Grow Your Business by Offering Alternative Payment Options
As the growth of e-commerce continues, business owners face new challenges when they seek to improve customer satisfaction levels. Top among these challenges is how to deliver the best customer experience. Why does the customer experience matter? According to an Oracle Report, 86% of shoppers will pay more for a better shopping experience. This means if you provide the best experience for your online shoppers, they will keep coming back. Offering alternative payment options is one of the most effective techniques to improve the shopping experience on your e-commerce website. This article highlights the reasons to increase your website’s capacity to take payments online from multiple payment methods. Keep reading.
- Global Reach
The e-commerce industry is global and however small your business looks, you can target the global market online. The concept of a global village is now real and you can leverage this phenomenon by giving your customers multiple payment options.
When integrating payment options on your e-commerce website, you should remember that some of your target customers cannot use the options available in your country. By providing alternative payment options, you will grow your global reach which is the dream of every business today. Your international customers will never have problems purchasing from your e-commerce store.
- Increase Sales Conversion
At first glance, you might not think the payment solutions company you choose will have an impact on your revenues. Well, you should think again because a YouGov Survey shows that 50% of online shoppers cancel their orders if their preferred payment option is not available.
If you have noticed a high rate of cart abandonment and high bounce rates, it is very likely that your limited payment options are killing your sales. By providing alternative payment options, you attract not only new customers but also retain existing ones who would love to change their payment method. If your checkout process is fast, easy and convenient, your e-commerce store will enjoy higher conversion rates.
- Improve Security During Payments
One of the greatest concerns for online shoppers is the security of available payment options. If an online store offers a single payment option, customers who would like to try other secure payment methods might have to abandon their purchases.
When thinking about user experience, the security of your website’s checkout process must feature and this is one good reason to provide a wide range of choices. With advances in online security technologies, the latest payment methods promise secure shopping and your customers will expect your e-commerce store to allow these.
- Reduction in Operational Costs
Operational costs for businesses eat into the profits and as an online business owner, you have to seek ways to cut costs. In the e-commerce industry, you have to pay processing fees for the payment method you choose. If you stick to a single payment option, you will never know how much you can save by allowing your customers to use other payment methods. With time, you can identify those payment methods that eat too much into your profits.
- Customer Retention
While most businesses invest heavily in customer acquisition, research shows that customer retention has better ROI. Increasing customer retention by 5% alone boosts profits by 20-95% according to a survey by advisory firm Bain &Co published in the Harvard Business Review. One of the best ways to retain your existing customers is by offering flexible payment methods. Internet shoppers are always on the lookout for new technologies, and they will expect your e-commerce store to accept the latest payment options.
- Brand Trust
Online shoppers always look for brands that adopt technologies fast. Such brands are easier to trust and shop from compared to those that stick with outdated processes. If a shopper can’t find their preferred payment method on your e-commerce store, they will most likely doubt your credibility. To build brand trust and loyalty, it is advisable to adopt multiple payment options which will, in turn, lead to higher conversion rates and increased revenues.
- Seamless User Experience
Internet users are always in a rush and they have an infamously short attention span. They want instant gratification and if there are delays in delivering this, they will quickly move on to another online store. By providing multiple payment options, you will enhance the user experience at your store, which in turn leads to higher sales, positive reviews and a boost in revenues.
The e-commerce business environment is tough but with the right strategies, you can always stay ahead of the pack. By offering alternative payment options on your e-commerce store, your business can attain a global reach, higher sales conversion, reduce cart abandonment, and improve customer loyalty and brand trust, among other things.