2017 just closed its curtain recently, ending yet another memorable year in the calendar, however, for payment world, its time is far from closing or ending. In fact, 2018 is expected to be the year for payment, particularly e-payment. With e-commerce blooming like flowers in the spring season, it attracts many big companies to invest in payment companies making it one of the most exciting prospects for 2018.
Last year e-commerce generated $2.3 trillion USD worth of revenue according to eMarketer. It is safe to say that e-payment played a huge role and its contribution to that can’t be denied. With this being said, e-payments are expected to overshadow cash payment along with cheque payment. The world slowly excluding cash and cheque as it is seen as burdens to the developing payment world.
It is not a secret that Asia is the leading e-commerce market in the world. Led by one of the e-commerce giants, China, Asian has experienced so many investments and developments throughout 2017 and is expected to experience more in this year. Southeast Asian is the most to be experiencing this global revolution. Last year, their e-commerce grew rapidly and continuing to grow. For payment gateway provider, this opportunity is well beyond imagination. The amount of possibilities and opportunities of cooperation with e-commerce business to be grab are many.
Boosting your business with payment innovations
As mentioned above, opportunities and possibilities are so many it practically served on a silver platter. Thus, combining your company with a payment gateway should be your next move for 2018.
- Pick a payment gateway
In this rising e-commerce age, having variety of products, selling it online and even backed up by solid marketing is just not enough. You, as an online business owner need to consider the essential part of e-commerce, “How my customers are going to pay?”. You have the business, the product, the marketing but without a way to pay, none of that matters. In fact, there won’t be any e-commerce without payment, especially e-payment.
So, why does choosing a payment gateway a necessity? In order to reach potential customers, you must first provide them a payment method. A payment gateway allows your customer to connect with their bank and make the payment online. Not only that, the potentials of payment gateway are not limited because the right payment gateway could meet your customer needs and wants in terms of payment alternatives and features that ease their process.
- Venture to mobile payment apps
Many variables determine the success of an online business, from offering the right product mix, to delivery, customer service and marketing. However, specializing in this critical part of online business, payment, could potentially be your key ingredient in your success.
What do you do when your customers are mobile enthusiast? One thing that pops up in your mind must be a mobile payment option. As we all know, mobile devices have changed our world. Our way of interacting in terms of what, where and when we interact with online world were redefined. PCs are no longer seen as a primary device for e-commerce hence, customer experience on mobile device must be set as focus point.
Mobile payment helps to increase customer check out speed. Customers traditionally like a quick service, especially when paying, since that is their least favorite part of shopping. Most customers and merchants find it easy if the customer uses a mobile payment apps rather than browsing and get redirected to another site.
Time-saving can also directly increase profit as more customer can be accommodated in the same time. Customer that is always on-the-move and have limited amount of time or even shopping during lunch hour can do their shopping without much time-loss. with mobile payment you can easily track your inventory. For some company, tracking their inventory can be a difficult process.
However, from the positive side, mobile payment not only allow you to track your inventory, but also allows you to track your customer behaviour. This information is vital due to the fact you can use it to improve your services and business. By meeting customer’s demands, you can increase your efficiency and sales.