Online marketplace Joom has partnered with Worldline by implementing its Russian Payments Solution. Retailers and customers in Russia will now have more payment options. In doing so, Joom wants to solidify its position in the Russian market.
Latvian online marketplace Joom was founded in 2016 and since then sells mostly Chinese-made and low-priced products. It has a focus on Europe, with Russia making up 45 percent of its gross merchandise value.
‘Russia makes up 45% of Joom’s gross merchandise value.’
In a press release, Worldline and Joom announce their partnership. Worldline is a payments service provider. In 2018, it created the Russian Payments Solution, a suite of products based on local payment preferences.
‘Russia is a key market’
Joom wants to solidify its position in Russia. By adding payment options that are well-known to Russian shoppers and retailers, the platform will become more comfortable for its users. Customers can choose a payment method that suits them, improving checkout conversion rates, customer engagement and loyalty.
‘Russia is a key market for us with 144 million potential customers.’
“Russia is a key market for us with 144 million potential customers”, Joom Co-fouder and CMO Yuri Ivanov said. “Working with Worldline made what could have potentially been a difficult process extremely easy, and we are confident that we will be able to thrive in a new marketplace.”
Raymond Cui, Head of Marketplaces at Worldline’s Digital Commerce division, said: “Joom has a fascinating and unique business model. Russia can be a challenging market to enter, but Worldline has made it a priority to allow our clients to smoothly transition into this high growth market, and we are thrilled with our collaboration with Joom.”
Wordline acquires Eurobank Merchant Acquiring
Joom has also recently launched its new service Joom Logistics in Europe and Southern Korea. This addition to its hubs in China and Turkey allows sellers to enter new markets, while maintaining attractive pricing.
Worldline itself is also planning to branch out into the south of Europe, as well as Greece. Earlier this week, it announced the acquisition of Eurobank Merchant Acquiring, which operates across Greece and has a 20 percent market share of the Greek acquisition market.