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How cross-border E-commerce is coping with COVID-19?





COVID-19 has spread dramatically, affecting virtually all countries worldwide. With people being restricted to their homes, E-commerce is growing rapidly than ever. Globally sales of E-commerce have increased since the lockdown, particularly for groceries and health products, even though many retailers are struggling with logistics.

Home deliveries allow people to minimize the risks to catch the virus. Online retailers provide customers with essential supplement , it is therefore imperative to keep the borders open for cross-border product supplies and sales. A report from Kantar, conducted in March this year shows that in France, Germany and the UK, Europe’s three largest E-commerce markets, the share of consumers that make 50% or more of their total number of purchases online has increased dramatically. In the UK, for example, online retail order volumes have risen by over 200% on some products since the coronavirus outbreak.

At the end of May 2020, while some areas of the world are already seeing their way to recovery, others are still in the eye of the storm. Selling online to markets worldwide helps merchants to spread their risk rather than focusing only on their domestic market or a limited number of key international markets. Therefore, global E-commerce is an idea solution to help online retailers, and in particular SMEs, to continue to carry out their essential function.

SMEs struggle to minimize the impact of currency fluctuations and maximise the use of their cash flow. Unfortunately, there have been some cases where merchants have waited for up to six months before receiving their due pay, or get declined transactions. Therefore, by giving E-commerce SMEs a one-stop shop, they will be able to focus on growing their business instead of dealing with administrative issues associated with international payments. As trading becomes increasingly cross-border, SMEs will be looking for fast and simple solutions to these problems.

How do businesses get help from trade-finance platform that enable them to make seamless international payments with no obstacles? Having a full suite of cross-border capabilities required to service clients and supply chains from one platform combining; cash management, FX Risk Management, Trade Finance and foreign exchange hedging will remove many of the barriers while providing all of the vital components for international trading in the underserved SME market.

Nu-Credits payment specialists are available to answer your questions and discuss how to improve your cross boarder payments operations during this turbulent time. You can write to us at admin@nu-credits.com, and we will swiftly respond.


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Our Payment Service is provided by Kuan Financial which is authorised by the Bank of Lithuania as Authorised Payment Institution under its Lithuanian subsidiary Kuan Financial, UAB (Authorisation Code: LB000496)

This project has received funding from the European  Union's Horizon 2020 research and innovation  program under grant agreement No.828888

 

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