Worldline Believes Turkey Is Ready for eCommerce Innovation
Global online firms are watching the Turkish eCommerce sector expand.
Worldline’s vice president of growth and digital commerce, Guillaume Tournand, calls Turkey a “high-growth market” with eCommerce development potential far higher than in the EU or US. As a result, more international eCommerce enterprises are considering cross-border eCommerce.
“The tremendous growth that we’ve seen in markets like Turkey is significantly higher than what we can see in Europe or the U.S.,” Tournand told in an interview.
According to official statistics from the BKM, the Interbank Card Center in Turkey, local eCommerce has grown at a compound annual growth rate of around 40% in recent years. This rate climbed to a stunning 75% as the epidemic drove more merchants online.
He claimed Turkey’s “strong economy heading swiftly towards the eCommerce world” made it an easy option for Worldline’s next high-growth market.
In January, the global payments business established a cooperation with Turkish FinTech company Lidio to provide eCommerce retailers a one-stop shop for local collection in Turkey with access to major payment methods, including Troy, the country’s sole domestic card network.
“The benefit is to provide this service at scale so that they can access the market immediately without needing to work with another local [payment service provider (PSP)],” Tournand explained.
He said the approach avoids the high costs and complexity of managing several contracts and interconnections. It also enables worldwide online businesses a single remittance flow and protection from excessive foreign exchange (FX) risks due to same-day exchange in their currency.
Tournand said that the company wants foreign eCommerce retailers to comply with local laws and regulations quickly and easily.
“We want to provide them with the best of both worlds, to not only have a single connection to a global PSP, but also benefiting in full from that local touch and hedging them against many of the complexities, FX being one of them,” he said.
KPI-Oriented eCommerce Merchants
Tournand credits “eCommerce-first retailers” for the trend’s rise.
He called merchants “KPI-oriented and conversion-rate basis points-obsessed,” able to assess the conversion rate that would bring visitors to their websites and choose the proper goods to convert store surfers into shoppers while ensuring the customer journey works smoothly.
As consumer preferences change, global online businesses must offer the correct balance of local payment methods to best serve clients in each area.
Tournand said that a decade from now, retailers will still want to make payments easy for customers and find the best way to turn website visitors into buyers.
He said that they’ll be seeking for professionals to do this, a position Worldline would aspire to play as it exploits payment boundaries between businesses and consumers, investing in its payment sector knowledge and skills to fulfill merchants’ and consumers’ rising demands.
“I’ve yet to meet someone in the payment ecosystem who believes payments are simple,” and for that reason, “I don’t want our merchants to become payment experts,” Tournand said. “That’s where we bring value to the table.”
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