There are many factors that accounts to the success of an ecommerce site, but it is predominantly depended on the sales of the products. As the most important index on the performance of an ecommerce site, entrepreneurs and online business have been struggling to increase the sales of their site accordingly.
Badly design pages, unclear product details or even asking too much of the customer’s personal information are among the top reasons why customers decide not to shop in the site. However, even the most experienced ecommerce site has undermined one factor, the payment process.
According to recent research, more than half of online customers abandoned an online site because of ineffective payment process. Without an effective payment process, you may end up giving up your potential customers to your competitor.
Giving Payment Options Is Critical
The Internet has brought up new ways to pay online and the growth of digitalization has provided new alternatives to pay for customers. With the current advancement in technology, customers not only want to have varieties in the product, but also the way they pay.
The technology has introduced card free method to process a transaction such as simple checkout, which is convenient for online customers. Simple checkout technology has been implemented for returning customers to process transactions without the presence of any card. The technology provides a way to securely save card details in a secure locket and use it once customers need it.
Another card-free method is the implementation of cash payment for online purchase, which allows potential customers that have issue with their credit card to still be able to buy from your store.
Imagine that a potential customer comes into your online store watch and decided to buy a mint watch worth thousand of dollars. However, he or she did not have their credit card in that exact moment. He or she may buy the same watch from your competitor that can provide cash alternative.
Cultural Barriers
The development of ecommerce site possesses a lot of scaling opportunities unlike the location of a physical store. It goes beyond the regions, countries and even languages. Thus, your marketing strategies and business decisions should scale with the potential of your online business.
The credit card has been the most preferred method of payment (taking into account the whole world), but it may not be the preferred payment method on the region of your target market.
A potential customer from your neighboring country may come to your ecommerce site and decided to buy one of the products from your shelves. However, he or she didn’t notice the familiar payment method and ultimately moves to another site to buy the product.
In this scenario, you have gone through all the rough process of making your website noticeable in the search engine, presenting your site in such manner to attract the customers, adjusting the price to be attainable by your target market, but ended up losing the sale.
How Horrific!
Having a great site and product does not imply success. As explained above, without an effective payment process, you simply are undermining the effort made to create a great product and site. You are simply throwing your customers to your competitors’ face.
Improving a payment process may sound complicated and time consuming, but you can follow the simple advises from the content above to increase your sales and maximize your business potential.
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