Whether you are just starting out in e-commerce or are well established, it may be time to think outside the box with how you do business. Reviewing the payment options that you offer to your customers as they are a key factor to your success. Your customers want a quick and transparent transaction, and it works both ways. By giving your customers a clear and direct way to do business with you, you receive payment faster and keep your cash flow running smoothly.
Did you ever stop to think about your customers’ payment preferences? Or how you could make the payment process more convenient for them? According to recent studies, consumers continue to prefer debit transactions for everyday transactions, such as groceries and discount store purchases. When it comes to higher cost transactions such as department and designer store purchases, they prefer to use credit. The study also showed that more consumers are opting to use their smartphone to make online purchases.
The Changing Habits of Consumers
According to recent studies, 2017 will mark a significant milestone in the world of ecommerce. More than half of online consumers using their smartphone to purchase goods and services. Small businesses who don’t update their payment methods and make their website smartphone-friendly could experience many more abandoned baskets and lost sales as a result.
The trick in winning more business and opening up those revenue streams is to make payment as simple as possible. The simpler the process encourages those spontaneous purchases and return visits. When customers experience a smooth transaction with you, they are more likely to come back for more.
The Convenience Factor
Long checkout process, surprise shipping charges and a lack of convenient payment options could all be driving customers away. To maximize conversions, it is important to make the checkout and payment process as simple, seamless and secure as possible. The consumer shouldn’t need to think about or have any concerns about the process. A convenient and comfortable method of payment will result in more sales and less abandoned baskets.
Capitalizing on a blend of the latest payment technology, such as accepting credit cards online or taking direct debit payments, you can offer your customers convenience and peace of mind. By taking this one step further by ensuring your website is mobile friendly. This will allow you to capture those consumers who want to do business with you on the move.
Think Outside The Box: Leverage Your Existing Audience
If your company or business has an established audience, you can use this brand equity to leverage further sales. How do you do this? By building in value to your customer database. You can do this by special and secret offers only available to those that have signed up. Create secret sales on your eCommerce website that are only accessible via a specific link directly emailed to your database. This not only demonstrates value of being signed up to your mailing list, but also presents the opportunity for your customers to share with family and friends. This extends your reach to people that you might not have directly communicated too.
If your sale offering is strong and time sensitive, it could have potential to go viral on social media. Coupled with convenient payment options it opens the door further to spontaneous purchases. Rather than spending on advertising to get noticed within the marketplace, you can turn your existing audience into the promoters of your sale at very little cost.
Value is not only in the price but in the terms. Does your product require further purchases for maintenance? It may be worth looking at a subscription based product to couple with your hero lines on a recurring basis. Offering multi-buy or bundle buy discounts are also a tried and true method to increase your average item amount per transaction. Adding value to the customer by utilizing sales terms and conditions will also assist lifting your bottom line.
Review Your Existing Payment Model and Options
If you have been trading for years but haven’t reviewed how you receive payments during that time, it could be the perfect moment to do so. Consumers and businesses have never had it so good when it comes to payment technology, and the good news is that most payment options can be integrated quickly and easily with your website.
From building a subscription payment model into your offering to adding one-click payment options into your mobile website, there are many ways you can tap into payment innovation to bring in more revenue and drive repeat business. Your success rests on addressing what your customers want and expect from your website and how easy it is for them to interact and do business with you. Get this right and you instantly make running a business online easier and more profitable.
Speak to our experts today to find out more about our payment solutions and how you can make the most of the latest in payment technology.