It is no secret to anyone that since it was founded, in 2008, it has known how to scale rapidly. It has managed to go from a small eCommerce that sold wedding dresses online, to being one of the biggest online fashion companies which today ships products to more than 220 countries.
The company offers convenience, a high-quality shopping experience, and strong integration between supply chain and cost management, as well as a strong presence in stores. Nonetheless, the key to its international expansion has been based on payments and the multiple methods it has been able to adopt in local markets.
But let’s face it, Shein didn’t do it all on her own. The company adopted the multiple payment solutions of to make the checkout process easier for its global customer base, providing them with a more seamless checkout experience.
We want to share with you four most important actions that have supported the global expansion of Shein’s business model, through the multiple solutions that the tool has offered.
Building an engine to drive payments growth
As we have said before, Shein ships to over 200 markets and it is very important that process payments in local currencies, in addition to offering the popular payment methods of each region, such as credit cards, mobile wallets, banking applications and others. A high level of complexity.
They have managed to add quickly and easily new local payment methods when necessary, thus eliminating purchase barriers and friction in payment processes.
Advanced risk strategy to prevent online fraud
But the important thing is not only to expand into new markets and offer better ones, you also have to assess the risks, so Shein must think about the payment fraud and risk rules present in each market.
Shein has managed to control payment fraud optimizing the authentication process in all payment methods and currencies offered. Similarly, apply the 3DS2 authenticationthis being an intelligent routing verification engine and local acquisition, protecting transactions to the maximum.
Adoption of new payment technologies
Shein has embraced technologies like Revenue Accelerate, which provides intelligent payment routing and tokenization of the network, which will allow it to operate more efficiently. And it is that the company has maintained innovation and technology as a priority to always stay at the forefront of payments in the global retail sector.
Staying at the forefront of payments to support new business strategies
Always focused on online growth, the physical store experience was never a priority for Shein. He recently became interested in pop-up stores in Europe, so they needed to implement a fast multi-channel payment solution.
Not only was it able to extend support to physical store payments, but it also used teams of account managers, technical support, analytics, and tracking offered by Adyen. In this way, he had a unified payment system that gave him information on both transactions made online and in physical stores.
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