How advance payment technologies are changing the course of ecommerce

Online payment and ecommerce has reshaped the business landscape significantly. The international ecommerce market is expected to grow at a Compound Annual Growth Rate (CGAR) of over 16% during the forecast period (Technavio’s latest report). The ecommerce payment market is getting popular worldwide due to the rise in the number of smartphone users with 3G and 4G subscriptions. The world’s leading vendors and merchandisers are now partnering with banking and non-banking institutes to integrate online and offline channels and to provide the premium opportunity of online shopping to their valued customers. The vendors are now making investments to provide secure ways of online transaction, to provide a better customer experience and build trust and compatibility to their customers.

Some of the top vendors in the global ecommerce payment market are:

Impact of tech-savvy customers

The impact of tech-savvy customers on the ecommerce world is not just stronger but faster than ever before. Now customers find online shopping a more convenient and easy way that helps with time management and saves them from the hustle and bustle of the market. There are millions of different options available for online customers without the hassle of leaving the house. Customers have access to a range of tools that help them surf over a variety of designs, gauge prices, find alternatives, locate stores, and receive online discounts.

With the latest technology, customers can keep track of their order and interact directly with online retailers. Since technology has changed the business-to-consumer transactions, new opportunities for both sides of the sphere are emerging.  Retailers are now well aware of the benefits of online business marketing and management. The advanced technology helps to build a stronger and compatible connection with consumers and aids in enhancing and building the image of the brand faster.

Consumers love the experience of faster delivery and lower prices

Convenience is the number one driving force towards the success of ecommerce websites. Customers find it convenient to sit at home comfortably in front of their computer screens and surf over millions of products, as such variety and display is not available in the traditional shopping system.

Mobile apps help to build stronger consumer/ retailer relationships

Online apps provide an opportunity to build a connection with consumers that goes beyond the boundaries of a brick and mortar business. Brands no longer have to wait for customers to walk into their shops or watch an advertisement to promote customer engagement.

Electronic payment technologies and ecommerce are reshaping the financial activity and lifestyle of consumers by:

  • Automating complex transactions for simplicity
  • Improving cash flow management
  • Creating smarter and safer ways for online payments
  • Broadening the access to financial resources
  • Increasing revenue in emerging markets
  • The development of new, smart financial products and services
  • Expanding the online market for banking and other financial services
  • Disruption of traditional business models

What will the future technology be for a faster and reliable business?

Four Proven Strategies for Increasing Your Conversion Rate On Ecommerce

Do you think you are doing your best to drive traffic to your ecommerce site?

Do you use an online marketing automation platform, such as Marketo, to help you increase your conversion rate?

You may have a good number of website visitors, but if you are not converting them into customers as best as possible, you are missing out on a lot of sales revenue. Minor tweaks and changes can make a big difference in how a visitor’s journey ends on your website.

In this blog, we will learn four effective ways to boost conversion rate, increase revenue and achieve goals.


Take Advantage of Abandoned Carts

How do you deal with abandoned carts? If you don’t have a strategy for abandoned carts then you are letting potential customers slip away. When a visitor adds products to their cart but doesn’t make the purchase, all they need is a little nudge. There could be many reasons for not checking out. They could have gotten distracted by something or they could have decided to visit other websites.

According to a shopping cart abandoned index published by Listrak, during the last six months of 2017, the abandonment rate was 77%. Hence, if you have an ecommerce site, chances are you will have many visitors not complete checkout, but if you act fast you can still make them convert. Online marketing automation platforms allow you to send personalized emails or automated email reminders to your visitors with an abandoned cart for customers to finish the purchase.

Click here to learn more about how your ecommerce site can benefit from an online marketing automation platform.


More Benefits, Fewer Features

Another effective way to increase your conversion rate is to change your content. The product or service description on your ecommerce website should always focus more on how your product or service will benefit the customer, help achieve their goals and provide value or create memories for a lifetime instead of only talking about its features.

Do you see how that would be better than a dry description of features? When finalizing what goes on your website, remember that people don’t but the product, they buy emotions and experiences.


Coupons for All

Everybody loves a good discount (I definitely do). According to Marketing Prof’s consumer psychology report, more than 50% of customers wouldn’t have purchased from an ecommerce website if they didn’t offer a discount.

Offering a coupon code is a great way to provide your customer a free value and it’s a proven way of increasing the conversion rate. You don’t always have to give out big discounts. Something as small as a 10% coupon is just as good as any other discount.


Make It As Easy As Possible

Your website visitors should be able to get to the checkout in approximately four clicks. This would usually include adding items to the cart, clicking checkout option, putting in information and placing the order. You should make sure your sales funnel is as lean as possible.

The three most important stops on your sales funnel are the product page, the cart and checkout. Keep checking these areas and jot down where there is room for improvement. Here are some ideas to improve:


Product page:

Include high-quality product images from different angles, be enticing with descriptions, make the “add to cart” button easy to find, and display the reviews and feedback your customers have given you.


Cart:

Line the items and make sure the totals and shipping costs are easy to see. To increase conversion and therefore to provide a better experience, you can provide editable field options such as coupon input, quantity, upsells and warranty policies.


Checkout:

The key fields of customer information you absolutely need to make the sale are the name, email, shipping address and payment method. Other than this, all the non-essential information and the setting up of an account should be optional for checkout. This is important because not every customer would want to create an account and you wouldn’t want to miss out on a sale.


Conclusion

Increasing the conversion rate of your ecommerce website is an ongoing process and requires continuous optimization of your store and trying new ideas. However, a digital enablement agency with an online marketing automation platform, can really help you increase and sustain a competitive edge for your ecommerce site.