Afterpay’s Cross Border Commerce is here - find out what it means for your business
Afterpay merchants can now offer their products to customers around the world through Cross Border commerce.
That means U.S. merchants can sell to shoppers in Australia, Canada, New Zealand, and the U.K. Starting next year, global merchants will also be able to sell to U.S. customers.
Cross Border commerce gives merchants access to some of the world’s most valuable shoppers, representing a $1 trillion GMV opportunity. When shopping internationally, customers will see items in their local currency and benefit from the flexibility and convenience of paying in four installments over time without incurring interest, feels, or revolving debt. Settlements are paid in the merchant’s local currency.
Merchants can open their eCommerce storefronts to shoppers without paying set up or currency or conversion fees. Justin Gaggino of Hi-Smile, an early adopter of the cross border offering, said, “We have been very pleased with our cross border implementation. It has been seamless and very effective in scaling our efforts abroad as we grow globally. We have seen an approximately 30% increase in overall orders come through our cross border partnership with Afterpay.”
Afterpay first introduced the option in Australia and New Zealand in March 2019, which delivered YoY sales growth of nearly 576%. That strong consumer demand led to a 10x increase in ANZ merchants selling out their home country.
“Cross border trade allows retailers to open their storefronts to the world - delivering new customers, higher conversion, and ultimately more merchant sales,” said Nick Molnar, Afterpay’s Co-founder and Global CEO. “We are particularly excited to offer cross border capabilities at a time when consumers are buying online more than ever and in advance of this busy holiday shopping season.”
Cross Border Shopping is made automatically available to current Afterpay retail partners.
To learn more about Cross Border Commerce, reach out to our team today by clicking here.
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