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Key facts about Global Retail and Ecommerce Payment Processing

Category: Covid19 Resources

key-facts-about-global-retail-and-ecommerce-payment-processing

Online shopping is growing at a rapid rate all over the world. This growth has become even more formidable during the pandemic as more and more people are opting the convenience of online retail. The exponential growth of the sector has also changed its dynamics. In order to fully comprehend the scope and features of this market, it is important to look at the latest trends. So, here are the key facts about global retail and Ecommerce payment processing scene.

Growth of online market:

Increasing number of people are flocking to the internet for making their purchases owing the pandemic. While earlier online markets were limited to a few products and services, now plenty of items are being brought into its ambit. According to a survey, the size of online market is expected to touch nearly 20 percent of entire global retail sale. This enormous opportunity is up for grabs as businesses are taking their transactions online. In the present scenario, retailers who are not able to make transition to online selling are likely to be left behind. Currently, businesses are shoring up their online presence and are looking to focus on this high growth segment.

Also Read: Top Tips to Become a Global Retailer

Borderless Business:

Another major impact of online business is the rise of borderless transactions. Businesses now have access to international markets, where they can sell their goods and services. They are no longer dependent on local or national markets. While this development has brought new opportunities, it has been accompanied by its share of challenges as well. Global retail businesses may now access new markets, but their own niche markets have become accessible to competing businesses. The businesses also have to revamp themselves to cater to the new markets.

Rise of Ecommerce Payment Processing System:

The rise of international online trade is greatly aided by the development in ecommerce payment processing system. Trans-border internet sales require businesses to have the ability to process foreign currencies. By using the latest technology, you can make global payments online and transform your business into an international entity. These systems come with various features such as fraud protection and phishing protection. You can ensure that your clients’ data remain safe and secure. Apart from letting you accept foreign currencies, such systems also allow you to process payments made through different sources such credit cards and online banking.

Also Read: The State of Global Payments

Focus on Analytics:

Analytics form an essential part of ecommerce business. Analytics lets you collect useful data. With the help of analytics tools, you can get information about your traffic, important markets responsible for such traffic and monetary details. Online businesses also need large amount of information such as their eyeball generation, ecommerce payments and conversion rates. The insights derived through such data is essential for online businesses to draw up their strategies.

Localization of Business:

Ecommerce businesses can cater to both international and local markets at the same time. Online businesses are striving hard to cater to the needs of the various markets. As internet has allowed ecommerce businesses to capture international markets, it has become increasingly important that the products and services meet specific requirements. Your business may need to change certain processes such as payments system to provide the best shopping experience to your clients from all over the world.

Also Read: How to setup your e-commerce store using Payshop

how-paytabs-egypt-can-help-your-business-grow-seamlessly

The online consumer market has witnessed massive upswing in its development all over the world. The pandemic and the subsequent stall in usual business activities have further fueled the growth of online shopping and transactions. And this surge is especially palpable in emerging economies such as Egypt. The country is witnessing an astronomical rise in its online commerce segment. +50% percent of its population is already using the internet and the penetration rate is expected to grow by leaps and bounds in the coming time period. With its massive population of nearly 100 million and the dramatic growth of internet users, Egypt presents an excellent opportunity for online businesses. It also provides ample scope for online business service providers.

In order to empower the Egyptian online business community with a leading solution, EFG Hermes has joined hands with PayTabs, a leading online service provider in the Middle East. Here’s how this collaboration can help you grow your business online:

  • Offers Seamless Online Payment Process:

    The collaboration between EFG Hermes and PayTabs seeks to make the process of online payments in Egypt smoother, faster and more accessible. With the growth in ecommerce sector, there is adequate scope for this collaboration to make its mark. Both companies deploy latest technologies and tools to make this process seamless. Furthermore, the collaboration resulted in an initiative that grants setup, integration and operations of an online payment gateway completely free of charge during the final quarter of the year for SMEs.

 

  • Integrated Services:

    The partnership between EFG Hermes and PayTabs ensures that you are able to get a wide range of services with just one contact, PayTabs Egypt. This solution will enable you to integrate its offerings and enhance your business’s synergies. Your business can offer an all-encompassing payment solution to your clients by removing the requirement to interact with multiple vendors, this new collaboration not only helps you save your time and energy, but also cut your expenditures.

 

  • Ensures Transaction Security:

    Owing to the ever-increasing threat of cyber-attacks, it is important that your business is able to provide data protection services to your clients. Your business requires safeguarding of its own data as well. In such a situation, it is vital that you choose your online payment services providers carefully. PayTabs Egypt is known for using state of the art software to provide protection against cyber hacks and attacks. Its emphasis on security ensures that all tools are up to date and ready to withstand any kind of attack. The collaboration aims to protect both data and funds for all the parties involved.

 

If you own an ecommerce platform in Egypt that you think qualifies for the SME initiative, apply here

Know more about PayTabs

PayTabs: PayTabs is a top online payment service provider in UAE. While the firm mainly focuses on Small and Medium Enterprises, it offers its services to a wide range of other businesses as well. The company is ever expanding to provide latest services to its clients. PayTabs makes it fast, safe and efficient to make and receive online payments anywhere, anytime, and even track your business’s financial health on a single platform.

The collaboration between these two stalwarts is expected to add a new edge to the online commerce segment in Egypt. With the launch of PayTabs Egypt, businesses of all types and sizes will be able to access cutting-edge online payment services in a holistic manner.

Also Read: PayTabs Payment Gateway Option for Egypt

challenges-and-opportunities-for-ecommerce-businesses-

The current pandemic has dramatically changed the way businesses are functioning, struggling, and surviving. And while the e-commerce segment has been witnessing more demand than ever, owing to lockdowns and social distancing, they are not immune to certain challenges. However, COVID-19 also offers a few opportunities to e-commerce entities. Hence, running an online business during recession will require you to balance customer demand and supply smartly and watch your venture’s bottom-line as well. And all of that needs to be done in an empathetic manner.

So, what are the challenges?

  • During this pandemic, many e-commerce businesses are not being able to deliver with their original efficiency or speed. The reason is that not enough employees are available for this operation. Some online businesses have had to restrict delivery of non-essential products and only focus on essentials.
  • Stocking items that are not very common can become difficult during this crisis. Naturally, e-commerce stores might have to let go of some customers in the process, temporarily.
  • Shipping products can also take time due to lockdowns and local restrictions. Similarly, it might take time for customers to return the products that they don’t want.
  • Since now is the time when many first-timers will flock to online stores, enough customer support needs to be in place to help such shoppers navigate through your website.
Also Read:Startups living in uncertain times?

And here are the solutions and opportunities

As an e-commerce business, you need to remember that your customers are as anxious about the future as you. So, making your digital communications as clear and empathetic as possible is a good move. Your website must also state what you are doing to help the community and adhere to safety regulations. Some other solutions you can offer and opportunities you can make use of are:

  • Contactless delivery should be explored during this crisis, to assure customers that you are doing everything to contain the spread of the virus.
  • Offering essential products like everyday groceries, medical aids and hygiene items at discounted prices is also a good move. You can highlight such products on your webpage as well.
  • Online businesses will need to re-look at their website, layout, navigation system, and checkout process to see if everything is simple and easy to understand, even by those who are new to online shopping.
  • When it comes to examining the recession impact on e-commerce, you must note that many existing and potential customers might be out of jobs, struggling with loans or suffering salary cuts. So, extending payment dates for invoices might be a good idea during this phase. It can help boost their loyalty and establish long-term relationships.
  • If your business is going through a bad patch, if your inventory is low, or if you expect shipping delays, make sure these are clearly mentioned on your website, e-store and social media pages.

Further solutions and opportunities

  • COVID-19 is likely to enhance the prospects of businesses that deal in healthcare products, medicines, digital learning and entertainment products, and edibles and personal care items. Books, hobby kits and household cleaning products will also be in high demand for quite some time to come. Hence, promoting such items is a good idea. However, avoid hard-selling.
  • Offering a smooth and safe payment experience is crucial for an online business, especially during this economic crisis, as people will be more careful about frauds and losing money.Your customers may be reluctant to reveal their card information online due to the fear of scams. However, you can help allay such fears by collaborating with reputed online payment service providers.A reliable and efficient e-commerce payment gateway can offer multiple payment options, support many currencies, ensure a quick checkout and keep sensitive information safe.

All in all, the ongoing pandemic has brought several future opportunities in e-businesses to the forefront. All you have to do is make the most of them by tweaking your business strategy, powering up your online presence, understanding the changing needs of customers, and being empathetic.

Also Read:Transform your eCommerce today with PayTabs!

The coronavirus outbreak, followed by lockdowns and social distancing practices, has made it essential for almost everyone to go online and shop for everyday items. The impact of this ongoing crisis has been profound on the e-commerce landscape. While some e-commerce segments are thriving, some others are facing major hurdles. However, as a whole, the e-commerce industry has adapted itself to the changed circumstances in a quick and timely manner. Online businesses have undertaken multiple steps to ensure that their customers receive the best possible services during these challenging times. You too can check out some of the top tips to thrive during this pandemic and keep your business up and running.

  • Focus on social media: While restrictions on the movement of goods and people may have impacted your business in a negative manner, keep in mind that these restrictions are forcing people to spend more time on the internet, consuming social media content. So, this is the best time to fully harness the potential of social media platforms and ramp up your engagement strategy. You can create timely and impactful content and media to remain in contact with your existing clientele and to expand into new market segments. The focus on social media will also ensure that your loyal customers continue to remain so in future as well.

 

  • Upgrade your website and infrastructure: Technology is constantly changing, and often, you may not be able to catch up with the latest trends. This is especially true during normal times when your business is thriving and you do not want to risk any breakdown or interruption of the services. However, the pandemic has changed the concept of normalcy drastically, and you must make sure to use this downtime in a constructive manner. So, try and make changes to your website and other areas of your business such as optimizing your logistics. You can try a new layout for your online store or install a new and improved checkout system. Relatively low business volume will make it easy for you to customize the new changes till you zero in on one that suits you the best.

 

  • Engage your customer base: The pandemic has also brought you a unique opportunity to spend some time connecting with your customer base. However, your efforts need not be restricted to your existing clients, as you may want to engage with untapped areas of your target markets. Now, there are several ways to build a connection with your present and prospective clients. You can engage in community services at the local level, which may provide you an opportunity to know your client base better. You can also arrange an online charity drive and fundraising events. These steps will earn you the much needed social reputation while letting you help your community.

 

  • Revamp your financials and records: If you have been planning to try out a new billing system or bookkeeping software, then this is the right time to do so. During busy times, it may not seem appropriate to try out new things as they may lead to disruption of services. So, you can use this downtime for testing things and procedures which may have long term impact on your business. Once your business picks up again, these little tweaks may bring about substantial efficiency. Additionally, installing these systems will also make your business more customer-friendly.

 

  • Network more: While it is natural that you would want to use this downtime for engaging your customers, it is also prudent to ensure that you widen your network in other areas. This temporary slump has provided you an excellent opportunity to engage with other stakeholders in your business, such as your investors and other collaborators. So, take this time to work on new financial strategies with your investors. You may also want to fine tune your upcoming marketing campaigns. Similarly, remain in close contact with your creative partners too, such as artists, graphic designers etc. You can use this time to chart strategies which can be implemented once things go back to normal.

To conclude, keep these easy tips in mind and make the best use of the time available during this breakout. Lockdowns won’t be forever and you should be prepared when they end.

PayTabs

How-to-Prepare-Your-Ecommerce-Business-for-a-Post-COVID-World

It does not come as a surprise that the COVID-19 outbreak has dramatically changed the way online businesses carry out their operations. After all, consumer behavior and buying patterns have altered to suit the effects of the pandemic. So, ecommerce businesses have had to adapt themselves quickly in order to accommodate the changes and to arrest the spread of the virus by implementing safe delivery rules.In order to ensure that your business is in a position to sustain itself and grow in the post-COVID era, here are some handy tips to guide you:

Be Proactive: There have been rapid changes in the business environment on account of the pandemic, as more people have taken to online shopping and focusing on essentials. So, it is important that you take a proactive approach to change your ecommerce business plan and practices, to remain efficient. You need to carry out proper analysis to understand the impact of the outbreak on the demand and supply pattern of your products and services. It is important that you take a 360 degree view of the business operations and pay equal attention to various facets, including supply chain. Therefore, you should be aware of all the changes in your market segment. It is important that you communicate these changes to your teams as well, so that they can modify their procedures.

Invest in Digital Marketing: Wondering how to improve ecommerce business opportunities?Forward-thinking businesses have used the lockdown period to promote their products and services online. They have used the downtime to ensure that their digital marketing strategies work overtime to help their ventures grow. Some best practices include focusing on providing robust digital experience to the customers. Some of the factors which contribute towards such experience are fast loading time for your website, a streamlined ordering process, and smooth online payment options. Furthermore, many companies have also invested in building a robust client base online for generating bump-free revenues in the future.

Diversify: The corona-virus outbreak has also highlighted the need to diversify business practices. When conventional supply chains broke down, many businesses turned to more creative solutions. Instead of relying upon their traditional suppliers, they struck up deals with local suppliers. Similarly, the need to diversify the customer base cannot be ignored too. This means, you have to conduct fresh market research, understand your customer segments better and find out what different buyers want. The pandemic has taught businesses to ensure that they diversify enough to prosper in different circumstances. Such diversification will allow them to use alternatives when their usual processes breakdown.

Review & Analyze: The pandemic and the aftermath have forced many businesses to analyze their business practices closely. While some businesses had to adapt themselves to losses in their sales volumes, other businesses needed to revamp themselves to meet soaring demand. Generally, the latter situation prevailed in sectors which are critical for our day to day lives. However, irrespective of the impact of COVID-19 on their operations, all businesses need to change themselves for the post-COVID world. The lockdown time should be used for reviewing your marketing practices, for analyzing your supply chain, or for tweaking your digital promotion strategies. The main idea is to let your business become dynamic enough for different circumstances.

Embrace Technology: TheCOVID-19 outbreak has clearly shown the importance of technology for businesses. Digital communication has become more necessary than ever, whether you want to educate your customers about safety and hygiene rules, promote essential products, or explain how you are doing your bit to help the society cope with the pandemic. Moreover, businesses are also working on their payment solutions and shifting to online payment modes. Hence, it is important to choose an ecommerce payment gateway that is safe, efficient and supports multiple currencies too. The use of technology can also ensure that businesses are able to remain in touch with their customer base and actually work on enhancing their online presence. The use of tools such as Enterprise Resource Planning platform will further enhance the efficiency of their operations.

To conclude, COVID-19 has had a profound impact on the ways in which ecommerce businesses are functioning. However, by following the above tips, your organization can thrive and become successful during these uncertain times.