Are you all set for SMB Day celebrations on June 27? After all, it’s a great opportunity to share your own challenges and accomplishments on national and international platforms as well as learn from other enterprises and entrepreneurs. Moreover, the Middle East has been witnessing a surge in small and medium businesses (SMBs) for quite some time now and their contribution to the region’s economy is hard to ignore. For instance, a couple of years back, it was observed that SMBs accounted for 94% of the companies operating in the UAE and their GDP contribution was pegged at over 50%. In Saudi Arabia, the number of SMBs was estimated to be more than 1.3 million towards the end of 2023.

Hence, as a part of June 27 SMB Day celebrations, you need to focus on practices, innovations, and strategies that help you survive, thrive, and boost revenue in a dynamic landscape. Adopting an efficient payment processing system is especially crucial in this regard. Let’s find out why.

How Efficient Payment Processing Improves Revenue for SMBs ?

As a modern small or medium business owner, you surely realize the importance of establishing an online presence to reel in more customers and ease the shopping experience for them irrespective of the time of day or location. And since payment processing is an integral part of converting potential customers, you must have a payment gateway that does the job quickly, safely, and efficiently. Here is how such a gateway can drive revenue growth.

• Higher Acceptance Rate: This is a key advantage of using an efficient payment processing system. If you embrace a payment orchestration platform like PayTabs, it can improve the transaction acceptance rate by routing payment requests to the most appropriate processors automatically and in microseconds. In other words, when fewer transactions are declined, your revenue is greater.
• More Payment Flexibility: When it comes to payment solutions for SMBs, the more options you offer customers, the better. Ideally, they should be able to pay through debit or credit cards, digital wallets, payment links, QR codes, internet banking, and so on. This is the flexibility that comes with an efficient payment processing system, and it means fewer instances of cart abandonment and more conversions. Put simply, when customers have multiple payment modes at their disposal, they will be more likely to go through with the transaction.
• Support for Multiple Currencies: Multi-currency support is one of the top SMB payment innovations that can help you do business with customers outside the Middle East too. You won’t have to deal with pesky exchange calculations as the gateway will take care of it. Also, when customers in foreign countries realize they can pay in their local currencies, they will feel more comfortable with your business. Their confidence and trust will grow, leading to bigger order volumes and repeat purchases.
• Easy Localization: A payment gateway that modifies the checkout experience based on different geographies is one of the best SMB financial tools you can use in the age of globalization. In other words, for every country, you can provide local payment methods to ensure a sense of familiarity in shoppers. The language and interface of your e-store can also be tweaked accordingly to resonate with the local culture and customs.
• Data Safety: Secure payment systems for SMBs encrypt sensitive data related to the personal information of customers, transactions, payment modes used, and so on. This way, hackers cannot use the same for illegal or malicious activities. So, when you choose an efficient payment processing platform like PayTabs, you can offer a completely secure checkout experience with robust authentication checks to shoppers and earn their trust.
• Fast Transactions and Settlements: Using the right payment gateway means every transaction will happen speedily and save precious time for customers. This will not only make a positive impression on them, but also encourage them to buy more from you in the future. Moreover, you will receive funds in your account on time too, which means you can maintain a healthy cash flow. This is essential for paying your employees and vendors without delays and running all operations smoothly.
• Actionable Insights: The best payment processing systems for SMBs enable you to analyze data and generate different kinds of reports to help you take better decisions in the future. Backed by data-powered insights, you can tweak your existing strategies to bring in more sales and revenue over time.
• Increased Customer Satisfaction: Offering shoppers a fast, efficient, and secure payment processing system can boost their overall experience and encourage them to spread the word among others. By offering multiple modes of payment, accepting different currencies, and localizing the checkout process, you can expand your customer base, reach out to previously untapped demographics, and venture into new markets. Gradually, improved customer satisfaction will lead to increased loyalty, more frequent purchases, and hence, greater revenue.

Round Off SMB Day Celebrations with More Earnings

 There can be nothing smarter than improving your revenue through smart payment processing to add a special spark to June 27 SMB Day celebrations. However, with so many options available in payment gateways and orchestration platforms, it can be challenging to pick one that aligns with your business’s specific needs. So, research thoroughly and compare multiple providers and their service fees before making a decision. Find out if they can scale or modify their offerings in line with your business’s growth or direction. And make sure to test their tools or go for a demo session before you partner up for good.

Jordan National Day is just around the corner and the entire country is ready for celebrations and festive revelry. This also means a surge in shopping for personal and domestic use as well as gifting purposes. So, as an ecommerce business owner, you might be looking for ways to boost your Jordan National Day sales figures. And you are in luck. In 2023, around 76% of the country’s population had active mobile connections and internet penetration was pegged at 88%. By 2027, the number of users in the digital commerce market is poised to increase to 4.8 million and the ecommerce market volume is expected to hit USD 293.6 million. Hobby and leisure, electronics, fashion, and furniture and homeware are among the most popular ecommerce sectors in the country currently.

However, to compete with other players, draw more traffic, drive more conversions, and thrive in this dynamic landscape, you need to employ the right strategies. Let’s delve into them.

Tips to Improve Jordan National Day Sales

The modern consumer in Jordan looks primarily for these four things when they go for online shopping – speed, security, efficiency, and flexibility. So, here is what you can do to offer them a frictionless and enjoyable experience:

1. Easy Website Navigation

Make sure your ecommerce site’s interface is simple and easy to use for all. Customers should be able to search, sort, filter quickly and add items to the cart without any hassle. Ensure product descriptions, prices, care instructions, etc. are easy to spot and understand. If there are special offers on certain categories or products, make sure they are clearly visible and hard to miss. Give site visitors the option to view everything in Arabic too, to build trust, cultural familiarity, and a local vibe.

2. Personalized Marketing

Use AI and sophisticated data analytics tools to capture, store, and analyze customer data. This way, you can personalize marketing campaigns in line with their past browsing, shopping, and payment behaviors. Offer customized recommendations while they are on your site or upsell or cross-sell products to boost the order volume. Personalization will enhance shopper engagement too.

3. Immersive AR and VR Experiences

By employing augmented reality and virtual reality, you can enable shoppers to try out different products before making a purchase decision. These advanced technologies can help them interact realistically with products and gauge the suitability, efficiency, or aesthetics. AR and VR can boost engagement, conversion, and satisfaction.

4. Glitch-free Checkout

Adopt an ecommerce payment gateway that makes the checkout experience fast, simple, secure, and efficient. A provider like PayTabs can help you offer a variety of local payment methods to win over customers in Jordan. Payment solutions for online stores in the country usually range from conventional ones like cards and bank transfer to digital wallets and payment links. Depending on the nature of your business and target audience, you can offer all or some of the modes, so that shoppers have ample flexibility and can complete digital transactions without any fuss.

5. Robust Security

Equip your site with layered security measures to protect customer data and encrypt the same, so that hackers cannot steal or misuse sensitive information. Since the National Day will witness increased activity across ecommerce sectors, be extra cautious. Pick a payment gateway in Jordan that keeps all transaction details safe and employs smart authentication mechanisms.

6. Integration with Social Commerce

Integrate your ecommerce site with trendy social media platforms to help more customers discover, explore, and buy your products easily. This is especially a great way to attract millennials and Gen Z shoppers. To receive secure online payments in Jordan through social media channels, just pick a gateway provider that can make the process fast and seamless.

7. Seamless Last-mile Delivery

Leverage advanced logistics software to make sure products are delivered on time and in shipshape. Last-mile delivery plays a key role in customer satisfaction, repeat purchase, and loyalty. So, use the right tools to plan the most efficient routes, save time and cost, streamline operations, track delivery agents, and obtain customer feedback as well.

Get Ready for Jordan National Day

Jordan’s digital commerce market is likely to clock a transaction value of USD 6.75 billion by 2027. To capitalize on this upward trend as well as the upcoming National Day rush, you need to strengthen every aspect of your ecommerce business – from the moment a shopper visits your site to the moment they receive their orders. So, keep the above pointers in mind and choose a Payment orchestration platform like PayTabs that facilitates stress-free and cost-effective payment gateways integration. This way, you can accept multiple payment modes, route and process transactions efficiently, and improve the overall customer experience.

Last year, the retail sector in UAE was worth USD 30.17 billion, and by 2029, it is expected to grow at a 6.2% rate. A wide array of products, the easy availability of international and luxury brands, and a fast-growing economy are some of the key reasons driving this retail boom. Moreover, retail businesses of all kinds, whether they are dealing in textiles, jewelry, electronics, furniture, or décor accents, are increasingly shifting to the digital space. Besides the widespread penetration of internet and mobile devices, the emergence of tech-savvy and young customers is a major reason behind this. In fact, by 2025, the ecommerce market in UAE is poised to hit the USD 17 billion mark.

So, in such a scenario, it is not enough to just take your retail business online. You need to stay competitive as well. And offering financial flexibility to shoppers is a smart way to do the same. This brings us to the concept of installment payment, which enables customers to pay off the total bill in parts over a span of a few months instead of paying it all in one go. Since such installment plans are often interest-free, shoppers can easily make purchases without stressing about any additional burden caused by delayed payment. Now, let’s find out how installment payment schemes are benefiting the retail sector in UAE.

Installment Payments are Revolutionizing the Retail Landscape

As a modern retail merchant, you surely understand how consumer behavior has evolved with the advent of online transactions. Like everywhere else in the world, shoppers in UAE are looking for simple, fast, and secure ways to buy everything from necessities to luxuries. And with a reliable and efficient online payment gateway, you can ensure that too. However, introducing installment payments can add to the customer experience and benefit your business in multiple ways:

1. Higher Order Value

The installment payment option allows consumers to shop for more than they initially planned or thought they could afford. For instance, if they were planning on only buying sleepwear, they might end up adding expensive party dresses to the cart once they realize they don’t have to make the entire payment upfront. Hence, your sales and revenue will increase. Installment payment can especially help you get bigger orders during the festive season when people tend to shop more for their own needs and loved ones.

2. More Conversions

Very often, those who visit your website or explore your offerings might have a tough time deciding whether they should actually make a purchase. They might be worried about impacting their monthly budget and can even abandon carts after adding a number of items to the same. However, if you offer an installments payment option, potential customers will know that even if their current paycheck can’t afford it all, they will be able to repay gradually with the next few months’ paychecks. This will give them the confidence to check out or transition from the consideration to the decision stage.

3. Expanded Customer Base

If you have studied recent shopping trends, you might have noticed how millennials and Gen Z consumers prefer buying retail products online and aspire to own branded and even luxury pieces. However, those who have started working recently or get a fixed allowance from parents might not be able to afford pricey items in one go. By allowing them to pay in installments, you can make it easy for such shoppers to own their favorite pair of sports shoes, watch, smartphone, or handbag. Even those who hesitated to buy from you before will now flock to you, thereby expanding your customer base. The same idea holds true for retired consumers or senior citizens living on a fixed income.

4. Greater Probability of Repeat Purchase

To thrive and grow in the retail sector, you must encourage customers to shop from you repeatedly and not just once. And that will be easy with installments payment. Once they realize how easy and frictionless it is to buy even high-end or limited edition products from you, they will keep coming back for more.

5. Better Brand Image

By offering financial flexibility through installment payment, you can earn your customers’ trust and confidence. They will view you as a progressive business that keeps up with their changing needs and spread the word as well. Naturally, this will lead to better brand awareness and create a positive impression in the minds of those who are yet to consider or buy your products. Your base of loyalists will also grow.

6. Easy Scalability

If you are planning to foray into new markets or geographies, offering the installment payment option is a great way to go about it. Everyone likes having choice and flexibility, irrespective of location, and by simplifying payments, you can win over potential customers wherever you go. This is especially important if you are selling big-ticket items like air conditioners, gold jewelry, designer clothes and shoes, or bespoke furniture.

7. Competitive Edge

Say, both you and a competitor brand offer smart devices. However, while you offer an instalment scheme, your competitor requires total upfront payment. Where do you think consumers will go? They will undoubtedly come to you, assuming both of you are equally popular, have the same range of products, and a similar pricing structure.

8. Immediate Crediting of Funds

With installments payment, your account is immediately credited with the total bill amount though the customer has the freedom to make part payments over a convenient period of time. This means, you don’t have to wait for them to pay off the entire bill so that you can get what is due to you.

Take Your Retail Business to New Heights with Installment Payment

As a forward-thinking retailer in UAE, offering financial flexibility through installment payments is the key to attracting attention, earning customer goodwill, driving more conversions, raking in more revenue, and growing your business fast. Just make sure you choose an online payment gateway from a provider like PayTabs, so that it supports this payment model and facilitates a smooth and hassle-free checkout experience. Assess the nature of your business and its distinct needs before picking a gateway that aligns with your budget as well.

Eid al-Fitr, an auspicious and joyous occasion in the Middle East, marks the end of Ramadan and revolves around prayers, feasts, celebration with loved ones, and exchange of gifts. Naturally, people shop more than usual during this time. In fact, 81% of UAE residents are excited about special Ramadan editions offered by brands in 2024 compared to 76% in 2023. Also, this year, 69% feel that the month of Ramadan is ideal for new purchases, compared to 64% in 2023. Compared to last year, a greater proportion of residents are also exhibiting preference for quick payments.

Hence, as a merchant, smart strategizing can help you make the most of increased consumer demand and boost Eid sales revenue generation. For this, you need to join hands with a reputed payment gateway platform and take a few other steps, as outlined below.

Tips to Sell More during Eid

It goes without saying that Middle Eastern consumers seek special and often high-end products during Eid. So, you need to showcase an attractive collection as an ecommerce business. Additionally, you can:

1. Offer Payment Flexibility

Eid holidays are perfect for reaching out to as many demographics as possible. However, it is not enough for them to like your products. They must buy them too. And since the payment stage is crucial here, offer ample flexibility and choice. For instance, while senior citizens might want to pay with cash on delivery or cards, Gen Z customers might be more inclined towards digital wallets or payment links. Either way, they should be able to find and use their most preferred method. A reliable payment gateway platform like PayTabs can support multiple payment modes, thereby improving sales and revenue.

2. Ease the Purchase of Expensive Items

Another way to drive Eid sales revenue generation is by offering a buy now pay later (BNPL) or instalment payment option. Choose a payment gateway provider that supports the same, so that shoppers purchase more than what they can afford and pay off the bill conveniently. The best part is that you will get paid in full immediately. Instalment payment will enable consumers to make more big-ticket purchases like electronics, jewelry, furniture, luxury apparels, etc. This, in turn, will boost your revenue and create a favorable impression in the minds of your target audience.

3. Simplify Checkout

Integrating your website or mobile app with the right payment gateway can ease checkout for customers. Payment requests will be processed and approved quickly, which will enhance shopper satisfaction. You can offer autofill options too, so that customers don’t have to submit the same details repeatedly for every purchase. Both customer information and transactions will be secure against cyberattacks as well. All of this will help you earn consumer trust and save their time during festivities. There will be fewer instances of cart abandonment and the rate of conversion will spike, thereby increasing sales and revenue.

4. Leverage Offers and Discounts

Eid is the perfect time to draw consumers through attractive bundle deals, discounts, gift cards, and offers valid for a short time. You can also provide discount codes at the time of checkout, so that shoppers can save at the last moment. Organize fun competitions, contests, and giveaways too, so that customers have fun while saving money. This way, you can encourage them to spread the word about your brand and products, thereby bringing in more website traffic.

5. Promote Smartly

To boost Eid sales revenue generation, incorporate festive symbols in all website pages and revise banners to set a special mood for shopping. You can opt for customized logos too. Send personalized and celebratory messages via emails and messaging apps, including offers and deals. Make the most of social media to promote your Eid collection, sales news, contests, and such. You can ask customers to share their favorite festive moment that involves using your product. Craft videos and blogs related to Eid, to fuel excitement in potential shoppers.

6. Collaborate with Influencers

Join hands with content creators or influencers whose values align with your brand, so they can post about your products and drive awareness as well as sales. Consumers are more likely to trust the words of someone they admire and follow than just what your brand claims. You can invite influencers to festive events, send them themed gifts, or organize a giveaway together.

Welcome Prosperity This Eid

As Eid is just around the corner, start implementing the above strategies and pave the way for greater revenue. Don’t forget to connect with a leading payment gateway provider like PayTabs, so that everything related to payments is smooth and efficient. This way, you can also analyze important data and derive actionable insights. With the right provider, it is easy to pick a plan that is tailor-made for your business and pay for it affordably. Have a Happy Eid!

The ecommerce market size in the UAE is ready to hit an impressive worth of USD 17 billion by 2025. This boom is backed by the high penetration of mobile devices, tech-savvy consumers, and the flexibility and convenience being offered by future-ready merchants. For instance, consumers today can choose from various ecommerce payment methods based on their preference and comfort. This helps them feel in control and trust the business, thereby encouraging repeat purchases.

Offering multiple ecommerce payment options as a merchant helps you attract previously untapped demographics and reduce cart abandonment. This means more conversions and sales. Plus, when shoppers get to use their favorite payment method, they perceive your brand as high-value and refer it to others. Also, if you wish to foray into new geographies, offering different local payment methods means you can earn customer confidence, ease checkout, and accept payments efficiently and easily.

However, before deciding which online payment methods to embrace, understand the pros and cons of each from the perspective of both merchants and customers.

Debit and Credit Cards

Both cards require the shopper to input similar information while checking out and are widely used ecommerce payment methods in the UAE. However, while credit cards allow customers to spend more than what they can afford, debit cards are limited by the money available in the customer’s bank account.

Pros

• These cards are accepted by practically all online transaction platforms and merchants.
• While debit cards facilitate direct spending from the bank account, credit cards allow purchases on credit.
• Card companies secure both customers and merchants by employing strong fraud protection measures.

Cons

• Credit cards are one of those online payment methods that are still vulnerable to scams involving unauthorized charges, despite security measures.
• Merchants often deal with hefty fees charged by credit card companies, which might impact consumers too.

Digital Wallets

Among electronic payment solutions, digital wallets are gaining in popularity in the UAE. In fact, it is poised to grow at a 12.12% rate till 2028. The widespread adoption of smartphones has boosted the use of wallets, which store payment details safely and help complete transactions easily.

Pros

• There is no need to submit payment information repeatedly.
• User data is protected by advanced authentication and encryption mechanisms.
• Checkout is hassle-free, owing to fast transaction processing.

Cons

• Certain instances of data breaches have raised concerns with safety.
• Digital wallets, as electronic payment solutions, are not accepted by all merchants.

Bank Transfers

This is one of the commonly-used digital payment methods where customers can directly transfer money from their bank account to that of the merchant’s. These transactions are usually reliable.

Pros

• Fees involved are lower vis-à-vis credit card transactions.
• Lack of intermediaries means ample transparency.
• Bank transfers work well across borders and there are zero fees for currency conversion.

Cons

• It can take a number of days for transfers to get cleared.
• Delay in processing means merchants don’t receive funds immediately.

Mobile Payments

Counted among the popular digital payment methods, mobile payments enable shoppers to pay via their mobile devices. This can involve the use of QR codes, near-field communication, or voice commands.

Pros

• Customers can pay easily with a single scan or tap.
• Merchants in the UAE are increasingly adopting it.
• Customer payment details are encrypted to prevent fraud attacks.

Cons

• Fees charged for facilitating transactions might be high.
• Customers need smartphones and relevant apps to make payments.

Buy Now Pay Later (BNPL)

Leading online transaction platforms are offering BNPL in the UAE to ensure more flexibility for shoppers, so they can pay in affordable installments.

Pros

• Consumers can own even expensive items without hurting their budget.
• One of those ecommerce payment methods where the checkout is simple and devoid of complicated credit checks.
• Merchants can drive more conversions.

Cons

• Customers might overspend and have to deal with unnecessary debt.
• Regulations might not always be stringent.

Cash on Delivery (COD)

Among the different ecommerce payment options, COD is popular among customers who want to confirm an order’s accuracy or quality before shelling out money. However, the methods discussed above are gradually winning over cash, owing to convenience and flexibility.

Pros

• Favored by shoppers who aren’t tech-savvy or confident about digital payments.
• COD is apt for those who lack access to bank accounts.
• The risk of paying for an incorrect or damaged product is reduced.

Cons

• COD poses risk to merchants in case customers don’t pay.
• Merchants might have to bear higher delivery fees.

 Selecting the Right Payment Methods

Both merchants and consumers in the UAE are increasingly appreciating the importance of ecommerce. Hence, consider the following factors before picking payment systems, whether you wish to capitalize on the advantages of B2B ecommerce or B2C:

• Understand your target audience and assess the preferences of different demographics for improved customer experience and conversion.
• Consider the complexity of your business and industry, which will determine the level of security you need in a payment system.
• Account for cultural and regional variations to build trust and conduct transactions smoothly.
• Choose payment methods based on convenience and processing speed for greater customer satisfaction.
• Check if the payment system comes with the latest authentication and encryption mechanisms.
• Payment systems optimized for mobile devices are ideal for quick transactions.
• Consider transaction costs and processing fees to reap decent profits.
• The payment system should offer hassle-free checkout for enhanced customer loyalty.
• Innovative payment options can attract tech-savvy shoppers.
• Pick methods that comply with the regulatory landscape.
• Select payment methods that can be easily integrated with your website, mobile app, and existing infrastructure.

Join hands with an online payment gateway service provider like PayTabs to offer your customers a variety of ecommerce payment options and accept payments safely, quickly, and efficiently. PayTabs’ orchestration services can also ease and automate payment routing to boost the processing success rate.

FAQs

1.  What are the payment methods for ecommerce?

Common payment methods include mobile payments, debit and credit cards, digital wallets, buy now pay later models, bank transfers, and cash on delivery.

2. What is the payment process for ecommerce?

Once a customer provides payment details on your ecommerce site, an online payment gateway opens up. The payment information is encrypted and conveyed to the payment processor by the gateway. The processor verifies the payment details and approves or rejects the transaction, signaling the gateway accordingly. The gateway passes on that result to your site, for the customer to view. If the transaction is authorized, your account gets credited.