriculture, energy and other industries.

With the growing demand for new technology and environmentally-friendly solutions, international business leaders can turn to Africa for the answers.

Similarly, Africa is one of the global leaders in mobile adoption, pushing past the boundaries of other developed countries to become the pioneering force behind the industry’s innovation.

Mobile data usage in Africa is expected to increase twenty-fold between 2013 and 2019, showcasing the unprecedented growth and adoption of Africa’s mobile industries.

Without the banking infrastructure of other developed countries, mobile payments have emerged in Africa is a way to bank the unbanked, delivering businesses and individuals the tools they need to interact with the global market.

International businesses involved in telecommunications can benefit from supplying the  African market with the products that they need to interact in their mobile-dependent society.

Growing Middle Class

According to McKinsey Global Institute, consumer spending in Africa is expected to grow from $860 billion in 2008 to $1.4 trillion by as early as 2020.

This massive population and boom in spending provide international businesses with an enormous increase in marketable consumers.

In particular, the growth of Africa’s middle class presents a prime opportunity for international products to find a home in African markets while helping to supply Africans with the goods and services that they need.

According to the World Bank, Africa’s middle class is projected to increase from 355 million (34% of Africa’s population) to 1.1 billion (42%of the population) in 2060.

Getting Ahead in Africa

International businesses have plenty to gain from doing business in Africa. The continent’s growing economy, untapped business potential, and political stability provide a strong foundation for businesses from around the world to flourish. However, it won’t be long before the world fully recognizes the benefits of investing in Africa.

One way to get ahead of the competition is by doing business in the local payment methods that African markets are accustomed to. This helps to streamline the business process while providing African businesses with a payment method that they’re comfortable with.

Emergent Payments helps businesses pay and receive funds in local payment methods, allowing them to seamlessly integrate into emerging economies around the world.

Representing over $1.1 trillion in e-commerce payments, Emergent Payments specializes in emerging economies, providing payments solutions for over 70 high-growth markets.

We know firsthand how to drive profits in emerging markets. Our team of payment experts have extensive experience at some of the world’s leading digital merchants.

This has allowed us to build a comprehensive payment solution powered by state-of-the-art technology that delivers the scalability, reliability, security, and performance that businesses need to succeed on the global market.

Sign up today for the payment solution that can help you take advantage of Africa’s record-breaking growth.

The post What Africa’s Record-Breaking Growth Means for your Business appeared first on Emergent Payments.

Egyptian e-commerce is on the rise, with some projecting the market will reach a valuation of $2.7 billion USD by as early as 2020. Much of this unprecedented growth stems from the Egyptian government’s continued interest in building e-commerce with the country.

Last year, the Egyptian government partnered with the United Nations Conference on Trade and Development (UNCTD) to “double the footprint of businesses selling products and services online in Egypt.”

“E-commerce offers developing countries like Egypt opportunities for inclusive growth and enhanced market access,” explained Yasser El-Kady, Minister of Communications and Information Technology.

“Egypt hopes to be among the top 30 knowledge economies by 2030. We have been investing big time in information and communication technology infrastructure over the last three years, including, for example, in 5G networks.”

With 48 million Internet users — the most in the Arab world — and a digitally-inclined population, Egypt’s potential as a booming e-commerce giant is impossible to ignore for businesses around the world.

Here are 4 Egypt e-commerce trends that businesses need to take notice of.

Mobile Interaction

With Egypt’s young population — 50% of citizens under the age of 30 — and a growing technological infrastructure, it should come as no surprise that smartphones are a major point of interaction between businesses and consumers in Egypt.

High smartphone penetration provides Egyptian consumers with the convenience and flexibility of a mobile computer, while also encouraging businesses across multiple industries to engage in omnichannel marketing in an effort to capture the attention of the mobile market.

Social media platforms like Instagram have integrated shopping features, allowing consumers to purchase goods without having to leave the app. While this isn’t a necessity for most businesses, doing business with mobile interaction in mind can pay dividends.

With e-commerce in Egypt projecting to be largely mobile-centric, it’s crucial that businesses entering the market strategies are aligned with where their audience can be found.

Service Apps

Supported by continued smartphone adoption, service apps have experienced incredible growth in Egypt over the past five years — especially amongst the younger generation.

In fact, Egypt is one of the largest markets in the Middle East for Uber — the world’s most iconic ride-sharing service app. Plus, Egypt has become one of the region’s largest online supermarkets, supplying and delivering groceries and other household goods to Cairo citizens in under 60 minutes.

The prevalence of service apps and the heightened interest by Egyptian consumers can provide clear benefits to businesses that are involved in the services market, while also profiting others as well.

Understanding where to interact with consumers gives you a leg-up on the competition, allowing you to share your products and services in a way that will resonate with the Egyptian market before competitors catch on.

Online Presence

With Egypt’s e-commerce market still in its infancy, many Egyptian businesses have yet to establish an online identity for consumers to interact with. As a result, cross-border e-commerce currently represents around 20% of the total Egyptian e-commerce sales.

Further developing the Egyptian e-commerce market relies on the continued online emergence of new products and services, which will provide Egyptian consumers with the goods that they need closer to home. This cuts the cost of shipping promotes buying local, reduces fear associated with making international purchases, and provides Egyptian consumers with more choices.

By building an online presence early, businesses entering the Egyptian e-commerce market can ensure that they establish a relationship with their target audience early.

Cash-Based Payments

Although payment technology has grown exponentially over the past few decades, cash-based payment methods are still the vast majority in Egypt.  Around 80% of Egyptian e-commerce relies on cash on delivery, with only 10 million citizens — a quarter of the country’s Internet users —  owning a credit or debit card.

In most cases, the likelihood of a consumer purchasing a good or service hinges on the trust that is developed with the seller. This is especially the case when it comes to trusting the payment method in question.

Although these national payment figures are slowly decreasing as credit cards become more prevalent, businesses looking to expand their operations to Egypt should consider it a cash-based economy and plan accordingly.

The Secret to Egyptian E-Commerce Success

Egyptian e-commerce offers plenty of untapped potential for the savvy business to tap into. However, like any market, there are nuances that need to be understood before venturing into unknown territory.

One of the best ways to develop a strong e-commerce presence in Egypt — and most other countries — is to find the perfect payment method. That’s because, above all, consumers want to feel comfortable with how they are purchasing goods and services.

Emergent Payments understands local payments in emerging markets like no other. After all, we’re the only solution that can deliver payment methods in a single integration.

We specialize in providing businesses entering high-growth markets like Egypt, India, Brazil and more with the payment solutions they need.  Plus, we take care of all of the risks associated with taxes, regulations, fraud and compliance, protecting your money and saving you time.

Our innovative payment solution can support as many transactions as your business requires, and features the latest in multi-layered payment security, with client-side encryption, HMAC authentication and more.

Sign up today to learn how Emergent Payments helps businesses around the world drive profits in high-growth markets.

The post Take Advantage of These 4 E-commerce Trends in Egypt appeared first on Emergent Payments.

Hosting more than half of the world’s population, Asia is globally recognized for its technological innovation and unprecedented economic growth.

According to the 2018 IMF Regional Economic Outlook report, Asia’s total economy is projected to increase by 5.6% in 2019, highlighted by unprecedented growth in developing countries such as India, Malaysia, Indonesia, and the Philippines.

While past logistics may have prevented overseas investments and trade, Asia and many other emerging markets are discovering an influx in business.

This stems from the untapped potential that lies in emerging economies, as well as the limited competition from other foreign investors.

Although China has long been considered Asia’s economic giant — projected to grow by 6.6% in 2019 — Asia is witnessing rapid development from four new emerging economies that are set to take the global stage by storm.

India

India holds great potential for foreign investors and businesses, featuring extensive outsourcing capabilities and comprehensive supply possibilities at cost-effective prices.

we World Bank, India boasts the world’s fastest-growing emerging economy, and is projected to grow by as much as 7.5% in the next two years.

“India is doing well. Growth is being robust, investment growth remains high, and consumption remains strong. All in all, these numbers are encouraging,” said Ayhan Kose, Director of the Development Prospects Group at the World Bank.

This rapid economic growth stems from a variety of different factors. With diminishing oil prices and less worries of inflation, India, and many other foreign economies, are more welcoming to foreign investment and trade.

They boast a massive young and skilled workforce that remains a consistent global leader, providing ample opportunity for businesses to outsource premium products for cost-effective prices.

Plus, India’s specialization in agriculture —  second in the world for farm output — can provide businesses with a competitive advantage over other global suppliers in terms of price as well as stock.

India’s economic growth has quickly driven the country up the global rankings of world’s largest economies. According to the 2018 PWC Global Economy Watch report, India can replace the United Kingdom as the world’s  fifth largest economy by as early as the end of 2019.

With an enormous population and a young and skilled workforce, it’s expected that India will continue to climb the list in the decades to come.

Malaysia

A recent Bloomberg report listed Malaysia as the top emerging market of 2018, outperforming four other Asian countries that made the top-ten list.

Strategically situated between Singapore and Thailand, Malaysia provides the perfect investment opportunity for foreign businesses while promoting convenient access to other expanding markets within Asia.

According to the Ministry of Finance, Malaysia is expected to see economic growth rate of 4.9% this year, along with a continued rise in local and overseas demand.

Malaysia’s economic surge is the result of an impressive financial portfolio featuring a 0.6% inflation rate and a currency account surplus. Plus, the Southeast Asian country has greatly benefited from increased foreign investment and interest in their goods, particularly a growing overseas demand in Malaysian information and communications technology and transportation.

This year, Malaysia’s manufacturing sector is projected to expand by 4.7% on the back of export-oriented industries, especially those that produce chemicals, electronics, and rubber and plastic products.

Similar to other Asian emerging economies, young and skilled labor has also helped Malaysia gain foreign interest as well, powering Malaysia’s economic growth as a global leader in outsourcing opportunities.

Through continued technological development and infrastructure growth, Malaysia has developed into an even more attractive country to invest and trade in, featuring reliable Internet connectivity, well-maintained roads and highways and more.

Indonesia

Boasting the largest economy in Southeast Asia, Indonesia is an emerging market that has become a magnet for foreign investment and business.

Since the Asian financial crisis in the late 1990s, Indonesia has seen steady economic growth and consistent political stability, along with a shrinking poverty rate and skyrocketing GDP.

While the country’s economic growth has steadily grown at a strong rate of 5% over the last decade, local infrastructure projects and growing foreign interest have recently powered Indonesia to new heights.

One of the main drivers of Indonesia’s economic growth has been adjustments made to the country’s fiscal policy to ensure sustainable and inclusive growth.

Not only has this significantly aided Indonesia in its economic upswing, but it has also promoted the country’s untapped potential for foreign business.

Around half of the country’s population — 32 million as of 2018 — is under the age of 30, providing ample outsourcing opportunities for overseas investors. Plus, its continued involvement in the ASEA (Association of Southeast Asian Nations) showcases the country’s commitment to international trade and solidifies its place on the global stage.

Indonesia’s strong trade relationship with the United States, the fifth largest importer of Indonesian products, has made overseas trade for Americans even easier.

Over the last decade, the two countries have improved bilateral trade by over 53%, showcasing a growing economic partnership that benefits both parties. This storied history can provide a variety of different benefits to American businesses, including a larger network of potential local suppliers and manufacturers that are familiar with the Western business culture.

The Philippines

The Philippines has slowly emerged as one of the fastest-growing economies in the world, featuring foreign business incentives, political stability and an abundance of natural resources among others.

One of the Philippines main strengths is its macroeconomic resilience to surrounding financial crises; a result of increased spending on domestic infrastructure and other national projects. This results in a safe and reliable investment destination for overseas businesses, particularly during financial crises where other countries are on the decline.

Another contributing factor to The Philippines’ steady economic growth lies in its favorable incentives for foreign business. This is especially the case with businesses originating from the United States, the world’s second largest importer of Filipino goods.

Since 1989, the Philippines and the United States have limited trade barriers and stipulations through their bilateral trade agreement, the Trade and Investment Framework (TIFA).

As a result, American businesses have been able to do business in the Philippines faster and cheaper than ever before.

Gaining a Competitive Edge in Asia’s Emerging Economies

For the past two decades, Asia has been considered an economic success story — and the gold mine of business potential.

The continent is host to plenty of strong economic markets boasting young and skilled workforces, cutting-edge technology and favorable business conditions for foreign investors.

Entering one of Asia’s newest emerging markets is a worthwhile endeavor for any business. However, there is sure to be stiff competition vying for the same untapped economic potential.

To win favor in emerging markets, businesses can rely on domestic payment methods that locals are familiar with.

Emergent Payments delivers local payment solutions in over 70 emerging economies around the world, including India, Malaysia, Indonesia, and the Philippines.

Entering a new market can be a stressful affair. By relying on our vast experience in local taxes, remittance, compliance, and fraud management, you can focus on what matters most: your clients.

Emergent Payments is the only local payment solution in the world that enables merchants to accept payments in a single integration, providing businesses with the flexibility and speed they need to beat out the competition.

Send us a message today to learn how Emergent Payments can power your emerging market expansion.

If you’re interested in learning more about Asia’s booming markets, register for our one-night-only event where we will hold a panel discussion on Expanding to Asia Pacific on Wednesday, February 20, 2019. Click here to register.

The post Meet Asia’s 4 New Emerging Economies appeared first on Emergent Payments.

The New and Improved Pay Plus: Master the Digital Market

At Emergent Payments, we’re always finding new ways to provide simple and secure payment solutions for digital merchants. We’re constantly innovating Pay Plus to bring you the best tools to help you succeed in the expanding high-growth market. And today, we’ve released an updated version of Pay Plus that’s even easier for all our customers to use.

Pay Plus is the solution that’s used by different people for different purposes, and now it’s been redesigned into a crisp and clean look. Vivid tones of orange, yellow, and blue are not only the embodiment of our brand colors, but it also proudly represents our reliable services and solutions. With the new design, our customers get an enhanced experience with simple access to the services they need for completing daily tasks.

The functionalities in Pay Plus enable you to do multiple things, and we’ve added improvements by updating the navigation bar. The icons in the top bar give you access to any Pay Plus service—at the click of a button, you get even more options available within that specific service.

In addition to the redesign and enhanced navigation, we’ve included new changes and features to help you easily master the digital platform. Check out some of the updates we’ve made:

New Analytics Screen That Brings Data Straight to You

When logging into your Pay Plus account, you’ll land on the new Analytics homepage. The charts on the homepage will have specific data relevant to you, and you can personalize the layout of the Analytics page to prioritize the data you want to see.

New Charges Page
In the navigation bar, click on “Charges” to access your sales information and view all your charges. You can click on each item to get more details about that specific charge, including the Charge ID, Date, Customer ID, and more. This makes it simple to track your company’s progress.

New Filter Option for Charges
Finding a specific charge is now hassle-free with the new filter option at the top of the Charges page. Click on the Filters icon and add any available information in the appropriate text box (charge ID, email, Name, etc.) to find a specific item.

APIs Made Easy
You can easily view all available services in Pay Plus. Just click the APIs page, and it will show all of Pay Plus’ different functions. Select any specific Pay Plus function and a menu panel will appear on the side, displaying all the various sub-categories and options within that specific service.
We are always looking for ways to innovate and strengthen our solutions. Emergent is focused on providing a better, simple experience while keeping our customers’ needs first. These new changes to Pay Plus help drive us towards creating a secure, enhanced, and reliable platform that offers all the tools you need. For questions or more information, contact us.

By: Pazit Kagel, Director UI/UX

The post The New and Improved Pay Plus: Master the Digital Market appeared first on Emergent Payments.

Africa is next billion person market and is ripe for digital retail expansion. EP’s CPO Rossini Zumwalt reflects on her recent digital payments and mobile money trip to the emerging region.

Today, Africa’s population is estimated at 1.2 billion people (15% of the world’s total). By 2050, the population of 26 out of 54 countries in Africa will at least double their size. Combine this population growth with the burgeoning middle class and you have a compelling case for digital merchant expansion. Currently, 35% of the continent’s 1.2 billion people are connected to the Internet, compared to the global average of 54%. While ecommerce has been slow to develop across the continent, all signs indicate that the African market is ripe for a digital retail and mobile money boom.

Why Africa? Why Now?

Africans work, bank, learn and access services online with an intensity that compensates for the absence of local infrastructure. These habits compounded by the absence of entrenched technologies or legacy infrastructure are clearly leading to cross-border ecommerce expansion, which means a bigger market for digital merchants. With connectivity rates dramatically increasing across the continent, there is a unique opportunity to be among the first to dominate this huge, untapped local market. Merchants who are now expanding there have the chance to play a significant role in shaping the market landscape from the scratch.

Africa also leapfrogged the rest of the world by becoming a mobile-first market. Jumping from typewriter to smartphone, the continent skipped a technological generation. Most Africans first encountered the Internet using a cellphone and many more are experiencing the Internet for the first time using a smartphone. This is paving the way for online retail growth and is revealing the way African consumers choose to pay.

Almost 280 million Africans have mobile wallets, which is three times more than the number of Africans with bank accounts. The prevalence of mobile money has democratized the financial services by mass adoption. It has gone a long way to improve consumer financial stability and broaden consumer cross-border spending access and habits. A great example is Kenya, where we have seen financial inclusion increase from 26% to 75% in ten years. A key driver for this has been digital innovation.

Across the continent, traditional commercial distribution channels are being bypassed (not replaced) in favor of online content consumption and service provision. 4G LTE connections have quickly emerged in 43 out of 54 countries in Africa which has been feeding the increasing appetite for paid media consumption.

Who is the African consumer?

As Africa undergoes an Internet penetration boom we are seeing shifts in the consumer profile. With more African consumers coming online their commercial habits are evolving faster than any other demographic in the world. By 2020, consumer spending in Africa is forecasted to exceed USD 1 trillion annually. The average African digital consumer is millennial (with an average age of 19.4 years). This is the first generation to have an education, a salary and a bank account. They are six times more likely to have a mobile wallet than the world average.

The lack of physical retail infrastructure to meet consumer demands has also created a favorable environment for digital goods and services. Online retail is an easy and efficient option for African consumers. It is predicted that by 2025 ecommerce in Africa will account for USD 75 billion in annual revenue or 10% of retail sales. With this increasing buying power, we are witnessing greater brand preference. African consumers are heavily influenced by US popular culture and media and will access content and social media only on smartphone devices. However, while the demand is for US brands, it is crucial for merchants to appear local from a business standpoint, specifically when it comes to digital payments, in order to reach the widest possible consumer base.

The importance of mobile money

Africa is the centre of the mobile money market, with Kenya leading the way. The country has the world’s highest mobile money rate and more than 50% of adults use M-Pesa (the biggest mobile money platform in the market) or one of its rivals. In 2016, Visa launched its mobile money app on the Kenyan market to compete with M-Pesa, admitting they hadn’t had much success promoting traditional credit cards in the country.

However, mobile money dominance is not only specific to Kenya. During our time in Ghana, we learned 73% of transaction value comes from mobile money. Compare this to ATMs at 13% and cards at 11% – the gap is fairly significant. Signs of mobile money are everywhere from retail stores advertising that they accept this digital payment method to the constant presence of kiosks on the streets for Africans to top up their account. Merchants who consider expanding into Africa need a local solution that prioritizes this digital payment method.

The 2018 African outlook

While it was slow off the mark, Africa’s digital landscape is undeniably gaining momentum and power. We believe Africa is well-placed to be the next big ecommerce emerging market with major revenue potential. Global merchants should prioritise this market in 2018 while the landscape is still wide-open and able to be shaped. Now is the time to formulate strategies to leverage this financial opportunity and to select the right digital payments partner with a proven record and local reach to navigate mobile money market complexities.

The post Africa: The Next Ecommerce Revolution and the centre of the mobile money market appeared first on Emergent Payments.

Emergent Payments, the top digital payments provider for digital merchants in high-growth markets, today announced it is now part of Emergent Technology Holdings.

The move adds deep corporate expertise to the company’s local digital payments solution, as Emergent continues to grow its business worldwide.

“I’m excited about the capabilities that our combined team brings together,” said Mitch Davis, Emergent Technology chief commercial officer. “We are well placed to deliver outstanding results. Emergent is the clear choice and partner for business expansion into emerging markets.”

Offering an extensive range of digital payment methods in more than 60 high-growth markets, Emergent Payments enables some of the world’s largest digital merchants to access consumers previously unreachable.

The additional expertise from Emergent Technology will see the company extend its digital payments footprint, broaden its client services and develop a digital currency.

“This is a huge benefit for our merchants looking to stay ahead of emerging market trends,” said Davis. “We are expecting 2018 to be a big year for frontier markets, like Africa and the Middle East. We will be growing our presence there and launching some really cutting-edge technology to drive optimization.”

Emergent Technology will be unveiling details of a blockchain-based platform – the Responsible Gold™ supply chain, and a gold-backed digital token – G-Coin™ – later this year.

It is the first solution to automate the tracking of conflict-free gold, enabling a liquid gold trading market and boosting cross-border digital payments efficiency.

“These markets are ripe for disruption and we are ready to lead the charge by bringing our skill, infrastructure and strategic partnerships under one roof,” said Davis.

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Global emerging markets are looking better than ever after a strong performance in 2017. Many of these markets show no signs of slowing down with rapid economic, political and financial progress across all regions.

Abhishek Banerjee and Rossini Zumwalt dive into the major high-growth markets with what to watch in 2018.

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