India’s eCommerce market is anticipated to touch US 350 billion dollars by 2030, which shows how the Indian population is stepping into online shopping. Since the hit of the Coronavirus pandemic, there has been a high penetration of retail purchases, which is expected to reach 10.7% by the year 2024.
The government of India is planning to create a trillion-dollar economy by 2025 through its Digital India Platform. These studies indicate there are high opportunities for eMerchants to take advantage of this blast in online shopping. The traditional brick-and-mortar model may lose its stand in this era of Ecommerce payment gateway. Here in this article, we will discuss a few tips on how you can grow your small retail business online and ace ahead of the competition.
Ways to Benefit from the Online Shopping Boom
- Understanding your customers- An online retailer needs to understand what the customer wants, why do they want to shop a particular product online, the behavioral pattern of customers, what can best cater to their needs, etc. Once you understand the psyche of your customers, it will become easier to cater to the right section of the crowd. Many online businesses do not stand still for a more extended period because they fail in this very first step. That is why it should be your utmost priority and only strategy to build your brand of the boom in online shopping.
- Customer preference is everything- It has been researched that 60% of eCommerce customers do not proceed further if they don’t find a preferred payment option. You must add different payment methods to your payment gateway and not let customers abandon themselves. The payment preference of customers depends upon age, gender, the product they are paying for, market to market. These all-study areas help you understand better what kind of methods you should add to your payment gateway. Zaakpay’s payment gateway gives you 100+ options such as eWallets, UPI, QR, Net banking, Debit/Credit Card, and many more, through which you can offer a wider variety of payment methods for each section of your customers.
- Keeping yourself up to date– Old and traditional methods of shopping do not serve the new generation anymore. The newbies want to experience smooth transactions that are proceeded in simple steps. Most of the customers leave your website because they experience complexities in payment processing. This results in a higher reduction in the total revenues of the business. With the new technologies, you can keep yourself up to date and provide your customer with a user-friendly eCommerce payment gateway that processes transactions quickly in a few easy steps.
- Reduce your payment rejection rate– Research has found that only 31% of online retailers can complete a transaction with a percentage of 90% or more. This is because of security concerns. As per APAC, 68% of customers reject the transaction because they don’t feel confident about the authorization process. To overcome the hurdle, you should offer your customers a gateway that has tighter security and a rocket speed of completion. Zaakpay’s payment gateway complies with PCI DSS and SSL standards which ensures payments are secured and encrypted.
- Advertising is the key– If you cannot attract traffic to your website, you will fail and will not be able to create an online presence. If you want more people to visit your website, you must adopt various techniques to advertise your brand online. Social media is itself a great key to attracting customers. You can create your brand page on social media platforms such as Instagram, Facebook, Twitter, or you may add informative blogs to your websites and write creative articles which advertise your niche. You can also run ads on YouTube videos to grab the audience’s attention.
- Digital personalization– If you are a retailer who wants to build an international presence of their brand, you must consider digital personalization. This term refers to a personal preference that a customer may wish to, such as local currency or a local language. Customers, who want to process transactions in their local currency language, may leave your payment gateway just because of an unfamiliar experience. It is more about the psychology of consumers. They feel secure when they are transacting with local currency and in the local language. So, you must consider the checkout conversion and attract international customers at their convenience only.
- Reduce your operational costs– Once you have gained a large customer base through advertising, there is nothing that can stop them from visiting your website. When you have enough people noticing your brand and ordering from your website, you can achieve high-cost reductions in your operational costs such as rent, repairs, inventory handling, maintenance cost, the salary of warehouse staff, etc. Through cost reduction, a retailer can meet expected ROI and profits.
- Faster demand and supply– Unlike a brick-and-mortar model, you can streamline the delivery and logistics of your business which helps in getting faster demands and supplies. When a product is out of stock, the buyer can click on “notify me,” and this will send an indication to the seller to add more stock. Through this process, an eMerchant can make more sales and attract more customers.
- Use comparison tools– A retailer can save lots of time by using comparison tools for price and substitute product comparison. As all the information is available online, the merchant can easily compare and take necessary actions, unlike in a physical store.
Online shopping has opened up a tremendous opportunity for retailers to gain a global reach. Online stores need not make efforts to find customers; they can simply adopt the tips mentioned above to expand their reach globally. Since customers like personalization, the retailers must be willing to offer a variety of payment modes with their Ecommerce payment gateway to make sure no transaction is left unprocessed or rejected. Zaakpay’s payment gateway is the best option which is available with 24*7 online support for all your concerns and queries.