How powerful is e-payment in online retail
In the early stage of running an online store, merchants more likely focus on sales and product promotion, but have you realized the importance of e-payment systems for the development of online stores? In fact, the power of online shop e-payment is greater than you imagined!
1. Preventing the loss of customers in customer’s journey effectively
According to the survey, 90% of online consumers believe that a simple online shopping experience is as important as product quality itself. In addition to enhancing the quality of their own products, improving payment methods in online stores can also improve corporate competitiveness. The study also pointed out that more than 30% of users would abandon the online shopping journey if the website fails to provide their preferred online payment method. It is conceivable that if the online store does not provide more than one e-payment to facilitate customers, there will be a large number of potential customers lost! (source：shopline.hk）
However, due to whatever reason, some clients still remain traditional method, such as bank direct transfer to online store mechanism. You can imagine how inconvenience it is while you require the customers to go to the bank direct transfer money from banking machine, upload the receipt to you, and then you need to confirm the transaction in order to finish the whole shopping process. In this case, you will lost the potential customers for sure.
Statista indicates us that the total amount of global e-commerce in 2021 last year reached 4.93 trillion US dollars, accounting for 22% of total retail sales. It is expected to rise to US$5.69 trillion in 2022, and more than US$6 trillion in 2024, so it is still a very potential market.
2. Receiving money anytime, anywhere
Simply set up e-payment for your online store, allowing customers to pay you anytime, anywhere. It replaces the previous complicated manual payment procedures. The more complicated and difficult the collection process is, the easier it is to reduce the desire of customers to consume, and it is difficult to collect payments manually 24 hours a day, so electronic payment is the most ideal solution.
3. Getting started in just a few clicks
The steps to use e-payment are actually very simple. For example in PayPal, the procedures are as follows:
- Visit the PayPal official website to register or log in to a PayPal business account
- Link and verify bank account in Paypal
- Add PayPal Checkout to your website (e.g. wooCommerce)
- Get started with PayPal
If your online store is built by WordPress, your wooCommerce online shopping component (plug-in) has been preset to support Paypal, and it also support other popular payments such as WeChat, Alipay as well. If the amount of online purchases is small, you can consider setting up FPS and PayMe, which are now being used recently too and we believe that the above two solutions will definitely be the important tools for online payment in future.
Finally, the payment method of online stores affects the final decision of customers. Even if your products are attractive, as long as the online payment system cannot keep up with customer expectations, or even cause inconvenience, orders may be lost in vain.