Alternative payment solutions are a boon for businesses.
By implementing a variety of payment solutions for your online shoppers, you’re effectively positioning yourself for greater success. Not only will you be able to attract and retain online shoppers and boost sales, but customer loyalty can be an added bonus.
With cart abandonment a serious issue for e-commerce businesses, offering alternative payment solutions is a good idea. From a growth perspective, meeting and exceeding shoppers’ expectations makes sense.
Knowing Who Your Shoppers Are
When exploring which alternative payment solutions your business should implement, knowing who your shoppers are is important as you seek to determine which methods they’re inclined to use.
Truly knowing your market will only help you meet their needs.
Options, Options, and More Options
In today’s globalized marketplace, options are highly coveted by online shoppers, many of whom would prefer to make their purchases in their own currencies or even by cryptocurrencies, such as Bitcoin.
Can your business make these options a possibility for them? While paying by plastic still reigns supreme, in addition to allowing your shoppers to pay by debit and credit cards, what other payment solutions can you offer? What about electronic fund transfers (ETFs), direct bank transfers (DBTs), “pay later” options, other payment processing solutions, coupons, gift cards, e-wallets, mobile payments, money orders, prepaid cards, or even cheques?
Although consumers love the ease and comfort of online shopping, they’re also concerned about privacy and security. That’s why many shoppers avoid using their credit cards, which are susceptible to security breaches and don’t offer anonymity.
We’ve all read about data breaches, after all, and many shoppers are concerned about risking both their security and privacy by shopping online. So, when deciding on which alternative payment solutions you should implement, ensure that everything you’re offering will make for a safe and secure transaction for your shoppers.
Simplify and Streamline the Process
As you move toward alternative payment solutions to attract online shoppers, it’s a good idea to take a look at your website to ensure it’s functioning well. In other words, make sure the pages are loading quickly and easily on a variety of devices since keeping the mobile shopper in mind is critical. Let’s not forget about those who shop on their smartphones and tablets.
As well, ensure the shopping process is a pleasant one for your shoppers. Information about what you’re offering should be presented in plain language and be easy to understand. Some online shoppers detest having to fill out lengthy customer information forms, so why not allow them to check out as guests? After all, some customers like the anonymity that can come with shopping online. Offering customer support in local languages is also a good idea.
Alternative payment solutions can help you attract online shoppers. By offering a variety of options, which is expected in today’s competitive and globalized market, you’re effectively contributing to good customer service and a positive transaction, and opening the door to customer loyalty.
When it comes to alternative payment solutions, greater choice equals an increase in sales and a reduction in abandoned shopping carts. It’s a win-win for everyone.