MEMPHIS, TN: March 22, 2016. FedEx Trade Networks, the international forwarding arm of FedEx Corp., has re-launched e-trade facilitator Bongo International as FedEx CrossBorder.
FedEx purchased St. Petersburg-based Bongo International for US$42 million in December 2014 to enhance its portfolio of global e-commerce solutions. Bongo enables global consumers and businesses to purchase on-line using a U.S. address for delivery to more than 200 countries worldwide.
The company has developed e-commerce technology that includes duty and tax calculations; export compliance management; HS classification; currency conversions; international payment options inclusive of language translation; shopping cart management and fraud protection.
FedEx Trade Networks president and CEO James Muhs explained: "E-tailers ship their orders to one of our domestic locations, and FedEx CrossBorder gets the orders to the customers' international destinations.
"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," added 28-year FedEx veteran Charles 'Chip' Hull, vice president of CrossBorder.
FedEx says online buying behavior represents over US$1 trillion in sales and is forecast to nearly double within the next four years. Earlier this month, the company launched a grant contest in the UK to encourage small businesses expand internationally.
First rolled out in the U.S. in 2012 and extended to Hong Kong, Singapore and Brazil in 2015, the contest is also being held in Germany and France for small businesses with fewer than 100 employees that have been operating for two years or more.
"Small businesses are facing a number of challenges every day, whether sourcing finance, evolving market conditions or meeting the government's targets. We want to help these businesses flourish while encouraging entrepreneurial spirit," said Raj Subramaniam, executive vice president, Global Marketing and Communications, FedEx Services.
To register visit: http://uk.grant.fedex.com/