E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
The online sheet music retailer aims to make it easier for non-U.S. consumers to pay.
About a quarter of Musicnotes Inc.’s revenue comes from international shoppers. And that portion of the online sheet music retailer’s business is growing faster than its domestic sales. That’s despite the merchant offering limited payment options, says Tim Reiland, Musicnotes’ chairman and chief financial officer.
“Throughout the last few years we’ve realized that we need to add payment options to give our international shoppers more options,” he says. However, the retailer didn’t know what payment options to offer.
Enter Adyen Inc. The payment processing vendor is working with Musicnotes to add more ways for the retailer’s international shoppers to pay in time for the holiday rush, which represents about 30% to 35% of the merchant’s business. While Adyen offers 76 payment options, Musicnotes will initially add a handful of options that match up with its biggest markets. For instance, it will likely add Maestro, the leading debit brand in Europe, this fall.
Those efforts dovetail with a completely redesigned site that Musicnotes will launch in the fall, prior to the start of the holiday season. The new site, which will launch on a new e-commerce platform, will make it easier for the retailer to make changes, including adding more payment options, to its site, says Reiland.
“We hope to have the new site launched in time for the holidays to provide shoppers with a much improved buying experience,” he says.
Next year the retailer plans to enable shoppers to pay in a variety of currencies. Reiland doesn’t think the currency options are as important as the payment methods because Musicnotes’ downloads are relatively inexpensive, making consumers less concerned about the conversion rates. However, he still plans to add the options because the retailer aims to offer consumers the ability to shop anytime, anywhere and anyhow, he says. “We think that mindset can drive up our conversion rate,” he says.
Another way to bolster his conversion rate, which currently hovers around 4%, is to ensure the site’s pages load quickly, which is particularly important for international shoppers, he says. The retailer uses Akamai’s global content delivery network of 84,000 servers to cache web site content so that it can be more quickly delivered to consumers around the world. “International shoppers aren’t going to wait for a page to load,” he says.