Anytime I read the trades, glance at news headlines, or talk to other executives, AI seems to be the solution to all of our problems. Everyone is talking about AI. Emerging tech companies now have AI solutions at their forefront, but for companies looking to expand their e-Commerce reach globally, especially within emerging markets, AI is not the solution.
When it comes to e-Commerce issues, specifically at the local level — frequent cart abandonment, low payment conversion rates due to network instability, consumers’ inability to pay with the right credit card — we can’t wrap them in an AI blanket. These problems can only be solved through offering locally-relevant solutions that minimize friction at the checkout.
E-Commerce continues to carve out a bigger and bigger piece of the retail pie every year, yet retailers are still losing $200 billion in potential revenue a year through cart abandonment and checkout friction. These issues loom even larger for retailers that sell into emerging markets. India and Latin America are the veritable “El Dorados” of e-Commerce, with Africa not far behind, yet most online retailers and service providers are not well-versed in how to cater to the populace within these regions.
There are a number of different factors that cause friction for consumers when they are shopping online — a number of which come down to hubris and laziness on the side of the retailer. Here are a few best practices that will drive conversions at the checkout and maximize your reach:
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