Financial Solutions
Insight Reports
Expanding
e-commerce into
Nordic neighbours
and beyond
Payment and other preferences create opportunities
and challenges for export-oriented retailers
Executive summary
E-commerce removes many barriers to international retail expansion, but
significant challenges remain. Major differences in regulatory requirements,
market conditions, and customer expectations and behaviour can create
pitfalls for Nordic companies expanding into neighbouring and other
European markets. A proper understanding of each market is vital for success.
This report looks specifically at the payment methods used and preferred
in select markets, and how the right payment solutions give retailers an
advantage as they expand internationally.
Introduction
Headline
findings
Nordic e-commerce up 7%
year-on-year in Q1 2015
■
M-commerce tops 30% of
online retail across Scandinavia
■
Market preferences and circumstances vary dramatically
even in Nordic region
■
Invoice payments essential
when entering German market
■
Much of the Nordic region has embraced
e-commerce enthusiastically, and some of the
most active users of digital retail in the world live
here. Affluent, connected and well-educated Nordic
consumers are generally comfortable navigating
websites in foreign languages, lowering the language barrier for purchases of products and services
from abroad. Access to international e-commerce
provides significant savings in a region known
for relatively high prices, and forward-looking
businesses make the most of extensive fixed and
mobile broadband infrastructures and modern
e-commerce platforms.
A presence beyond the physical is a must
for successful Nordic retailers today. Customers
of both B2C and B2B companies expect their
suppliers to be present in digital channels, not just
2
offline. And the boards and owners of companies
also expect their customers to be able to do
business online as well as offline. Even in their
home markets, this imperative to be present online
creates a challenge for companies in terms of
payment solutions that work seamlessly in both
the digital and analogue spheres.
Nordic companies, which have historically been
driven by small national populations into expanding beyond their national borders, are increasingly
setting their sights on new markets, both in their
Nordic neighbours and across continental Europe.
Cross-Nordic expansion is a natural first step for
export-minded businesses: similar societies with
the aforementioned predilection for purchasing
online present comparatively low barriers. Yet even
between the Nordic markets, differing customer
behaviours, historical preferences and legislative
limitations can create unexpected obstacles.
Expansion into European markets outside the
Nordic region presents even greater challenges.
A seamless, painless customer experience requires
local knowledge and an understanding of consumer
preferences and market conditions, as well as
flexibility in terms of the purchase and payment
solutions offered to customers in each market.
This report looks primarily at the payment
dimension of e-commerce, examining some of the
specific payment factors affecting online retailing
in the four Nordic markets of Denmark, Finland,
Norway and Sweden, as well as in the markets of
Germany, the Netherlands and the United Kingdom
– three of the first markets into which Nordic
companies traditionally expand. ➤
Online, offline and mobile
– Nordics mix multiple
shopping channels
❝
Nordic consumers spent EUR 3.86 billion online
in Q1, 2015 – up 7% on the same period last year
❞
PostNord
Getting to know your
Nordic neighbours
E-commerce continues to grow steadily across the
Nordic region. A recent report from PostNord* says
Nordic consumers spent EUR 3.86 billion (SEK 36.5
billion) online in the first quarter of 2015, up 7%
on the same period last year. “The development
of e-commerce in the Nordic region continues to
move forward,” said Annemarie Gardshol, Head of
E-commerce at PostNord.
Online retail dramatically reduces the barriers to
companies expanding into their Nordic neighbours.
Similar societies with affluent customers and
advanced internet and logistics infrastructure, the
Nordic countries are a natural first step in any
international expansion.
Nordic consumers are used to using foreignlanguage websites, so the language barrier is
comparatively low.
Yet there are significant differences between
online retail operations and expectations in the
Nordic nations. Payment by invoice, for example, is
a standard feature on Swedish e-commerce sites,
but is much less common in Denmark and Finland.
Some of the differences stem from historical
factors: the comparatively recent introduction
of card transactions in Finland in the late 1980s/
early 1990s means there is still a relatively high proportion of direct bank transfers for online purchases
there. In Denmark, the historical dominance of the
local Dankort debit card has kept transaction prices
for all cards down, although new EU legislation is
expected to change this situation.
Different legislation can also play an important
role. Apart from the Dankort phenomenon, Denmark is also much more restrictive than the other
Nordic countries in terms of access to personal
data, leading to less use of open-invoice payments
than in Sweden and Finland: it is harder to give a
credit score and validate a customer in Denmark
than in the other markets. That situation leads
many retailers moving into Denmark to outsource
their credit risk. Here, and in the other Nordic markets discussed in this report, merchants who outsource their payment systems can receive payment
as early as day one after the transaction.
Fraud rates are seen as very low across Nordic
markets in global terms. This can be largely
attributed to widespread access to 3-D Secure, an
additional security layer for online card transactions,
and easy access to personal data. But, as noted
above, data access and other regulatory frameworks
can vary between markets, providing different levels
of protection for merchants. This is why merchants
moving into new markets often decide to focus on
their core business and use a partner for managing
payments, credit risk and debt collection.
Opportunity knocks:
which sectors are growing in Nordic e-commerce?
Travel, shoes and clothing, books and home
electronics have dominated online shopping in the
Nordic markets for several years, and still do. Travel
is showing a slight increase, at least in the Swedish
and Norwegian markets; this is partly due to a rise
in traditional travel-agency services, but is also
partly driven by mobile ticketing solutions for local
transport such as bus and train tickets.
Home improvement sales seem to be increasing
across the Nordic markets. There is also an increase
in both Norway and Sweden in subscription
solutions for everything from groceries to online
pharmacies as well as streaming services for news,
books, music and other types of media.
For German merchants, particularly in segments
such as children’s accessories or home improvement,
the Nordic markets can be more attractive from a
pricing perspective because they do not suffer from
the same fierce competition as many other markets
in Central Europe. ➤
* http: //www.postnord.com/en/media/press-releases/postnord/2015/e-commerce-in-the-nordic-region-increasing-steadily-delivery-an-important-factor/
3
The line between offline and
online shopping is becoming
increasingly blurred: in all the
Nordic countries, customers
mix the two, researching
offline and purchasing
online, or vice versa. As a
result, being available in the
customer’s channel of choice,
with a seamless experience, is
crucial for any player wanting
to grow.
M-commerce, using
mobile phones or tablets, is
also growing rapidly. Figures
from arvato partner DIBS
show that, between 2012
and 2014, the proportion of
consumers making purchases
using their mobiles or tablets
increased from 18% to 32%
in Norway, from 19% to
33% in Denmark, and from
15% to 37% in Sweden. Total
m-commerce sales for these
three countries grew 53%
year-on-year in 2014. In our
own experience, Finland is
the one Nordic market where
mobile has yet to take off,
pending adaptation of sites
to mobile devices and mobile
wallets.
This report looks at
developments in the mobile
channel for the Netherlands
and Germany on Page 8.
m-commerce for the three Scandinavian
❝Total
countries grew 53% year-on-year in 2014 ❞
Delivery demands
Nordic consumers have come to expect short
delivery times, and set high standards for reliability.
There are however, as seen in other areas, some
differences between the countries, shown in the
PostNord e-commerce report.
The general standard is a delivery time of three
to five working days, accepted by 60% of Danish
consumers, 64% of Finnish consumers, 65% of
Norwegian consumers and 68% of Swedish
consumers.
Danish consumers have the highest expectations, and are prepared to wait on average only
3.3 business days between placing an online order
and delivery. One explanation for this could be the
relatively short distances compared with the other
Nordic markets.
Finnish consumers have the lowest expectations,
with an average of 4.9 working days.
Sweden comes in with an average expectation of 4.3 working days, although 40% expect
delivery within three. Norway is similar, with an
average expectation of 4.4 working days. One
third of consumers expect delivery within three
days, while 18% accept that delivery can take
longer than six days, possibly on account of the
geography.
4
Of course, these expectations vary depending
on the type of product being sold, where, and to
whom. As new types of retail expand online, in
areas such as groceries and pharmacy products, for example, consumer demands regarding
deliveries, handling of returns, payments and
overall omni-channel experiences will evolve
even further.
For merchants, the ability to offer differentiated
delivery times depending on consumer location
could be a way to differentiate themselves from
competitors.
Cross-border shopping in
search for bargains
Norwegians and Danes shop frequently from
international stores – not least from Swedish online
shops – mainly because price levels are lower, but
also thanks to a larger selection and products that
are not available in domestic stores.
The latter factor also applies to Finnish
consumers turning to Swedish web stores to find
a broader supply, although Finns also look to
Germany, the UK and the US for their international shopping.
In general, when Nordic consumers shop abroad,
they increasingly turn to stores based in the UK and
Germany, but also the US or even China.
Shopping within the EU is generally a smoother,
more transparent experience as consumers
are becoming more used to taxation rules, and
delivery and return policies as applied across
Europe. Although there is growth in purchases
from outside the EU, these incur additional costs
and charges: the purchaser becomes responsible
for compliance with import regulations, taxes and
declarations, making it harder to estimate the total
cost of purchase.
From this perspective, European merchants
will remain the more attractive option to US
or Chinese competitors selling the same or
equivalent goods.
White-label or branded
payment solution?
A branded payment option appears less important
when Nordic merchants expand into other
European markets: while Nordic consumers are
used to strong brands, German consumers and
merchants, for example, do not value the benefits
as highly. This means that white-label payment options should be considered when entering Germany,
Austria or the UK, for example. ➤
danmark
PAYMENT METHOD RELEVANCE: TOP PAYMENT METHODS
finland
danmark
Definition of relevance: Market share and usage of payment methods Source: arvato metastudy 2014
danmark
Credit &
norway
germany cards
debit
germany
danmark
norway
sweden
norway
finland
germany
finland
finland
uk
sweden
Open
invoice
danmark
nederländerna
Finland
Norway
danmark
Credit & debit
cards
Online bank
transfer
Credit & debit
cards
Open invoice
finland
nederlän-
derna
uk
Online
bank transfer
germany
nederländerna
sweden
germany
PayPal
norway
uk
Online bank
transfer
COD
sweden
PayPal
norway
nederländerna
PayPal
COD
sweden
COD
uk
Micropayments
Degree of complexity
PAYMENT MATRIX
Cost /complexity
“evaluate trade-off”
IC+: 0.2-0.9%
Total: 0-6%: invoice is in most cases
directly financed by third-party provider,
fee & revenues depending on various variables: instalments, industry, volume etc.
“keep a close eye on”
PayPal
COD
Online
bank transfer
finland
norway
Open invoice
uk
sweden
germany
sweden:
PAYMENT COMPLEXITIES & COST
uk
Online bank transfer fee: around 2%,
automated and smooth process, less risky
“nice to have”
Open invoice
“must haves & easy to handle”
PayPal fee: 3-4%
Credit &
debit cards
Almost no fraud, but greater manual
handling and reconciliation efforts, esp. in
case of refunds
nederländerna
Relevance
nederländerna
finland
finland:
PAYMENT COMPLEXITIES & COST
Degree of complexity
danmark
PAYMENT MATRIX
Cost /complexity
“evaluate trade-off”
“keep a close eye on”
danmark
finland
norway
Credit
&
finland
debit cards
germany
norway
IC+: 0.2-0.9%
COD
sweden
germany
uk
nederländanmark
derna
Online
finland
bank transfer
germany
Sweden
norway
danmark
uk
Total: 0-6%: invoice is in most cases
directly financed by third-party provider,
fee & revenues depending on various variables: instalments, industry, volume etc.
Credit &
debit cards
“nice to have”
“must haves & easy to
handle”
Open invoice
nederlänPayPal
derna
finland
PayPal fee: 3-4%
uk
danmark
Online bank
transfer
Online bank
transfer
sweden
germany
nederländerna
finland
PayPal
uk
norway
Open invoice
germany
COD
COD
PayPal
Online
bank transfer
sweden
norway
Open invoice
Credit & debit
cards
Open
sweden
invoice
germany
Credit & debit
cards
Denmark
Online bank transfer fee: around 2%,
automated and smooth process, less risky
norway
finland
sweden
PayPal
danmark
sweden
denmark
norway
uk
5
sweden
nederländerna
uk
nederländerna
COD
Almost no fraud, but greater manual
handling and reconciliation efforts, esp. in
case of refunds
Relevance
danmark
finland
danmark
danmark
germany
norway:
PAYMENT COMPLEXITIES & COST
Degree of complexity
PAYMENT MATRIX
Cost /complexity
“keep a close eye on”
“evaluate trade-off”
finland
finland
Credit &
norway
debit cards
germany
IC+: 0.7-1.6%
germany
danmark
sweden
sweden
uk
norway
finland
nederländerna
danmark
Open
invoice
uk
sweden
germany
nederländerna
finland
norway
PayPal
COD
norway
uk
Online
bank transfer
germany
Total: 0-6%: invoice is in most cases
directly financed by third-party provider,
fee & revenues depending on various variables: instalments, industry, volume etc.
Online bank transfer fee: around 2%,
automated and smooth process, less risky
Online
bank transfer
“nice to have”
Open invoice
Credit &
debit cards
“must haves & easy to
handle”
nederländerna
sweden
PayPal
norway
PayPal fee: 3-4%
uk
COD
sweden
nederländerna
uk
Almost no fraud, but greater manual
handling and reconciliation efforts, esp. in
case of refunds
Relevance
nederländerna
DENMARK:
PAYMENT COMPLEXITIES & COST
Degree of complexity
danmark
PAYMENT MATRIX
Cost /complexity
“evaluate trade-off”
“keep a close eye on”
finland
Credit
&
danmark
debit cards
germany
norway
sweden
uk
IC+: 0.3-0.75%
COD
finland
Online
bank transfer
danmark
germany
nederländerna
finland
danmark
Open
norway
invoice
germany
sweden
finland
PayPal
Online bank transfer fee: around 2%,
automated and smooth process, less risky
Total: 0-6%: invoice is in most cases
directly financed by third-party provider,
fee & revenues depending on various variables: instalments, industry, volume etc.
Open invoice
“nice to have”
Online
bank transfer
“must haves & easy to handle”
Credit &
debit cards
norway
uk
germany
danmark
COD
sweden
nederländerna
norway
finland
Almost no fraud, but greater manual
handling and reconciliation efforts, esp. in
case of refunds
uk
sweden
germany
PayPal
PayPal fee: 3-4%
nederländerna
uk
Relevance
norway
nederländerna
sweden
uk
6
Free returns have historically been required
❝
by law, and consumers are used to being able to
return goods free of charge ❞
Heading south
Companies that have successfully established themselves in their Nordic neighbours soon start to eye the even richer markets in continental Europe. The first
markets often include the Netherlands, which have a similar shopping profile to the Nordics, and Germany, the richest in Europe. The United Kingdom is also
an attractive market to enter, but it brings numerous challenges that can introduce additional risk for new players.
Germany
Mobile
Mobile commerce is also
growing rapidly in markets
outside the Nordic region.
A report by the Centre for
Retail Research in January
2015, cited by RetailMeNot
and Ecommerce News, put
m-commerce in Germany at
16.7% of online purchases in
2014, with the figure forecast
to rise to 27.5% in 2015. The
Netherlands figure was 8.4%,
set to rise to 12.3% in 2015,
while the United Kingdom, already at 18.7% in 2014, looks
set to reach 28.5% mobile
during 2015.
Germany is the largest online retail market on the
continent, and the second-largest in Europe after
the United Kingdom. Just under half of Germany’s
61.4 million online shoppers buy from foreign
sites, creating tremendous potential for companies
entering the German market. Famously risk-averse,
Germans have a strong preference for open-invoice
solutions, bank transfers and PayPal at the expense
of card payments. Just over a quarter of the population has credit cards, and while many more people
have debit cards, these cannot be used for e-commerce. Average annual online spend is EUR 1,160.
PayPal is the most popular form of payment, despite relatively high transaction costs. Open invoice
comes in a close second place, especially in product
categories with high return rates and purchase
prices, such as electronics and fashion. Merchants
work with both white-label and branded invoicing
and factoring partners.
There is no public address register, and fraud
attempts are consequently an everyday hazard for
all German merchants.
The high return rates, the highest in Europe, are
a major reason for the popularity of invoice payments. Free returns have historically been required
by law and the German consumer is used to being
able to return goods free of charge. Despite new EU
legislation, few if any merchants dare to challenge
the status quo and charge for returns. Any Nordic
merchants entering the German market should
therefore be prepared for the additional cost and
logistics connected with handling returns.
The popularity of invoice payments – and the
fraud risk stemming from the lack of a public
7
address register – makes it important to have suitable credit and risk management solutions in place.
An estimated 95% of customers in Germany
have bank accounts, so they have easy access to
bank transfers. As a result, bank transfers are an
essential payment method for the German market.
Netherlands
The Netherlands have a developed e-commerce
market with high levels of internet penetration.
Dutch online shoppers buy goods and services from
more than 22,000 web shops, spending an
average of EUR 1,000 per year online. The use of
mobile phones and tablets for shopping is growing
rapidly, as in the Nordic countries.
Dutch shoppers demand free delivery and
returns. iDEAL, a native real-time local payment
system run by Dutch banks, is by far the most
popular payment method, accounting for around
70% of transactions. Open invoice, direct debit and
PayPal are the top secondary choices.
Open invoice is growing in popularity among
Dutch shoppers, allowing them to pay after delivery.
As in many markets, special local circumstances
make it important to have an informed local
partner for cross-border commerce. Attempts to
conquer the Netherlands with just card payments,
for example, would be unlikely to succeed. Any
payment partner would need to support both iDEAL
and open invoice.
United Kingdom
The UK is a challenge for online retailers. The largest
e-commerce market in Europe is an attractive
destination for Nordic companies looking to
expand. The British have been early to adopt mobile
e-commerce (m-commerce), and are enthusiastic
cross-border shoppers. They are the most active online shoppers in Europe: 52.7 million of them spent
an average of EUR 2,412 online in 2014. Even food
shopping is shifting online, with 27% of consumers
buying food online last year.
The tricky thing is fraud, which at 1.2% is double
the global average and a massive 12 times the level
in Finland and Denmark.
One major factor here is the stricter protection
of consumer credit information. There is insufficient
information on which to base an accurate credit
score and validate a consumer’s credit history. As
a result, it is difficult for companies to offer open
invoice.
Without open invoice, and with low levels of
direct debit and online banking, the UK is heavily reliant on card transactions: 76% of online purchases
in 2014 were card-based, and there is an average of
2.4 cards per capita. Card security is as tough as it
can be: there is strong issuer support for 3-D Secure,
and the UK is the only European country where
Address Verification Service (AVS) is supported by
Visa and MasterCard issuers.
But card security can only do so much, especially
in card-not-present (CNP) transactions, where the
merchant cannot physically examine the shopper’s
card. CNP fraud represents 67% of total fraud, and
is a major risk.
Payment-after-delivery options will most likely
grow in attractiveness in the UK market, as they
are in many other European markets, although
changing historical payment habits may still take
some time. ➤
PAYMENT METHOD RELEVANCE: TOP PAYMENT METHODS
danmark
Definition of relevance: Market share and usage of payment methods Source: arvato metastudy 2014
danmark
finland
germany:
PAYMENT COMPLEXITIES & COST
Degree of complexity
PAYMENT MATRIX
Cost /complexity
“keep a close eye on”
“evaluate trade-off”
finland
danmark
PayPal
germany
germany
norway
finland
sweden
sweden
nederländerna
finland
PayPal
Direct
debit
sweden
germany
nederländerna
danmark
Direct debit
norway
Credit
uk
germany
Credit card
finland
danmark
germany
finland
Prepayment
Online bank
transfer
uk
sweden
COD
nederländerna
norway
danmark
germany
COD
uk
sweden
finland
nederländerna
norway
Prepayment
finland
sweden
nederländerna
norway
sweden
danmark
norway
germany
danmark
Netherlands
finland
iDEAL
sweden
uk
germany
Almost no fraud, smooth and automated
process, but high manual efforts in case
of refunds
Relevance
Cheap payment method, but high order
cancellation risk
netherlands:
PAYMENT COMPLEXITIES & COST
danmark
derna
uk
sweden
sweden
uk
Credit
& debit
nederländerna
cards
norway
uk
sweden
nederländerna
germany
finland
iDEAL
nederlän-
norway
finland
germany
Open invoice
norway
uk
PayPal
sweden
norway
nederländerna
Direct debit
uk
sweden
nederländerna
uk
nederländerna
8
iDEAL fee: ca. EUR 0.2-0.4, highly automated
and smooth process, almost no fraud
PAYMENT MATRIX
Cost /complexity
PayPal
COD
“keep a close eye on”
“evaluate trade-off”
PayPal
COD
Visa/MasterCard: IC+ 0.65-1.2%, average
processing and risk management efforts
nederländerna
(Klarna, Afterpay),
Direct debit
Degree of complexity
sweden
germany
norway
danmark
germany
COD
Online bank
transfer
Sofortüberweisung and Giropay fee: approx. 1%,
highly automated and smooth process
norway
danmark
finland
Netherlands
Visa/MasterCard: 1-2%, high risk mngt. costs due to
low acceptance of 3DS
“must haves & easy to
handle”
germany
finland
Open invoice
“nice to have”
finland
nederländerna
nederländerna
(Klarna, Afterpay)
0.5-3% in total: high credit/risk management &
collection costs due to chargeback risk
danmark
uk
uk
Credit & debit
cards
Direct debit Open invoice
Pre-payment
danmark
uk
germany
COD
nederländerna
sweden
norway
Online bank
transfer
0.5-3% in total: almost no processing fee, but higher
credit/risk management efforts as well as reconciliation and collection efforts
uk
finland
Germany
PayPal
norway
danmark
Open invoice
Credit card
norway
Open
invoice
germany
danmark
uk
Germany
PayPal fee: ca. 2%, high risk mngt. efforts and process
costs
0-3.5% in total: invoice is in most cases directly
financed by third-party providers such as
AfterPay and Klarna
Direct debit
“nice to have”
Open
invoice
Credit &
debit cards
“must haves & easy to
handle”
0.5-3% in total: high credit/risk management
costs & collection costs due to chargeback risk,
smooth reconciliation
iDEAL
PayPal fee: 3-4%
Almost no fraud, smooth and automated process, but high manual efforts in case of refunds
Relevance
PAYMENT METHOD RELEVANCE: TOP PAYMENT METHODS
Conclusion:
Market understanding, right payment methods essential
Definition Relevance: Market share and usage of payment methods Source: arvato metastudy 2014
Online and mobile shopping are revolutionising
the retail sector, providing an avenue into new
national markets for retailers looking to expand
internationally. But varying consumer expectations and behaviour, regulatory frameworks and
market conditions make it essential that retailers
understand and adapt to their export markets.
■
United Kingdom
Credit & debit
cards
PayPal
Other Wallets
(Amazon, Skrill)
Smart companies are looking for ways to
understand their target markets and provide the
e-commerce sites and payment solutions their
potential new customers want.
■
The right payment solutions, alongside market
and business intelligence, can give merchants
the edge as they expand into international
markets.
■
COD
Direct debit
United Kingdom
Paysafecard
Pauline Hermansson has been
a member of the Nordic Management Team since January 2015, in
her role as Head of Strategy and
Innovation in the Nordics. Born
in 1975, Pauline holds a degree
of Master of Science in Business
and Economics from Halmstad
University, specializing in Strategic
Development & Change.
Since joining the group in
2005, Pauline has held different
positions within the areas of Product and Business Development in
the Swedish market organization
and Nordic cross-border collaboration projects.
danmark
finland
germany
danmark
norway
united kingdom:
PAYMENT COMPLEXITIES & COST
finland
danmark
danmark
sweden
Degree of complexity
germany
danmark
Credit &
uk
debit cards
norway
norway
germany
sweden
nederländerna
finland
sweden
uk
norway
nederländanmark
derna
germany
uk
PayPal
sweden
finland
nederländerna
norway
danmark
uk
germany
Other wallets
(Amazon, Skrill),
sweden
finland
nederländerna
norway
uk
sweden
nederländerna
“evaluate trade-off”
“keep a close eye on”
Credit &
debit cards
Paysafecard
finland
germany
finland
PAYMENT MATRIX
Cost /complexity
IC+: around 0.9-1.7%, high risk mngt. efforts
despite of high acceptance of 3DS, highest
fraud rates within Europe, efforts for manual
handling (order review, disputes etc.)
PayPal fee: 3-4%, higher risk mngt costs and
fraud rates
Fees: 1.5-4%: high risk mngt costs and fraud
rates
COD
Almost no fraud, but higher manual handlings
and reconciliation efforts, esp. in case of
refunds
Direct debit
High credit/risk mngt. costs & collection costs
due to chargeback risk, smooth reconciliation
Paysafecard
Paysafecard fees: 8-20% safe
germany
Other
wallets
PayPal
Direct debit
COD
“nice to have”
“must haves & easy to handle”
norway
uk
sweden
nederländerna
uk
nederländerna
Relevance
Sources: arvato metastudy 2014 • E-commerce Europe 2014 • About Payments 2015 • Nordic e-commerce 2014, DIBS • E-commerce in the Nordics 2015,
PostNord • E-commerce News
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arvato Financial Solutions
arvato Financial Solutions is a global financial service provider and a division of Bertelsmann SE & Co. KGaA as a subsidiary of arvato AG. The company has
around 7,000 employees in 22 countries, including a strong presence in Europe, America and Asia. arvato Financial Solutions is synonymous with professional
outsourcing services (Finance BPO) centering on cash flow in all phases of the customer lifecycle – from risk management and invoicing to debtor management,
the sale of receivables and debt collection. We manage around 10,000 customers making us Europe’s third largest integrated financial service provider.
Your one stop shop for financial services.
Sitrus Agency: Sitrus Agency is redefining content, creating and maintaining sustainable content ecosystems that go beyond the old limitations of owned, earned and paid channels. With more than 200
professionals in five countries creating value for businesses and organisations across the Nordic region, we are part of Nordic Morning, the largest communications group in northern Europe.
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