Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Participating companies in the coalition currently include Kount; Global Collect; E4X; Pitney Bowes Inc.; Edgar. Dunn & Company, and Translations.com.
London 21st June 2013 – Announcing the launch of GRIN - an integrated coalition of companies seeking to reduce the complexity for retailers wanting to rapidly expand beyond their domestic borders into global markets.
Participating companies in the coalition currently include Kount; Global Collect; E4X; Pitney Bowes Inc.; Edgar. Dunn & Company, andTranslations.com.
These companies all bring specific expertise on advising companies on international expansion and offer many of the technology and services required to do so. Other organizations will be added in the future based on retailer needs. To see how easy GRIN makes cross border selling for etailers click here
According to figures from eMarketer, the global B2C e-commerce market surpassed $1 trillion in 2012, and is expected to grow 18.3% this year reaching $1.3 trillion. The global market is expected to reach $2 trillion by 2016. In BRIC countries, even greater rates of growth are forecast, with the total market growing from $153.7 billion in 2012 to $522.3 billion in 2016.
“Selling overseas is a huge and very real opportunity, but it brings real challenges with it,” said Carl Miller, GlobalCollect’s global market director for retail. “Localized marketing, payments, logistics, currency exchange and tax and duty compliance are just a few of the issues cross-border retailers have to deal with, and the Global Retail Insights Network was formed to create a strong coalition of proven experts to help retailers address those challenges.”
GlobalCollect provides the e-commerce payment processing expertise within GRIN. With a single commercial contract and a single technical connection, GlobalCollect’s full-service payment platform processes consumer transactions in more than 170 different countries using local currencies and supports more than 150 different payment methods. The company has been doing this for nearly two decades and serves more than 500 of the world’s most recognized brands in retail, travel, gaming and digital goods and services.
Jack Alton, Vice President of Sales for Kount – which provides GRIN’s fraud expertise - believes that if used in the right way, e-retailers can turn fraud prevention from a cost centre into a profit centre.
“The increase of ecommerce worldwide has led to an increase in online card fraud and cybercrime is becoming ever more sophisticated. In the UK alone in 2012 the value of online sales was £78 billion and this is forecasted to rise by 11.5% in 2013 according to the IMRG.
This has made the implementation of industry leading fraud prevention more important than ever. I believe however that fraud prevention can do so much more than just prevent fraud. With intelligent fraud prevention technology it can enhance the customer experience, increase sales and ultimately improve upon the bottom line for all online retailers.”
Pitney Bowes global e-commerce and parcel distribution services provide a unique combination of regulatory expertise, advanced technology and a sophisticated logistics infrastructure that reduces the friction in global e-commerce for both buyers and sellers.
“Launching a brand internationally is not a simple process and while it has tremendous upside, there are also unique challenges associated with cross-border commerce,” said Craig Reed, vice president, Global E-commerce for Pitney Bowes. “One major challenge is not having a direct connection to the global consumer. From a delivery perspective, if a retailer isn’t the merchant of record, the challenges to your brand probably outweigh the benefits. As a member of theGlobal Retail Insights Network, Pitney Bowes will help merchants offer a simple and seamless online shopping experience to their customers, and focus on the most impactful global opportunities while providing the data to support on-going strategic growth.”
“Providing global content is the key to driving international traffic and conversion,” said Matt Hauser, Vice President of content solutions. “If retailers want to earn trust in a new market, communicating to potential buyers in their native language is a necessity, not a luxury. At Translations.com, we focus on maintaining international brand voice to build customer loyalty coupled with solutions to drive process efficiencies and speed time to market. We are extremely excited about the opportunity to be a part of the Global Retail Insights Network to help retailers succeed.”
Lastly, Edgar, Dunn & Company provides strategic analysis and critical business guidance to clients such as merchants. Edgar, Dunn & Company acts as a collaborative, trusted advisor, helping organizations respond to many of the industry’s most significant issues, including new payment product opportunities, customer profitability and retention, operational excellence, credit and fraud risk, new technologies, and global expansion.
The Global Retail Insight Networkwebsite can be found at www.gringrowth.com.
Kount and Global Collect will be at etail London this week and will be happy to discuss GRIN with you. See you there.
Kount helps businesses boost sales by reducing fraud. Our all-in-one, SaaS platform simplifies fraud detection and helps online businesses accept more orders. Kount’s turnkey fraud platform is easy-to-implement and easy-to-use. Kount’s proprietary technology has reviewed hundreds of millions of transactions and provides maximum protection for some of the world’s best-known brands. Merchants using Kount can accept more orders from more people in more places than ever before. For more information about Kount, please visit www.kount.com.
GlobalCollect is the most knowledgeable global Payment Service Provider in the world, processing more than US$14 billion in international e-commerce payments per year for more than 500 of the world’s most recognized e-commerce brands in the digital goods and services, travel, retail and video gaming industries, among many others. With nearly two decades of payments experience, we enable our clients to efficiently and securely accept payments from more than 170 countries in more than 170 currencies, using in excess of 150 local payment methods including all major credit and debit cards, direct debits, bank transfers, real-time bank transfers, eWallets, cash at outlets, prepaid methods, checks, and invoices. This gives our customers unparalleled coverage, especially in high-growth regions like Latin America, where GlobalCollect acquired regional PSP Sub1 in 2012. Our robust and redundant systems guarantee our customers high availability and reliability. GlobalCollect’s business intelligence tools and more than 400 payments experts help our clients elevate their payment strategies to become a strategic asset to their companies. Headquartered in Amsterdam, GlobalCollect has six locations around the world, and is a Welsh, Carson, Anderson & Stowe company. For more information please visit: http://www.globalcollect.com and follow us on: http://www.linkedin.com/company/globalcollect, http://www.twitter.com/Global_Collect andhttp://www.facebook.com/globalcollect.