The collaboration announcement comes as VTEX aims to further expand into Latin America and into new markets across Asia Pacific, North America, and Europe. As it hopes to address the changing dynamic of global retail business, VTEX is looking for ways to enable its premier client brands and retailers to sell in a more fast an effective manner.
As detailed in the press release, the partnership between the two companies is already available for VTEX’s customers all over the world, with retailers and brands being enabled to leverage Nuvei’s advanced acceptance rate optimisation capabilities, seamless onboarding, and a fully customised approach in order to accelerate their revenues.
Being a global enterprise-grade digital commerce and marketplace platform, VTEX has over 2,400 customers and more than 3,200 online stores in 38 countries, working with blue-chip clients of the likes of Sony, AbInbev, L’Oréal, Carrefour, Mazda, Motorola, Black & Decker, Levi’s, and Whirlpool.
VTEX selected Nuvei as its partner due to its depth of expertise of local payment technology in key markets of the likes of Brazil, Mexico, Colombia, Singapore, and Hong Kong, combined with the breadth of its cross-border payment capabilities that include access to over 580 alternative payment methods in more than 200 markets.
VTEX company representatives advised that a majority of companies nowadays force brands to choose between customisation and agility, however the company aims to take a different approach and deliver ‘unprecedented time-to-revenue’ with an extensive set of capabilities. Having this goal at its basis, the partnership is strategic, as Nuvei had an understanding of VTEX’s clients needs and showcased how to have payments technology customised at speed with scale.
When commenting on the collaboration, Nuvei officials added that they help businesses grow and connect with their customers and, as VTEX is a global technology company that values collaboration and innovation, they are looking forward towards supporting it further amid its global expansion.
Furthermore, Jacqueline Ulrich, SVP, Commercial Partnerships at Nuvei commented for The Paypers on the reasons for partnering stating that the two companies have similar philosophies when it comes to agility and scale. Superior user experience and optimised performance are what are thought to help gain customers and revenue growth, however neither of these can be achieved without easily integrating customisable technology solutions. Having a customisable payments technology suite, Nuvei enabled VTEX to provide to its customers an enhanced level of flexibility to tailor their payments function according to their speed and scale needs. As customisation is also dependent on having access to payments data when making decisions for the improvement of performance, Nuvei helps do that through its control panel for data visualisation.
Additionally, as Nuvei has a global reach and knowledge of payment landscapes in markets that have specific regional preferences of the likes of Latin America, VTEX customers can leverage payments to tap into new markets and cross-border ecommerce to accelerate growth. As per the quote provided by Nuvei, ecommerce markets in LATAM are rapidly expanding, with ecommerce growth in Brazil expected to be at 20% on a yearly basis between 2022-2026, and in Mexico at 32% during the same period. Cross-border ecommerce is believed to become an important role in said growth and as such, payments are thought to be critical when talking about success in the region.
VTEX aims to help businesses grow by offering a complete commerce, marketplace, and OMS solution, enabling global companies to build, manage, and deliver native and advanced B2B, B2C, and marketplace commerce experiences.
Nuvei hopes to help clients around the world accelerate their business, its modular, flexible, and scalable technology enabling companies to accept next-generation payments, offer all payment options and benefit from services for card issuing, banking, risk, and fraud management.
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