Are you thinking about how you can make your e-commerce business more profitable and get more customers? What about the payment system? Today we'll talk about payment systems and how they affect e-commerce projects.
The e-commerce industry is very dynamic. Keeping up with e-commerce trends is essential to running a successful online business.
It's already been covered in our previous article. You can read it here.
The changing global economy, such as inflation, rising interest rates, and international political tensions, will change consumer behavior and purchasing power.
It's important to study your customer and provide them with the conditions to improve, facilitate, and cause satisfaction in your store.
The payment system is another tool that affects the customer experience.
The number of sales and profitability of your project will depend on how convenient, quick, and easy it is for people to buy in your store.
Power comes from knowledge. You'll be invincible if you use expert knowledge wisely.
E-commerce projects: how do payment methods affect sales?The biggest advantage of well-configured payment systems is that your business will be able to serve a large number of customers, reaching a more global market and, of course, increasing the number of sales and profitability. The online payment system plays an important role in the formation of a positive customer experience and the development of e-commerce projects.
You'll lose 50% of customers if you don't offer their preferred payment method.
These 6 payment trends will help you increase sales in e-commerce
There are not only general e-commerce trends but also trends of individual tools that are a component of e-commerce businesses.
One of the most important for customers is payment systems. And here are the main trends you should consider when developing your e-commerce business.
- BNPL keeps growing
Installment purchases are only going to get more popular. Financial instability has increased demand for this service during the pandemic. Global economic problems keep it growing.
By 2026, BNPL services will account for approximately 24% of e-commerce transactions.
- A combination of offline and online shopping
As a result, brands are trying to create multi-channel solutions that meet the diverse needs of their customers. Despite the rapid development of online shopping, some still prefer to buy offline. With online payments and cash settlement, you'll be able to reach a larger number of potential customers and, of course, increase sales.
- Payment with QR codes
In the same way, QR codes became more popular after the pandemic. They're used in restaurants, shops, events, etc. In the US, some forecasts and studies say 2.2 billion people will pay for orders via QR codes by 2025.
If you don't have this feature, think about implementing it.
- Digital wallet payments
PYMNTS says more than four billion people will use digital wallets by 2023. Shopping by phone has become a convenient method for shoppers to make purchases instantly, whether they are in the store or shopping online.
It's possible you'll lose customers if they can't use a digital wallet. Also, we can help you implement payment systems. Send us your contacts and we'll help you out.
- Focus on privacy and security
By 2025, cyber security losses could reach $10.5 trillion, according to Argus Research.
The expansion of e-commerce, cashless payments, and cyber threats will make 2023 a big year for cybersecurity.
- Shopping with Voice
It's becoming more and more common to get information via voice. Because it's convenient and saves a lot of time, it's also possible to predict the growth of this trend in the future.
According to the research, the majority of respondents (35.1%) said they talk to a virtual assistant every day, and 39.1% said they will buy stuff with them.
Virtual assistant technology is progressing every year, and 2023 could be the year of “voice shopping”.
As e-commerce has grown and developed significantly, online shopping has become a comfortable norm for many consumers. The variety of payment systems is also increasing. A payment system problem can lead to the loss of potential customers for your store.
Hence, if you need help implementing payment forms in an e-commerce project, you can contact us.
Let's make your payment system seamless so you can attract more potential customers.