Prepare for the most common payment systems in your new market
Posted: Sun Dec 22, 2024 4:17 am
Let's consider TP (card present transaction) and TNP (card not present transaction) payment methods in different countries.
Did you know that 30 percent of Spaniards prefer to pay with a mobile/digital wallet and then a credit card?
Payment methods in Spain
Source: Global Payments Report, Worldpay
And in Latin America there are different types of payment. In Mexico, a large percentage of consumers prefer to pay by credit card.
Payment methods in Mexico
Source: Global Payments Report, Worldpay
Credit cards and cash remain the most popular form of payment in Chile.
Payment methods in Chile
Source: Global Payments Report, Worldpay
Finally, in Argentina, a huge percentage of customers use cash, followed by credit cards and digital/mobile wallets.
Payment methods in Argentina
Source: Global Payments Report, Worldpay
Entering one of these marketplaces without being prepared to accept the most popular payment types can negatively impact your potential sales.
What about trying to penetrate a global market based on a region or continent? This approach is ill-advised. After all, Africa alone has 54 countries and Europe has 44. Each of these countries has different cultures, languages, and even payment italy mobile number example preferences.
Determine your customer's purchasing funnel
With some prior knowledge about your market and target audience, you can begin developing a marketing funnel to attract potential customers and facilitate conversions. As you do so, ask yourself the following questions:
How will consumers find you?
How are they going to convert?
How are you going to convert them into loyal customers?
The best sales funnels attract new customers while encouraging repeat purchases . Retaining existing customers is much more lucrative than acquiring new ones.
As for brand awareness , consider a wide-reaching campaign to attract new people to your brand. This could include everything from digital and print materials to events.
Prepare a marketing strategy
What is a proven method for preparing a marketing strategy? Start by analyzing your competitors’ strategies . With the right tools, competitor analysis is not as daunting as it might seem.
Use SEMrush's Traffic Analytics tool to gain access to valuable insights into your competitors' successes and failures.
Let’s look at Square’s traffic in Japan as an example. As you can see from the chart, Japan ranks third in terms of traffic volume.
Did you know that 30 percent of Spaniards prefer to pay with a mobile/digital wallet and then a credit card?
Payment methods in Spain
Source: Global Payments Report, Worldpay
And in Latin America there are different types of payment. In Mexico, a large percentage of consumers prefer to pay by credit card.
Payment methods in Mexico
Source: Global Payments Report, Worldpay
Credit cards and cash remain the most popular form of payment in Chile.
Payment methods in Chile
Source: Global Payments Report, Worldpay
Finally, in Argentina, a huge percentage of customers use cash, followed by credit cards and digital/mobile wallets.
Payment methods in Argentina
Source: Global Payments Report, Worldpay
Entering one of these marketplaces without being prepared to accept the most popular payment types can negatively impact your potential sales.
What about trying to penetrate a global market based on a region or continent? This approach is ill-advised. After all, Africa alone has 54 countries and Europe has 44. Each of these countries has different cultures, languages, and even payment italy mobile number example preferences.
Determine your customer's purchasing funnel
With some prior knowledge about your market and target audience, you can begin developing a marketing funnel to attract potential customers and facilitate conversions. As you do so, ask yourself the following questions:
How will consumers find you?
How are they going to convert?
How are you going to convert them into loyal customers?
The best sales funnels attract new customers while encouraging repeat purchases . Retaining existing customers is much more lucrative than acquiring new ones.
As for brand awareness , consider a wide-reaching campaign to attract new people to your brand. This could include everything from digital and print materials to events.
Prepare a marketing strategy
What is a proven method for preparing a marketing strategy? Start by analyzing your competitors’ strategies . With the right tools, competitor analysis is not as daunting as it might seem.
Use SEMrush's Traffic Analytics tool to gain access to valuable insights into your competitors' successes and failures.
Let’s look at Square’s traffic in Japan as an example. As you can see from the chart, Japan ranks third in terms of traffic volume.