You don’t get into cars with random strangers, asking them to drive you home, do you? You will make a simple taxi order over the app and wait for a trusted driver. The same is basically happening in the modern market — in response to the latest and more advanced technologies, the flow of customers’ lives and their expectations have drastically changed.
To keep up with the modern requirements of end users, more and more brands are relocating their companies to the online medium. According to statistics, e-commerce payment processing will only improve in the future, increasing eCommerce sales to more than six trillion US dollars by 2024. On the contrary, the “closed doors” rate among virtual establishments is still superb — around eighty percent.
If you don’t want to join those unsuccessful merchants, it is a must to understand how to highlight your business identity and establish reliable and transparent bonds with target audiences. One of the most prevailing and successful strategies is to level up your digital payment methods for ecommerce.
How to Drive Retail Forward with Better Payments
Whether you rely on online payment processing services like Solidgate.com or will reorganize your approach independently, it is crucial not to omit the insights of your shopping experiences and simply project what real consumers desire. In order to secure your business development, the following tactics will suit you the best.
Make Payment Preferences a Priority
Modern buyers know for sure what and how they want to shop online. If they don’t find the right solution here and now, it literally takes a twinkle of the eye to leave the website and abandon the cart. According to over fifty percent of regular users of online shopping services, the absence of the appropriate or favorite payment methods has irreversibly deterred them from visiting a website again.
Is it possible to choose which financial tools are the most beneficial for your brand? It is better to change your approach in this case. Pay attention to your and your customer base’s location and what payment methods are widespread there. The variety and accessibility of particular monetary transaction engines will obviously differ for customers in the US and Europe. Evidence shows that Americans prefer more credit and debit card payments (seventy-five percent of all transactions) than the Asian market. In countries like Thailand and China, the impact of digital wallets can’t be denied. Consider such small nuances to adjust your online selling page to new expectations.
Avoid Complexity and Uncertainty
Take into account the main reasons for abandoning the site and the cart — not only the lack of payment methods’ variety matters. If your shopping process is nerve-wracking and requires a lot of auxiliary means to proceed, customers will simply leave for another marketplace.
Technical reasons that lead to false declines are dangerous for your sales rates as well. Almost forty percent of customers will refuse to get another trial and just prefer a more efficient rival otherwise. Related losses are more than just huge. For instance, more than twenty billion US dollars were “wasted” and never received due to similar rejections in the USA, France, and the UK markets in 2019.
Here are a few more aspects to consider:
- If the payment page is extremely different from the overall design, the shopping process will most likely be abandoned.
- If your site doesn’t allow customers to place an order as guest users, you will also experience eCommerce losses.
- If you sell products for consumers from Canada or other multilingual nations and don’t include a few interface modes, it will also decrease your sales rates. For example, almost eighty percent of Japanese customers wouldn’t proceed with the order if the information provided wasn’t fully in Japanese.
- It is also a good idea to take advantage of contactless payment to avoid any potential issues and inconveniences.
How to Find the Best Payment Solution for Business
Without a doubt, understanding your company’s needs will be the first challenge to cope with. Consider what connections with partners and target audiences are established, what markets are occupied and will be entered in the future, and so on. If you desire to stay on the safe side and remain as flexible and versatile as possible, it is high time to get acquainted with the services of Solidgate.
Any internet store or organization can access this payment solution for business. The tool’s integration into your business is smooth and based on a unified API. With worldwide coverage and a huge variety of transaction options, interested parties can deliver all-inclusive services and attract customers from related and non-related niches. On the Solidgate website, users will obtain comprehensive data about the cash flow and useful insights for the involved monetary transfers, their duration, fees, processors, and so on.
The introduction of Solidgate tools will change your financial relationships within the company between departments and with third-party organizations for the better:
- unlimited access to local cards, APMs, digital wallets, etc.;
- a wide suite of currencies and exchange tools (more than one hundred fifty currencies);
- prompt and optimized payment tools, which are based on innovative security and performance technologies;
- the ability to boost your revenue;
- access to the financial analytics of your business
Solidgate will provide a demo version upon request if you have any questions to solve immediately. Besides, enthusiasts are welcome to check the platform in more detail — there are extra resources, the blog section, and other useful information sources to be aware of.
Wrap It Up
Your journey in the e-commerce market requires much effort and knowledge to keep your business affairs as adaptable and versatile as possible. Apart from considering baseline features, getting an all-in-one solution for your needs and manipulating financial relationships smoothly without losing customer loyalty is a good idea. Consumers expect fast and hassle-free decisions, and Solidgate is definitely on the list of lifesaving tools. With its demo version, finding out how beneficial this product is for your business growth and other objectives is not a problem.
Undoubtedly, using the right software has to be accompanied by a multifunctional and suitable business strategy. Following the pieces of advice above, you will not simply survive in highly competitive markets but will be enabled to lead its trends and set your own rules of the game.