Guide: how to grow in new markets
Take the step out into the world. Here we share tips for how to expand internationally with e-commerce, stores, and omnichannel.
Expanding internationally gives access to a larger target group and increased sales potential. But getting paid abroad is not always easy. How do you find the right markets for your business? Which payment methods should you invest in? How do you choose the right card agreement? In our guide to international expansion, we share tips and tricks for different markets and go over how to go abroad with e-commerce, physical sales, and omnichannel.
This is how it looks – market by market
How should you think when choosing your market? The easiest market to expand into depends entirely on what you sell and what strategy you have. The most important thing is to do the analysis before going in and building up sales gradually. Test on a small scale and turn on all gears only when everything works as it should.
This is how you grow in new markets in the Nordics
Difficulty: 1 out of 5
As a Swedish e-retailer, if you have reached a level where operations in Sweden are profitable, the Nordic region is a good first step. It is close both geographically and culturally while providing instructive experiences for continued growth.
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The threshold for expanding in the Nordics is low for Swedish companies. It is an advantage to see the entire Nordic region as an exciting market with 25 million potential customers, instead of thinking of it as four different countries.
Which payment methods apply in Nordic countries?
|Sweden||Card payment with debit or credit card.|
Swish and invoice are the most popular payment methods after cards.
|Norway||Card payment with debit or credit card. Note that Norway’s domestic card network BankAxept is important for taking payments in a physical environment.|
Vipps is a Norwegian equivalent of Swish and the most popular payment method after cards.
|Denmark||Card payment with debit or credit card, co-branded Visa, and Dankort.|
MobilePay is a Danish equivalent to Swish and the most popular payment method after cards.
|Finland||Card payment with debit or credit card.|
MobilePay and direct transfer are popular alternatives to cards.
This is how you grow in new markets in Europe
Difficulty: 3 out of 5
Europe continues to work towards the goal of creating a common digital market. This means, among other things, the decentralization of financial services and the higher security rules that come with the Second Payment Services Directive.
The European online consumer market is growing exponentially, especially in Southern Europe where a young population is driving growth through mobile commerce. But there are still big differences when it comes to the percentage of online users and consumers’ attitudes towards shopping from abroad.
Germans are some of the most international consumers in the world. Over 50 percent of their online purchases are made from a website in another country.
Despite the international interest, Germany is one of the most fragmented markets in terms of payment methods. Payment methods that do not include credit cards, such as SEPA Direct Transfer, SOFORT, and Giropay account for the majority of online transactions.
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France is an excellent market to expand into where e-commerce is strong. The French card network Cartes Bancaires (CB) dominates the payment market and most French cards are Cartes Bancaires co-branded with Visa or Mastercard. With our direct connection to CB, we can give our customers the highest possible number of approved transactions.
The UK is one of the leading economies in the Western world. British consumers are world leaders in mobile shopping. Debit cards are popular: the average consumer has between two and three cards. Cards account for around 90 percent of all online payments. Another popular option is mobile wallets, while online banking payments are largely non-existent.