The range of payment options you provide to all the customers, can have a great impact on your E-Commerce venture’s success!
Payment options, an important metric on which your E-Commerce venture’s success & the future is highly dependent.
Because when anybody is spending some money or even a dime for purchasing something through an E-Commerce website, he/ she will always check, whether the platform is providing his/ her preferred payment option (s) or not.
Everybody has a preferred choice, when the matter comes to payment. May be someone has no problem of paying via credit card but at the same time, there are other person (s) who doesn’t want to make any on-line purchase, if the Cash On Delivery option is not there.
So you never know, who prefers what. May be I am very much familiar with Internet banking but someone else is not so. It’s quite natural.
You can’t restrict your customers in a specific set of payment options of your choice or feasibility, because ultimately your customers will buy after paying money, so flexibility matters to a great extent.
We can’t predict who will use what, so the best way is just keep every doors open for payment. So that your customers will be able to pay, in whichever option they like. It’s totally their choice.
So, lets find out, why having a wide range of payment options are so important?
Here I will discuss about 5 essential points, which will help you to understand, why you should never ever restrict your customers in terms of payment options while they are buying anything from your site, specially if you are a new player in E-Commerce space. Now the question is why?
To increase the confidence among your customers!
Although on-line shopping ecosystem is changing rapidly across the globe, but we can’t neglect that segment of users/ customers, who still struggles or thinks many time, before making any on-line purchase.
So, as a business owner who has an e-commerce site, you can’t neglect those customers, who are highly potential for the future of your business.
To bring those untapped customers, you have to take the initiative first, by incorporating all type of payment options on your website.
Not only untapped customers but it’s equally true for many savvy customers also.
Because, if a customer is going to make any purchase for the first time from your website and he finds that his preferred payment option (s) is not there, so he/ she will never purchase and go to somewhere else.
So you have to build the confidence among your customers by giving what they want because during purchase if somebody found that, their preferred mode of payment is not there, then to some extent they lose their confidence.
Because making payment is a very crucial stage and at that stage if customers confidence level fall, then it will be a disaster. That customer may not even come back to your site ever.
To strengthen your brand value in the market!
Your brand value is largely dependent on the trust & confidence level of your customers towards you or your brand. Because brand is created from name & reputation in the market.
Now tell me, if any customer doesn’t feel confident enough, during making the payment, then it will create a very bad impact on the reputation of an E-Commerce venture.
If someone is not feeling confident at all, for doing any transaction via your site, then how can you expect that he/ she will ever praise for that?
If you don’t have faith in a certain product/ service, will you ever praise for that to your circle or recommend that to anyone else? Never.
& that’s the major reason why you need to implement all the popular payment options on your site and you also have to take care of the additional things associated with it.
Once all the prospective customers will find, their preferred payment options are available, their confidence level will increase and it will ultimately help you to strengthen your Venture’s brand value & identity.
To expand your reach by standing out from the crowd!
How your reach across the region will spread, obviously when the total number of visitors & customers will increase.
As the number of customers or normal visitors will increase, from there your reach will increase to a great extent, from their direct & indirect references.
But the competition is too high, so to increase your reach you have to stand out from the crowd, but how? Which feature can be incorporated that your competitors are not using.
But think, is it even a valid argument? Because in an E-Commerce website, what kind of unique feature you can add what other players are not using? I doubt you will really find any.
So the best way is, you let all the doors open for purchase (in terms of payment options) to all the customers (existing/ prospective ones).
So, as a new player in E-Commerce space it can help you in a big way.
To increase the overall transaction/ sale!
As I have mentioned in my previous point, when you will open all the doors for purchase easily (in terms of payment options) to your customers, then more & more new visitors will convert.
So in this way the sale will increase gradually, higher transaction means higher sales.
It will give greater flexibility for making buying decisions!
Mode of payment is a big deciding factor for making any buying decision. So when anyone will get all types of flexibility for payment options, automatically he/ she will come much closer to make the buying decision. It’s a factor.
So, I hope you got all the points that I have discussed here regarding, why having flexible payment options are really essential for any E-Commerce venture? Now, please let me know what’s your take on this.