The pandemic and the lockdowns have caused the most significant disruption to the global retail industry in living memory.
Big retailers across Europe are facing a battle to survive, and the only visible lifeline is to expand their digital offerings.
However, according to a new survey by online payments firm Stripe, big global retailers don’t have the skills or knowledge in certain key areas.
Most of the 500 global retailers surveyed (57%) say expanding to new geographical markets over the next 12 months is a high or critical priority.
However, they face a “new set of challenges related to payment methods, localisation, and regulation for which they lack internal expertise”.
Eileen O’Mara, revenue and growth lead for EMEA and APAC at Stripe says retailers have shown resilience and are forward-looking despite significant hurdles and challenges.
“The lack of internal expertise in payments is a major hurdle for companies. 44% of respondents say their firm lacks the local expertise to understand country-specific policies and regulations around payments, and the lack of payment expertise is the number one payment-related challenge (22%).”
“Stripe has a strong track record of helping online businesses find their way through regulation, and we will continue to support these businesses’ efforts to scale internationally from day one,” says O’Mara.
Room to improve
Improving customer experience is seen as a high or critical priority by 56% of European businesses, and a majority (51%) of retailers plan to adopt new business models, such as a subscription service, over the next 12 months.