In today’s technologically advanced era, the number of people using the internet for socializing and shopping has presented businesses with numerous opportunities to capitalize on this global phenomenon. Further facilitating this shift of consumers shopping from brick and mortar stores to online e-commerce websites is the COVID-19 pandemic. In the Philippines, there are 38.9 million e-commerce users, a growing number that is expected to reach 55.8 million users by 2025, according to figures by Statista.
As the e-commerce industry continues to grow, so will the consumers’ expectations. Shopping experiences will be a key factor, as customers not only want to buy a product, but they also expect to have a seamless and convenient shopping experience from the comfort of their own homes. As such, businesses will have to consider providing multiple e-commerce payment options as part of their customer experience improvement strategy in order to fulfill their customers' expectations. Read on to understand how you can give your customers a great shopping experience, why multiple payment options are a must in e-commerce, and know what are some of the most popular e-commerce payment methods.
To stay ahead of your competitors, businesses must provide a seamless and gratifying experience for their customers. With a pleasant, easy, and enjoyable experience throughout the purchasing process, this will ensure potential repeat purchases.
According to Accenture, 51% of customers remain loyal to those brands that offer personalized customer experiences. Another statistic from Oracle shows that 86% of customers are willing to pay more for a seamless online experience. When customers are happy with a brand, it will create loyal relationships. This, in turn, helps businesses increase customer conversions, customer retention, return on investments, and business growth. While there are several ways that businesses can provide a seamless customer experience, one very important strategy is to offer multiple e-commerce website payment options.
There are several benefits of providing multiple payment options on e-commerce platforms:
Offering multiple e-commerce payment options is a good way to help increase conversion rates. Many websites offer a good user experience up to the point where the purchasing process begins and if that process is inconvenient, customers will abandon their carts and look elsewhere. On the other hand, if the payment processes are convenient, simple, and smooth, customers would tend to gravitate towards such payment methods, and this will help you gain an edge over your competitors.
Multiple e-commerce website payment options will also help increase customer satisfaction and make them loyal to the brand because customers will more often than not develop a certain level of trust when using a preferred payment option which they are most familiar with. Through word of mouth and referrals, those consumers will become brand evangelists, and this will result in potential customers visiting your e-commerce site for their needs, thus expanding your customer base and boosting sales.
Last but not the least, multiple online payment methods will prove to be a boon to the business as it offers customers a wide variety of payment methods. To limit your company's payment methods to just one or two options is detrimental, as some customers might not have that particular method of payment, and such an obstacle will only deter them from purchasing items from your e-commerce store. When customers are unhappy about their shopping experience, they will naturally be dissatisfied with your brand. A wide variety of secure and convenient paying options however, will help increase their loyalty and retention, and this will translate into better return on investments.
Here are some of the best e-commerce payment methods you can offer on your e-commerce store.
Paypal: Paypal is one of the best payment options for Shopify, as it offers a user-friendly and convenient method for handling payments. It provides free and paid plans to owners on the Shopify platform.
Google Pay: Google Pay is another gateway that offers consumers convenient and seamless e-commerce payment options.
Stripe: Stripe is a multiple payment gateway available on WooCommerce, one of the various platforms through which you can establish your e-commerce website. Through this payment method, companies can accept credit card payments on their websites through its in-built payment systems.
Apple Wallet: Apple Wallet is a digital wallet that securely saves its users’ credit and debit cards, which they can use to make online purchases securely.
Payoneer: Payoneer is a popular global platform that offers companies simple and comprehensive online payment gateway options and solutions to help them grow their business internationally.
Amazon Pay: Amazon Pay is another simple and convenient way through which businesses can enable their customers who have Amazon accounts to pay for purchases without having to set up any other payment accounts.
Credit and debit cards: Credit and debit cards continue to be one of the world’s most convenient methods of making online payments among consumers.
Setting up multiple payment systems on your e-commerce website is one of the many things you must do to provide your customers with a seamless online shopping experience. Another critical part of this strategy is to ensure products are delivered to your customers securely and on time.
DHL Express can help you achieve this target by utilizing our expertise in logistics and helping you deliver your orders on time. This will ensure that your customers are satisfied and as a result put their trust in your brand. Sign up for a business account today to see how we can help you ship your orders.