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How to use Price Localization for Increasing Global Sales?

Tag: payment gateway

How to use Price Localization for Increasing Global Sales?
Mohab Super Merchants 0

How to use Price Localization for Increasing Global Sales?

The price of a product or service is the most influencing factor for a buyer. Of course, there are other factors affecting online sales, such as geographic location, currency, user experience, and so on. When we talk about price localization, we incorporate all these factors to render a customized shopping experience. According to a study, a group of SAAS companies confirmed that sales performance increased by 30% when price localization was implemented.

You can simply make changes in a payment gateway process by accepting local currencies and adjust pricing according to the market demand to successfully implement price localization. In addition to these, there are other ways as well. Here, we highlight the importance of price localization, and how it will affect your international business.

Cosmetic Localization versus True Localization

Price localization happens at various levels, depending on your goals. For example, if you have a product that sells really well, you can apply basic changes to boost global sales. But if you are entering a new market, you have to consider multiple aspects. Based on these two situations, there are two localization types – Cosmetic localization and true localization.

  1. Cosmetic Localization

Currency Exchange – Under this strategy, you can provide competitive exchange rates when converting the price of the product in local currency. Further, ensure minimum payment gateway charges to reduce additional costs, besides the product price.

Local Currency – You can also simply eliminate the need to provide an exchange facility by showing prices in local currency. This will improve the user experience, resulting in higher chances of customer acquisition.

Local Language – Translating website content into the local language is another way of tapping local customers. According to a study by KPMG and Google in India, 68% internet users prefer content in local language rather than in English.

  1. True Localization

Market Demand – You just cannot change the price and currency, and expect a rise in sales. When cosmetic localization doesn’t work, true localization comes in. The foremost influencing factor is market demand, and whether the market is saturated or not. For example, if the product demand is high in Europe but the competition is low, you can sell the product at a higher price.

Buyer Personas – The price is influenced by buyer personas as well. This involves customer’s demographics, buying behavior, and other factors. You have to customize a package, design, or features according to the customer’s preference. For example, some products may work well in the USA but they won’t sell in India unless you customize it according to buyer persona.

Purchasing Power Parity (PPP)

The price localization depends on the purchasing power of the currency. The purchasing power is determined by considering factors like income levels, cost of living, and so on. The purchasing power parity (PPP) aims at striking the balance between two currencies. In other words, as per PPP, the cost of a product should be the same in both currencies. For example, if a pair of shoes cost $50 in the USA, it should cost Rs 2500 in India, if the conversion rate is 50.

But the currencies, in comparison to US dollar, are either undervalued or overvalued. Now if you keep the prices same for the global market according to the PPP, the sales may get hampered. So on the basis of the conversion rate, exchange rate, and customer’s willingness to pay a particular price; you should adjust the selling price so that customers don’t hesitate to pay the price.

Customer’s Sensitivity

A customer is sensitive to various factors, not just the price and benefits. While pricing the product for a targeted audience, analyze factors like customer’s income, lifestyle, spending pattern, preferences, market demand & supply, the local language, and so on. Conduct surveys or deploy big data analytics to accrue information. The price localization works effectively when you create value according to customer’s sensitiveness and set a suitable price tag.

The Final Words

Price localization is an effective strategy of catering to the targeted audience, thereby, boosting local sales. It’s not just an option but a dire need if you want to tap the global market. Understand the market demand, and step into the market with the right product and price tag before you lose the ground to your competitors.

6 years ago
5 Emerging Trends that will Influence E-Commerce Businesses in 2018
Mohab Growth Hacks 0

5 Emerging Trends that will Influence E-Commerce Businesses in 2018

Setting up an e-commerce store is not just about creating a website, uploading images and descriptions, integrating a payment gateway, and waiting for the customers to come and buy from the store. The times are changing, and you should too. As per Statista, the global retail sales via e-commerce platform will be worth $653 billion by the end of 2018.

E-commerce business is constantly undergoing evolution, just like other industries. One who adapts according to the emerging trends will reap the benefits. Have a look at the latest trends to strategize your e-commerce business strategy.

Shop on Social Media

According to a report on social media, a person had spent 135 minutes daily, on an average, on social media in 2017. This depicts the influence of social media on our lives. The e-commerce businesses can exploit the potential of social media for driving sales via their online stores. The social media platforms like Facebook, Instagram, Pinterest, and others offer a shopping option.

The users can inspect products from their social media accounts, click on desired products, and check out on the e-commerce website. Facebook Shop and Pinterest’s Shop For Look are examples of social media shopping. Whether you opt for paid marketing or showcase products to your followers; social media can be used for boosting e-commerce sales.

Chat Bots

People prefer one-on-one interaction that can impart a personal touch, a customized experience. The probability of sales increases when you personally cater to your audience. You can enable chatbots on your e-commerce store so that anyone can initiate a conversation with the representatives. There are various live chat tools that offer feature-packed services to engage your customers. You can also use Facebook Messenger for conversations. As most of the users are on Facebook, this seems a viable option.

Mobile Shopping

According to eMarketer, mobile e-commerce accounted for 58.9% of sales in 2017. Undoubtedly, this number is expected to grow across all continents. You should strategize your e-commerce business around mobile, be it developing a mobile app, investing in mobile advertising, or installing secure online payment systems.

We have one-click payment systems that simplify payment processing, thereby, rendering a seamless user experience. The ease of payments via mobile is a major driving factor for the increase in mobile shopping trend. Further, as users tend to spend more time on their smartphones and tablets, it becomes obligatory to target mobile audience.

Voice Assistants

Do you that know that 40% millennial rely on voice search when making online purchases on mobile?  As voice search is convenient and more accurate than text-based search, users are opting for voice search. Moreover, mobile users are increasing at an exponential rate and voice search is perfectly aligned with respect to linguistic search. These all factors compel e-commerce business owners to integrate voice search in their online stores.

Google Assistant, Amazon Alexa, Apple Siri, and Microsoft Cortana have made it clear that voice search is the future. Further, voice-based devices like Amazon Echo and Google Home rely on voice search mechanism for solving user’s queries. Optimize your e-commerce business around voice search to harness maximum benefits.

Artificial Intelligence & Machine Learning

Once a buyer visits your store and buys a product or service, you can showcase similar recommendations at the same time or send automated emails regarding same or similar recommendations. Other than this, you can deploy artificial intelligence for showcasing retargeted advertisements on social media and search engines. The voice search and live chatbots work on the same principles of artificial intelligence and machine learning, and there are endless possibilities for engaging with the visitors and increasing your sales if you lay emphasis on these two parameters.

 

With increased digital exposure, e-commerce has tremendous potential. If you can utilize the right tactics at the right time, you can take your online business to the next level. Optimizing according to the latest trends will assist you in preparing for the future. Therefore, you will always be one step ahead and will be able to maximize online sales via your e-commerce store.

6 years ago
Quick Secrets to Successful User Onboarding
Mohab Ecommerce 0

Quick Secrets to Successful User Onboarding

The rapid development of the e-commerce industry necessitates equally fast adjustments from business owners. One of the most important aspects of an online business is user experience and this is where your business will fail or succeed.  By embracing new technologies, online businesses can now provide a seamless user experience, thus gaining a competitive edge. Online payment platforms are among these critical technologies every online business must embrace in its endeavor for improved UX. If you plan to leverage a new payment platform on your website, it is important to consider user onboarding. This entails increasing the chances that new users become successful when adopting your application. It is the most crucial yet frustrating element of a product launch because it determines the first impression. As they say, first impressions are crucial and for this reason, developers and website owners must learn how to improve user onboarding. This article tackles some crucial things a software developer should consider to help users find new value and success when using their product. Read on.

Why User Onboarding Matters

When thinking of customer retention in e-commerce, most business owners adopt a wait-and-see approach. The idea is to wait for a few weeks after a product launches on the website and start making changes that will hopefully retain users.

  • Sells Your Products Value Proposition

Now, internet users have an infamously short attention span and this is enough reason to develop an intuitive onboarding experience. Such an experience enlightens users in the essentials of the payment solutions system. User onboarding sells your product’s value propositions and helps users experience the benefits as fast as possible thus reducing the possibility of dropping out.

  • Greater Conversions

It is important to appreciate that great conversions are about proving to customers your product’s value and full potential in the product launch and trial. User onboarding is crucial not only in improving the growth rate of users on your e-commerce platform and revenue but also in customer retention.

  • Customer Retention

Customer retention has now emerged as a more important business objective surpassing acquisition. In essence, user onboarding is a chance to create a great first impression. In this case, once the software user installs your product, they expect to get value and that’s what user onboarding is about.

  • Setting the Tone Of Interactions

Remember, the first experience a user has on the software sets the tone for your relationship and determines whether this will be a long-term interaction.

Small Tweaks to Make User Onboarding Work 

While user onboarding remains a nascent aspect of website development, some trendsetters have already charted the way. Some of the little things you can do make your online payment gateway work during the launch phase include:

  1. Setting realistic expectations: Show users where they are in the process of using the payment system and how far they have to go. Through the Endowed Progress Effect, you will motivate them to complete the steps and own the process.
  2. Map User Journeys/Tailor the experience: You need to understand the users’ persona to map their journey when using the product. What are the user’s needs, goals and motivations when using the payment application on your site? Are they worried about the cost? Do they need some education about the product? Try tailoring the product to suit the diverse needs of target users.
  3. Offer a compelling value proposition early: You must communicate the value proposition early enough through a simple, clear description of what makes your payment system unique. Make sure you help the user understand cost implications and benefits of the software early to spur further interest.
  4. Simplify: Simplicity is underrated in website development, yet it makes the difference between a successful system and a failed one. Keep things simple in the free trial form, a name, an email, or a social login such as Google or Facebook will work great for user onboarding.
  5. Choose a specific end goal for your user to reach: Make sure you understand where you want users to end the process and what is to be achieved there. Remember always to put the user’s goals first and not your product’s goals.
  6. Reduce friction: A poor sign-up process can ruin the onboarding. While friction will occur due to questions and permissions, you can reduce it through good interface design. Try to decrease form completion time through online form validation and build trust through customer reviews, and testimonials throughout the process.
  7. Use guided interactions: This educates and familiarizes users with the core features of the software.

These are just a few of the little things you can do when learning how to integrate payment gateway.  It will make the onboarding process successful leading to increased customer retention.

6 years ago
How to Use Customer Feedback for improving User Experience?
Mohab Customer Experience 0

How to Use Customer Feedback for improving User Experience?

According to a report by Lee Resource, for every customer who complaints, there are 26 other unhappy customers who have remained silent.

This data shows exactly how important it is to understand what your customers are thinking. The only way you will know that is when you listen to your customers. Once you know what they want you to improve, you can decide how you can do it.

There are numerous ways to collect customer feedbacks, such as surveys, emails, product reviews, analytics reports, and so on. The question is how do you leverage customer feedback data to offer value to the users? Here we discuss ways to utilize customer feedback to derive maximum value and ultimately, enhance user experience and propel the growth of your organization.

Creating customer-oriented Products

Evolving trends and data analytics can give you an insight into what to create for the consumers. But customer feedbacks will provide extensive data like desired features, defects in products, problems with the processes, and so on. As customers are using products and services on a daily basis, they can identify areas that have a scope of improvement. They can give you ideas that you might have skipped in the planning stage. Identify customers who leave detailed and practical feedbacks, and invite them to collaborate and innovate with your team.

Discover New Possibilities

Reading customer feedbacks lets you analyze the demands of the consumers, thereby, instigating you to develop a new range of products and services. The emerging needs of the society compel consumers to ask for more. They discuss their problems and write about ideas or features in the reviews, surveys, and feedback forms. It’s your responsibility to assess available information, have a discussion with the team, and determine the future course of action.

You can also engage with the customers on the community forum, blogs, and ask technically-inclined individuals to review and submit feedback. This is a great way of accumulating crucial information.

Engage with Customers

Customer feedbacks are not just about spearheading innovation and development. You can actually use customer feedbacks to strengthen bonds with your existing and new customers. For example, if customers leave either a positive or a negative feedback on the product listing, engage with them, appreciating them for rendering a positive response and addressing their grievances in case of a negative response. When you engage with the customers, you build trust that will be fruitful for your business in the long run.

Moreover, you can request satisfied customers to refer your products or services to their contacts on social media or by personally communicating with them. This is an excellent technique of mouth publicity to grow your sales.

Addressing Bugs

The research and development wing maybe doing a commendable job when it comes to designing products, releasing updates, and integrating new technologies. But the customer feedback shows the real image when it comes to overall experience with respect to a product or service. For example, if the majority of the customers complain about the payment gateway process, you should dig further and identify the weak areas. Based on reviews, you can learn about the bugs that can be addressed. This will improve the quality and also prevents any blunders in the future.

Building a Roadmap for the Future

If you are a businessperson, you must have a long-term vision to establish your brand. However, your roadmap may not be aligned according to the customer expectations. You have deployed everything to be on the right track. But if customer feedback is not on your list, do it right away. The feedbacks will generate enough data for you to determine and implement the future course of action. Let’s say you are into payment gateway services, and you have got some feedbacks about integrating UPI payments. You can consider this suggestion and incorporate UPI options for taking payments online, a clear sign of product improvement.

 

Your customers are human beings, influenced by emotions. Try to engage with them emotionally to know about their genuine views, ask for ideas and improvements, and enhance their experience. This will establish your credibility, thereby, paving the path for your success.

6 years ago
4 Easy Steps to Improve Your Payment Experience
Mohab Growth Hacks 0

4 Easy Steps to Improve Your Payment Experience

Your payment process may seem technical, almost insignificant. But with over ¾ of shoppers choosing to abandon their cart, your payment gateway is worth considering.

To help you boost your sales, we have found four possible solutions – simplify, clear instructions, broadening your means of payment, and ensuring safety.

Simplify

Critical to the success of purchase completion, your process must be simple and easy to use. Don’t clutter your portal attempting to sell the user a few more items. Make sure the user can review their cart, click back to the main page if necessary, and place emphasis on buttons or links that move the purchase along.

It can be helpful to work with a UX designer or commit to user testing to see where your design might be confusing your customers.

Clear Instructions

Similar to the point of simplification, you need to make sure that all instructions are clear and to the point. Use conversational language, and on each screen, only include information that is crucial to that step in the process.

If possible, include accessible options, such as audio instructions. And if your site is serving a multilingual audience, it may be prudent to invest in translation.  Over 70% of consumers are willing to buy products with information in their native language. If your userbase largely speaks Spanish, but your payment process is in English, it may discourage them from finishing the task.

Payment and Receipts

In order to make the payment process as painless as possible, it’s best to include various forms of payment options. This includes not only accepting credit and debit cards like Visa, Mastercard, and American Express, but also accepting digital payment methods like PayTabs.

You should also make coupon options clear-cut, with the customer either selecting the coupon, or inserting the code. In countries like India, many consumers still prefer cash on delivery payment methods, so excluding this may prompt users to abandon their purchase.

Furthermore, it is important to send out a receipt after payments are completed so that the consumer builds confidence in your system. Whether a physical product will be shipped or not, it is vital to send the consumer an email receipt.

Ensure Safety

Lastly, safety is of the upmost importance. While the data provided for the user is important for completing a purchase, that same information could destroy their lives if in the wrong hands. And this doesn’t just provide security for the consumer – it helps you as well. After all, you don’t want to be entangled in a case of payment fraud.

In order to ensure your payment portals are secure, make sure to follow SSL protocols. Users will recognize if you have this functionality immediately, as a lock icon will appear in the URL bar. This is a cost-effective way to improve your security and build consumer trust.

In addition to becoming PCI compliant, make sure never to store payment information on your servers, especially credit or debit card information. Consider using tokenization to randomize the secure data sent to your servers. This will boost your security considerably and minimize payment fraud.

Conclusion

At the end of the day, your consumers will benefit from a simplified design and easy-to-read instructions. Furthermore, accepting various payment methods will make the process easier in case of card failure or other technical mishaps, and keeping your site secure will protect both you and the consumer.

A properly maintained and designed payment gateway helps to build trust with the consumer, so that they will not only buy from you again, but they will also enjoy the experience.

6 years ago