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The Importance of Mobile in Financial Services

Tag: business

The Importance of Mobile in Financial Services
Mohab Growth Hacks 0

The Importance of Mobile in Financial Services

The ever-increasing use of mobile phones in day-to-day lives is redefining the landscape of financial services and it is impacting banks, NBFCs, insurance companies and even online stores in various ways.  Today, the digitally aware section of society is using their mobiles to receive messages from financial institutions, pay EMIs, shop online, transfer money and book a restaurant or movie easily. Mobiles are replacing the conventional financial practices and you can now buy anything online without having to use cash or card, thanks to e-wallets.  This is because even smartphones have become cheaper and can be used even by kids and the elderly. Now let’s take a look at how mobile is revolutionizing financial services:

  • Impact on financial lenders – The banking sector as well as NBFCs are embracing mobile technology these days to make their operations smoother, and to reach out to a wider section of the society. Since mobile phones are widely available in rural and suburban areas today, a farmer too can get a loan conveniently with a single phone call or text. A small rural business can get funding even while sitting at home and he or she will receive notifications through the mobile phone as well. Opening an account with a bank has become convenient too this way. So, mobiles have played a huge role in boosting financial inclusion and are encouraging the economically weaker section of the society to use banking services.

 

  • Impact on insurance – Insurance is something that a lot of people opt for, be it to protect themselves against financial emergencies or accidents or medical emergencies etc. But with the advent of mobile phones, more and more customers research online about various insurances before picking one. They can compare the cost and benefit of choosing different insurances on their mobile phones as well. Hence, it is in the best interest of the insurance companies to use mobile technology to advertise their policies and reel in both new and old policy holders. This way, they can reach out to more target audience than they previously thought was possible.

 

  • Impact on online businesses – E-stores these days focus on mobile shopping apps as much as they do on their website. This is because most customers use mobile phones or smartphones to shop for fashion apparel, cookware, hardware, medicines, cosmetics and even baby care products. They have less time to spare for physical shopping and are always on the go, which makes it tough for them to use a laptop or desktop all the time. Naturally, online businesses need to ensure that the payment gateway they offer on mobile apps is secure, fast and hassle-free. This will prevent shoppers from abandoning their carts midway because of a slow gateway or one which has many redirections.

Mobile revolution and payment gateways

From buying a pizza to shopping for wedding jewelry to ordering flowers for a birthday – everything happens on mobiles these days. And simple and smart mobile apps are hence popular. But without a proper payment gateway, you will never attract enough customers through mobile marketing and your sales will dip.

Gateways like PayTabs are hence a wise choice for online stores. They deposit funds in merchant accounts fast, protect customer and transaction data, prevent frauds, and are very easy to integrate into your mobile app. Moreover, as they offer a variety of payment options, shoppers can easily pay using their credit and debit cards. The shopping experience cannot get better than this! So, it is time to adopt mobile technology whether you are a business, bank or insurance company, without a second thought, as this technology is here to stay!

6 years ago
Crack the Marketing Code To Attract New Customers To Your Small Business
Mohab Customer Experience 0

Crack the Marketing Code To Attract New Customers To Your Small Business

To sell your products and services as a small business, you need the right information. I have distilled the vast information available online to make it easy for you to promote your business and attract customers on a shoestring budget.

This information comprises of some old school methods of promotion combined with some modern and innovative methods. All of these activities together will yield wonderful results. I have tried to make sure that the tips suggested here are proven yet low cost methods to promote your business and attract your customers.

All of the methods listed here may not be suitable for your business type, so focus on the ways that would work best for your business.

These methods can broadly be divided into three major categories.

  1. Offline Promotion
  2. SEO and digital marketing
  3. Other innovative methods

A. Offline Promotion

As far as offline methods of promotion are concerned, we can again divide it into the following points:

1.  Volunteer work
Start volunteering for community services in your neighborhood. Arrange free health checkup camps or simply sponsor an event.  Just try it, your community, church or mosque is waiting for your services. Its worldly incentives include free publicity.

2. Host community meetings

In spite of the fact that it’s prevalent mostly in the Western countries you can try it in the East as well. Invite groups such as book clubs, football fans, local groups, and political and religious groups for a meet up or get-together. Offer freebies, discounts, donuts and coffee. They will likely come back to buy from you.

3. Distribute leaflets and flyers

One of the most powerful weapons of the old school marketing arsenal, leaflets and flyers are still relevant and effective.

4. Do some charity and conduct charity shows

Arrange charity shows and invite children and other artists to organize the show. Distribute the proceeds to the poor and the weak and get free publicity.

5. Hold in person events

Get outside your premises and offer your services outside, or simply organize an event and invite people to your place. Collect their contact information, offer freebies and discount coupons, or send coupons to their mailing address.

6. Partner with other related businesses

If you are a wedding planner, partner with music bands, flower shops, decorators, caterers and other event organizers. Partner with these businesses and distribute discount coupons and membership cards to their customers. Offer a free appetizer on their first visit.

7. Offer great customer service

Customer service is the key to success in any business – big or small. Offer exceptional customer service, so that you get a lot of referrals and word of mouth promotion.

8. Nurture existing customers and expand your customer base
Use your existing customers to expand your customer base. Give personalized gifts to your customers on their marriage anniversaries and birthdays. Offer incentives to your customers to bring more customers for you. It may be a jumbo discount or a free offer.

B. Digital marketing

Digital marketing is one of the most effective ways to attract customers to your startup or small business. Try the following action tips and experience a flood of customers pouring in:

  1. Create a website
    It’s the first step of digital marketing and a platform for all your future campaigns. Later on, you can create a blog and a video log on YouTube.
  2. Go for directory listing
    List your business on all local and popular online directories to improve your visibility. Hire an SEO professional, if it’s too much for you.
  3. Create your presence on “Google My Business”
    It’s Google’s own way of local listing and SEO for your business. It will not only create your online presence, but also increase your visibility in organic searches.
  4. Create your presence on social channels
    Choose a social media channel that is popular among your customers and audiences and use it fully to promote your brand. It can be Facebook, Instagram, Twitter or WhatsApp.
  5. Do some online advertising
    Try Facebook and Google advertising. It instantly brings results, leads and traffic. This is the fastest way to convert your prospects well before you appear on organic searches.

C. Other innovative methods
Apart from these, there are some other innovative methods as well that you can try to attract customers.

      1. Leverage influencer marketing through word of mouth
        Use your existing customers to act as your brand ambassadors. Offer “real” and “valuable” incentives for every sale you close through those customers. You can also use them to distribute your flyers etc. Reward the people, who mention your brand in their public meetings and social gatherings. Run campaigns like, bring 5 customers and take your free gift, etc.
      2. Offer free gifts, discounts and deals
        This is a great way to promote your business. “Free” is a magic word in the world of business, use it to your advantage. Look for opportunities to offer freebies.
      3. Arrange contests

    Contests are a great way to attract customers. Arrange both offline and online contest. Use your creativity.

    4. Share your knowledge

    Sharing knowledge is a great way to promote yourself and your business. You can use a blog, a Vlog(video blog)            or an event to share your knowledge. Make sure it offers value to your customers.

    Final thoughts
    There is a long list of tips you can try to promote your business and attract customers. We have tried to present  all the valuable information at one place. Most of these tips can be tried by startups and cash strapped small businesses. You can learn digital marketing through Google itself. Pour some passion into it and see the magic.

6 years ago
Expand Your eCommerce Business by Offering Newer Payment Options
Mohab Growth Hacks 0

Expand Your eCommerce Business by Offering Newer Payment Options

The e-commerce landscape is changing drastically. According to the latest trends, when it comes to the entire shopping experience, customers are looking for flexibility and convenience. With regard to that, the payment function online is very troublesome. Most of the customers will cancel their purchases if their favorite payment option is not available.

According to a survey by YouGov, more than 40% of the participants said that they feel more comfortable if the web store they have chosen offers multiple gateways and different modes of payment. E-Commerce sites are offering more and more payment options. With digital wallets and contactless & mobile payment options, people are looking for credit card alternatives.

In order to maintain a higher conversion rate, you need to be aware of the growing demand of customers for better alternatives and inclusion of popular methods of payments. Because of the diversity of demographics and the choices available, people have developed biases against particular modes of payment – and it can either be a credit card or a particular digital wallet.

Here are a few necessary things to take care of when offering payment options:

Make it convenient, simple and easy
Convenience is the key when it comes to choosing the mode of payment. Many people abandon the effort when they reach the Shopping Cart because an e-commerce web-store doesn’t provide them with the required payment options. Customers get impatient and demand better service and ease of use. So, if you provide additional modes of payment, you make the life of your customer easy.

Bring in a touch of professionalism
If you take customer psychology into consideration, you will find that that web stores that provide multiple modes of payment look more professional, reliable and worthy of endorsement.

Capture an international audience
With lots of choices available, you will do better to have an eye on international customers who have to use different modes of payment according to their personal and local preferences. Forget about countries, sometimes even different regions in a country have different preferences.

Create loyal customers
customer frustration is not just about preferred modes of payment. Transaction failures are also responsible for customers looking for alternatives. Sometimes, they get frustrated when they choose a particular mode of payment and the transaction fails repeatedly. Even customer support is not able to address these issues immediately and the entire experience may result into customer leaving your site and going to your competition.

According to the research firm, Bain and Company, if you increase the rate of customer retention by 5%, you are definitely heading towards increasing your profits by more than 95%. So, give your customers a wide range of options, so that in case of transaction failure, you can still divert them to another mode of payment and save their purchase.

Choose the right option between Integrated and hosted gateways
Again, there are two types of payment gateways:

  1. Integrated gateways
    With integrated gateways, the customer performs the entire checkout process on your website without being redirected to the third-party website. It offers them the smoothest experience, but it can be less secure. In this case, the responsibility of maintaining security lies on you as the service provider. Make sure that you are PCI compliant, so that the payment process taking place on your website is safe and secure.
  2. Hosted gateway
    When you redirect a customer to a hosted gateway, they are being directed to a third-party website which takes care of the customer’s transaction. In this case, customer experience might suffer. It is not as smooth as the first option, but in this case, you need not worry about the security issues as the responsibility of maintaining security lies with the third-party website. If you are a startup and have a low budget, you can go for this option, because to ensure security you need to invest heavily.

 
Therefore, payment gateways play an important role in customer retention and customer experience. Make sure that you provide enough payment options to your customers, so that they love the entire experience on your site and, especially when they are making their payment. It will ensure less customer loss or abandonment at the shopping cart and increased customer loyalty.

6 years ago
7 Mistakes to Avoid When Starting an Online Business
Mohab Growth Hacks 0

7 Mistakes to Avoid When Starting an Online Business

Starting an online business can be an exciting venture for any newcomer to the e-commerce industry. So while the thrill of setting an online shop and managing your online business with ease can make it seem like a walk in the park, it is important to refrain from committing the following mistakes that could set you back or ruin the chances of growing your business:

  1. Lack of planning:

The number one most important thing when starting an online business is having a business plan. Walking into a business venture without any action plan is risky and reckless.

  1. Paying attention to tiny details:

Little details can be very distracting from what’s important and can sidetrack your focus, this can lead to wasting valuable time.

  1. Not making money a concern:

You should always be wary and know where funding will be coming from, startups don’t profit from the beginning but experience a lot of losses. Financial plans are important.

  1. Not valuing your product or service:

If you are selling a product or a service, it is imperative to set a price that can end up gaining a good profit.

  1. Not prioritizing customer service:

Your customers are what will give you the profits you seek, ensure they have a good experience. Nobody wants to buy from the business with unimpressible customer service.

  1. Not hiring early:

Hiring early is a positive factor because it will allow you to match the skillsets and personalities and ensuring you have a solid team and company culture when the business picks up.

  1. Underestimating the focus and commitment needed:

It will take a lot of effort and focus to start your business, so you can only imagine the effort needed when running the business. Make sure your focused enough the achieve your goals, multi-tasking might not work for everyone. So dedicating the time for this is highly important for proper management.

All online businesses have the potential to succeed through hard work, dedication, smart planning and of course, the right online payment facilitator for their business. With PayTabs, we are dedicated to empowering and enabling our merchants with all the payment platforms required to accept payments and grow their business. To test the power of PayTabs’ platform, you can sign up for a free demo merchant account. For more useful tips and tricks, you can stay up to date with our posts by signing up for our blog alerts as well.

6 years ago