The online retail experience has never been closer to the department store experience than it is today. E-commerce capabilities offer the full Monty, far as shopping goes, and websites are loaded with information and interactive ways customers can get to know the products. But, all e-tailers know there’s something that can turn away an online customer: limited payment technology.
The report, The Big Ticket: What’s Stopping Shoppers? expounds on this sale dilemma. The study details that dynamic shopping habits and new payment technology make it tricky to predict whether a store can clear a sale. More than that, it singles out big-ticket purchases as the common casualties of a less refined checkout process.
The use of credit cards is on the rise once again, thanks to bigger rewards programs banks are rolling out. As a staple of personal finance, it’s always safer to have a credit card option than not; it’s a given. But, the study encourages more financing options for customers, in particular, a non-credit way of paying for purchases.
Vyze, a provider of financing technology, is the kind of entity that can add another dimension to your e-tailer business. You’ll be opening your business to a segment that has an appetite to buy but has limited means; and of course, to the famous credit card-lite generation of millennials.
Moving on with Mobile
Apple Pay and similar services are yet to break through the American market, but in China, mobile payments have already amounted to $5.5 trillion in sales. Yet, it’s not about creating a platform like the Alipay or WeChat Pay, the main drivers of mobile sales in China. It’s about offering options to your customers. The selling point of these mobile payment apps is they transactions safer because you don’t have to carry actual money. It’s stored in your mobile payment app, and paying for something is as simple as scanning a QR code.
Mobile, however, is the one thing you need to take away from China’s mobile payment trend. While mobile shoppers are not yet your most lucrative market, anticipating the growing segment will gain you an advantage. 30% of all consumers do their research on their iPhone or Android phone; it’s not out of the question for them to make their purchase there, too – and it will catch on massively, soon enough.
These are only a couple of things that you need to consider if you’re planning an E-commerce site or a payment tech upgrade for your online business. It should be enough to push your high-potential customers through the sale threshold.