Kibo Eclipse Review
The rapid change in the business landscape has led to a new era in the field of payments, with a focus on the payment experience for customers, and the growing e-commerce requires a strong platform, according to Sander Martins, President of Aden Payment Solutions in the Middle East, who confirmed that the appropriate infrastructure for payments is characterized by its ability To generate more revenue and provide retailers with a competitive advantage.
He told Kibo Eclipse that the online retail trade faces difficulty in growing within any business environment, especially in the logistics of distribution and marketing to serve customers, as well as the expansion of new channels and markets.
He identified a set of steps to activate the digital payment platforms for e-commerce companies to create more opportunities and achieve more profits.
- Achieve easy buying experiences with easy checkout process
Attractive checkout page design; That is, when customers reach the stage of pressing the "buy" button; and enter their payment details before completing the purchase transaction. Nearly 86% of respondents to an online shopping survey indicated that they abandoned their cart before completing the transaction, due to annoying checkout procedures.
An improper checkout page design or a lack of adequate or appropriate checkout options may cause shoppers to abandon the purchase transaction. And facilitating the payment transaction ensures that customers come back to shop again and again.
Local payment methods increase purchasing transactions
Companies of various sizes began to expand their overseas activities. But before companies launch local shopping sites and establish entities in new markets, they must think about ways to pay shoppers around the world.
There are hundreds of millions of potential customers who do not have global credit cards, and prefer local payment methods, such as online banking, open billing and e-wallets. Hence, it has become necessary for companies to deal with a payment provider that is able to provide local payment methods in the country or region, so that the consumer does not have to cancel the transaction because the appropriate payment method is not available to him. For example, in the Middle East; Shoppers in Saudi Arabia used to pay with a mada card, but in Egypt people prefer to pay through other payment methods such as a feature card or an instant account.
Recognize regular shoppers and prevent scammers
As business expands, so does the risk of fraud. The data can be used to prevent scammers and protect loyal customers. Research firm Edgar Dunn & Company (EDC) found that 24% of companies reported that more than 10% of transactions, initially dismissed as fraudulent, were from actual customers with valid payments. This segment of customers who have experienced "fake indications" of the valid payments they attempted will likely not return to shopping later because they do not feel welcome.
In order to combat different types of fraud, the use of multiple tools such as 3DS for security, can help online retailers form a strong defense. A good risk management system will combine different tactics; Including fraud detection technology, supervised machine learning algorithms, customizable settings, and testing and experimentation. This, in turn, may reduce the risk of banning actual shoppers rather than scammers.
Ensure that proper payments are processed quickly
Card transactions top the majority of retailer payments. Therefore, care must be taken to allow it without any hindrance, and traders must be given the right to control it and see all transactions and data. According to Kibo Eclipse Review latest retail report, 25% of rejected transactions are not based on valid reasons.
If the payment service provider is not a provider of takeover and acceptance services, but rather relies on a partner, it is difficult to determine whether the reason for the refusal is valid. Here comes the advantage of working with a payment provider that ensures proper payments are accepted while controlling the acquisition and acceptance services and informing the merchant of the reasons for rejecting other transactions.
Provide data-rich insights into customer behavior
Having all payment data from all devices, channels, and marketplaces available on a single platform, allows retailers to have a comprehensive view of payments and customer behavior in one place. Thus, they can learn detailed data about the preferences of customers allowing targeting of specific segments, and strengthening their relationship with existing customers.
Retailers can then measure the impact of adding a new store on e-commerce sales, identifying groups of online shoppers to help determine where to open a new store and the percentage of overseas shoppers.
Payments can also be a key tool in increasing revenues and overall business development, and may also contribute to lowering operating costs. As it is a necessary and costly requirement, payments have become a key factor in creating a seamless and integrated shopping experience.
Smoothness, speed and orderly transactions on demand became the basic requirements of customers. Which calls for more payment methods that focus on customer desires. With today's focus shifted to customer acquisition and retention, now is the time for retailers to provide an advanced payment experience to customers.
