The eCommerce payment landscape is getting more and more vivid as days pass by. Present-day retailers need to recognize that the dramatic changes that are occurring day by day are providing real opportunities for them. Hence, retailers need to recognize that the payment scenario is not as traditional as it was before. They have moved on from the four routine options which were Visa, MasterCard, Amex, and Discover. For example, more and more customers are choosing PayPal as an option. This is also because PayPal offers an amazing suite of tools as well as services so that retailers can increase conversions.
Yet another amazing trend in the world of eCommerce payment options is the theme that is now commonly heard – make the transaction invisible. Many disruptive companies are making this happen today. Companies like Uber have challenged the classic taxi industry by making payment invisible. This takes place in the following manner. Once a customer has signed up for a taxi, and once they arrive, their card of choice is touchless charged, including tip. Yet another disruptor company, Level Up offers a simple app for people who can pay with their phone at the retailer’s POS by leveraging existing scanner technologies and integrating easily with POS systems.
Both these companies lean on mobile to turn their payment concepts into a reality. It does not seem that this trend will be changing anytime soon. In fact, according to a reputed researcher in the USA, mobile payments are expected to reach $ 90 billion in 2017. Further, it is expected that 40% of all mobile sales will be proximity payments by 2017.
Retailers are aware that people’s purchasing power changes and as such, they need to be ready to capitalize on that change. Since these changes will unfold over the next several years, it is important that these retailers stay in touch with their payment providers and ask them what payment capabilities they offer. Retailers do not need to look further than PayPal in order to understand how diverse the capabilities can be. For example, “PayPal” here lets, business charge credit cards by adding the swipe functionality to employee Smartphones and tablets.
Similarly, “Order Ahead” addresses one of the top desires of U.S. Consumers, which according to reputed research is the ability to pay online and pick up in-store. Also, “Beacon” allows for hands-free payments, which also promotes offers to users when the area is near a business they like. Solutions such as these are creating a unique experience for customers. However, the key to success in a global landscape for eCommerce payment options relies on these three key directives:
Many companies still need to understand how a customer expects to make a transaction, so that the process becomes easier. For example, a company which needs to place its sales officers in locations where there is no internet access, needs an offline order process that can easily integrate with complex as well as deep data sets, which then place a larger picture of their needs. The way forward is to empower field representatives with this data, which allows them to provide the right products when they are needed most.
The way forward is to continually test and optimize the performance. Even if you make the smallest change to your eCommerce site, you should bear in mind that this could affect conversions. This factor plays itself out while making payment decisions. For example, you could add a “Pay with PayPal” button on a product page, which will save the shoppers significant time and will also help them in actually completing their purchase.
A great deal of diversity exists between the preferred payment methods across various countries. It is for your benefit to understand the differences in local markets to order conversion rates. For example, shoppers in the UK are allowed to use their debit cards, but in Germany, debit cards cannot be used to make payments. If you go ahead and leap into these markets, you might commit a critical error for online retailers. Hence, it is wise to study the unique points in these countries and truly understand what makes each country unique.
To summarize, you will need to understand that as the payment landscape continues to grow and change direction, you need to ask payment providers what services they have and keep in regular touch with them as they continue to release new offerings all the time. Hence, it is very important to understand that you need to constantly learn and adapt to increase your conversion rates.
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Minal Joshi is a content marketer at Krish with a flair for eCommerce and Digital Commerce aspects. She is a MarTech fanatic with a knack of writing with which, she helps brands to curate, create, & commence digital brand positioning. Sharing insights via articles, case studies, eBooks, Infographics, and other forms of content creation is what she lives for. Being an ardent traveler, when not writing, you'll find her sipping coffee into the mountains or petting a stray.
21 December, 2022 After WooCommerce, Shopify is the 2nd most loved and used eCommerce platform worldwide. Shopify is an entirely feature-rich eCommerce platform. It offers many drag-and-drop options, and its apps work tremendously for store owners. In addition, Shopify is easy to use as it doesn't require depth coding.
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