The European Commission (EC) recently revealed plans for regulatory reform that aim to increase EU member states’ economies by £308bn a year by stimulating cross-border ecommerce. Monica Eaton-Cardone, CIO and co-founder of chargeback fraud recovery company Global Risk Technologies™, highlights the potential impact of these changes and the increased exposure to fraud and chargeback risk that merchants must prepare for by the end of 2016.
The EC has announced 16 proposals, which it aims to implement in the next 18 months, to try to eliminate barriers to online trade across Europe. From more affordable parcel delivery, to ending location-limited services, the proposals will encourage more accessible cross-border ecommerce. Current figures show that only 15% of people shop online from another EU country, which the EC plans to change with reformed regulations in a bid to move from 28 national markets into a more streamlined single digital economy called the ‘Digital Single Market’.
The proposals are good news for digital retailers in the European Union and will promote a more positive environment for ecommerce trade on the continent.
Not only will the ecommerce market across Europe benefit from an increase in trade volume, but the new proposals could also promote increased online spending. In the UK alone, online retail sales are predicted to reach £53.25bn in 2015 as ecommerce continues to boom. Unfortunately, as the opportunities and money within the market grow, so too does the attractiveness for fraudsters.
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