In today’s technologically advanced era, the number of people using the internet for socializing and shopping has presented businesses with numerous opportunities to capitalize on this global phenomenon. Further facilitating this shift of consumers shopping from brick and mortar stores to online e-commerce websites is the COVID-19 pandemic. In the Philippines, there are 38.9 million e-commerce users, a growing number that is expected to reach 55.8 million users by 2025, according to figures by Statista.
As the e-commerce industry continues to grow, so will the consumers’ expectations. Shopping experiences will be a key factor, as customers not only want to buy a product, but they also expect to have a seamless and convenient shopping experience from the comfort of their own homes. As such, businesses will have to consider providing multiple e-commerce payment options as part of their customer experience improvement strategy in order to fulfill their customers' expectations. Read on to understand how you can give your customers a great shopping experience, why multiple payment options are a must in e-commerce, and know what are some of the most popular e-commerce payment methods.
The importance of having a seamless online shopping experience
To stay ahead of your competitors, businesses must provide a seamless and gratifying experience for their customers. With a pleasant, easy, and enjoyable experience throughout the purchasing process, this will ensure potential repeat purchases.
According to Accenture, 51% of customers remain loyal to those brands that offer personalized customer experiences. Another statistic from Oracle shows that 86% of customers are willing to pay more for a seamless online experience. When customers are happy with a brand, it will create loyal relationships. This, in turn, helps businesses increase customer conversions, customer retention, return on investments, and business growth. While there are several ways that businesses can provide a seamless customer experience, one very important strategy is to offer multiple e-commerce website payment options.
Why Should Businesses Offer Multiple Payment Options on E-Commerce
There are several benefits of providing multiple payment options on e-commerce platforms:
1. It increases conversion rate
Offering multiple e-commerce payment options is a good way to help increase conversion rates. Many websites offer a good user experience up to the point where the purchasing process begins and if that process is inconvenient, customers will abandon their carts and look elsewhere. On the other hand, if the payment processes are convenient, simple, and smooth, customers would tend to gravitate towards such payment methods, and this will help you gain an edge over your competitors.
2. It increases customer base
Multiple e-commerce website payment options will also help increase customer satisfaction and make them loyal to the brand because customers will more often than not develop a certain level of trust when using a preferred payment option which they are most familiar with. Through word of mouth and referrals, those consumers will become brand evangelists, and this will result in potential customers visiting your e-commerce site for their needs, thus expanding your customer base and boosting sales.
3. It increases customer loyalty and retention
Last but not the least, multiple online payment methods will prove to be a boon to the business as it offers customers a wide variety of payment methods. To limit your company's payment methods to just one or two options is detrimental, as some customers might not have that particular method of payment, and such an obstacle will only deter them from purchasing items from your e-commerce store. When customers are unhappy about their shopping experience, they will naturally be dissatisfied with your brand. A wide variety of secure and convenient paying options however, will help increase their loyalty and retention, and this will translate into better return on investments.
