As the expectations and needs of consumers change, so does the marketing landscape. Emerging technology and social trends are influencing lifestyles and habits.
The exponential growth of technology is causing buying behaviours to change both quickly and unpredictably. Technology is changing the game as more consumers rely on debit and credit cards for transactions rather than cash.
It is also transforming the marketing landscape as consumers can now decide among a variety of shopping stores and channels online. Many small businesses are taking steps to transform from traditional brick-and-mortar stores to online retailers. This is because more consumers seek out products or services by actively searching online, or even directly searching for the business’s selling channels.
Using electronic payment system for your business can help you keep up with changing consumer behaviours and make more sales online.
If you are an online retailer looking for a strategy to keep up with the trends, you may want to consider using an electronic payment system. These three strategies can help you stay on top of it.
Mobile Shopping
As consumers evolve so should the way we do business. The surge in online and mobile shopping is spurring the need for online retailers to amp up their games. Industry giants, such as Google and Apple, are constantly trying to improve mobile payment solutions to be more convenient, simple and seamless.
There is a hefty opportunity for online retailers in this growing area of e-commerce, or better termed as m-commerce. As the tech industry continues to grow and revolutionize the marketing landscape, consumers become more inclined and comfortable using mobile and smart devices to make purchases.
The amount of time spent online via mobile devices exceeds that of desktops partly because the quality of the browsing experience and functionality of mobile is increasing. As such, as people spend more time browsing via their mobile devices, there is a promising opportunity to reach more of your consumers as they view your retail store online.
Security
As an online retailer, a concern may be how to process payments both securely and conveniently. As people are susceptible to email scams, computer hacks, and other online cons, security is taking a greater importance.
As fraud becomes a more prominent issue with increasing risks, consumers are beginning to rank security and fraud protection as a top factor when deciding to make purchases or give out personal information online. As such, consumers are typically more inclined to purchase products or services online if the retailer can guarantee security.
This is a wake-up call to online retailers to implement up-to-date security features in their payment solutions, as well as to ensure their customers are informed about what they can do to safeguard their financial information.
A Buyer’s Journey Online
Now more than ever before, consumer behaviour changes quickly because of the nature of the online environment. Having a payment system that can help your brand stay on top of the changes will help your overall business.
Since the implementation of the internet, we have access to the world’s information at our fingertips and the ability to share content instantly. Shoppers are now interacting with brands digitally. They can access information through an online retailer’s website, social media, or search reviews.
However, just as with traditional marketing, the buyer’s journey is not linear but complex. For example, consumers typically first look for product information that will their purchases credibility. This can come from seeing a piece of shared content from a friend, a testimonial online, a Google star rating, or other trusted review source. Then, on the basis of the product information, consumers will make purchases where it is most convenient, such as through the company’s “secure” website payment page.
