FedEx Trade Networks, the international freight forwarding arm of Memphis-based FedEx Corp., said today it has rebranded its international e-commerce operation, Bongo International, to FedEx CrossBorder.
FedEx CrossBorder, a subsidiary of FedEx Trade Networks, offers e-commerce technology solutions that enable e-tailers to navigate common cross-border selling challenges —such as regulatory compliance, secure payment processing, multicurrency pricing, or credit card fraud protection— and provides access to e-commerce shoppers around the globe, FedEx Trade Networks said in a statement. Annual sales of global e-commerce are estimated at about US$1 trillion.
"Customers are looking for ways to tap into e-commerce markets internationally, and FedEx CrossBorder helps provide that access," said James R. Muhs, president and CEO of FedEx Trade Networks, in the statement. "FedEx CrossBorder expands the FedEx portfolio, and provides e-tailers with opportunities to ship locally and grow internationally."
"Only about one-third of U.S.-based global e-commerce sites accept foreign currencies, and research tells us that customers are more likely to abandon shopping carts that only show U.S.-dollar pricing," said Chip Hull, vice president, FedEx CrossBorder, in the statement. FedEx CrossBorder's checkout and delivery system accepts more than 80 currencies, provides 15 payment options, manages multiple delivery options, and offers credit card fraud protection all through one platform, Hull said.
FedEx acquired privately held Bongo International in December 2014 for an undisclosed sum.