Increase ecommerce sales with digital payments
Ecommerce businesses are quickly approaching the first big day of the holiday season: Black Friday. Making the most of the holiday season (a critical time for small ecommerce business) requires the right strategy and tools. In this guide, we’re focusing on the ways you can use digital payment platforms to increase your sales and revenue.
Make it easy to check out
On average, 70% of the potential customers who place items in their carts online end up abandoning them before checkout. To keep the abandonment rate as low as possible for your ecommerce store, make your check-out process seamless and limit the number of steps a customer must take between the cart and check-out.
Creating an effortless check-out flow requires the right point-of-sale system and merchant services provider. If you’d like to compare the options side-by-side, check out this overview of the top 6 merchant services providers. Here’s a quick overview of the best options for specific purposes:
Shopify is one of the most popular shopping cart platforms and integrates seamlessly across Instagram and Facebook. They also have a robust set of tools to help customers set up their website, market to customers, and manage their inventory.
Venmo for business now allows ecommerce businesses to accept Vemo payments. This allows your brand to build virality and referrals into the check-out process.
Stripe, which powers Shopify payments, also offers payment options for all types of internet businesses including subscriptions and crowdfunding platforms.
Help your customers manage costs
The National Retail Federation estimates that consumers will spend an average of $967 per person this holiday season. Since they’re spending so much, consumers are looking for good deals and flexible payment options. Here are a couple of ways to give them what they want:
- Offer discounts without sacrificing profits
Holiday shoppers are accustomed to seeing deep discounts, but smaller businesses don’t always have the high margins that allow them to slash prices. This guide from WooCommerce covers all sorts of creative ideas for running holiday promotions while still making a profit.
- Consider providing installment payments or financing options
A growing number of e-commerce shops are now offering point-of-sale financing through third-party services like Affirm and Sezzle. These in-app financing options increase the purchasing power of customers and in turn increase the size of your sales.
Affirm started out offering payment plans for big-ticket items, but they’ve expanded to offer their services for smaller expenses as well. Affirm does charge interest for most of their payment plans, but in April they announced interest-free financing for many purchases paid off in three months.
Square also offers an installment loan product that’s similar to Affirm but with slightly different rates.
Sezzle is a relative newcomer that’s been targeting smaller e-commerce companies whose customers might have lower FICO scores. With Sezzle, merchants pay a fee to offer an interest-free installment plan to their customers at checkout.
Don’t underestimate the impact of the right digital tools
The tools you choose for managing your point-of-sale experience can have a dramatic impact on your customers’ experience and your bottom line. Thinking critically about your needs and your strategy will help you make the most of this holiday season, allowing you to claim your share of the roughly $134 billion that U.S. shoppers will spend.
Hi there! This post exists to offer you (hopefully) useful information but it cannot take the place of personalized professional advice. Please consult a qualified expert if you have questions about your business. Also, Azlo doesn’t endorse any third-party sites that are linked here.
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