New payment systems that you can implement in your eCommerce business

08/02/2021

Angela de la Vieja

Having a payment system that is secure and at the forefront of electronic commerce is a key factor for the development of an eCommerce business. In fact, choosing certain options over other alternatives influences both the performance of the purchase as well as the store’s image in the eyes of its potential buyers. Given the generous increase in the number of online sales in almost all parts of the world, platforms and payment gateway managers continue to innovate and produce new products of this type that facilitate the management of online stores.

We’re going to look at the elements that these updates centre around as well as some examples of these new eCommerce payment systems.

What effects does the choice of an eCommerce payment system have?

Before anything else, let’s summarise the importance that the payment gateway an eCommerce business has. Obviously, this is the system that allows any online store to confirm the sale of their products or services at the same time at the user wants to place their order, emulating the purchase process in a physical establishment, without having to carry out additional actions afterwards.

This plays a fundamental role as one of the key partners for an eCommerce business, both for the service it offers the store and as a key element in the image it projects to the user. Nowadays, the digital consumer is as concerned about the variations in prices as they are of the security and transparency offered by the brands they buy from. In this sense, trusting that their money is going to arrive safely and that they can carry out their purchase risk free is a plus that has already become a standard in online shopping.

Web security protocols, such as HTTPS, the double confirmation before purchase, and secure payment platforms, such as PayPal, are already part of the most successful online shops.

Bank payment gateways for eCommerce businesses

With the changes that have taken place over the last few years in the general sales paradigm, banks have had to become the driving force behind new systems that adapt to what their clients now need: online stores. The famous POS has given way to the virtual POS and, with this, proprietary payment systems that offer the same level of service as other independent platforms.

In Spain, important entities, such as BBVA, Banco Santander, and La Caixa have concerned themselves with offering innovative products in this regard by developing comprehensive and secure platforms for both eCommerce businesses and individual users.

Apart from that, the appearance of 100% digital entities has boosted the need for these products even further. Without a doubt, this has become one of the strengths of the sections dedicated to businesses and small- and medium-sized enterprises within each bank.

Virtual payment methods: what’s new?

When we talk about payment methods, we separate these from the banks because these are completely independent, operating as intermediaries in the transaction, providing security and guarantees during the process.

The most well-known in this field globally are PayPal, Redsys, and Stripe. However, there are new routes for eCommerce businesses to explore, centred, above all, in payment via smartphone.

Almost 80% of the browsing done by digital users is on mobile devices. Of this percentage, a large majority is done using the smartphone itself, which already plays an inherent role almost all of our hands. This is why large consumer brands and other technologies already offer proprietary payment systems for eCommerce businesses.

Examples of these include four of the biggest: Apple Pay, Samsung Pay, Google Pay, and Amazon Pay. All of these are different in nature but have the same objective: to facilitate and secure the users’ purchase guarantees so that online stores don’t lose a single sale.

Currently, the integration of these payment platforms depends, to a great extent, on the commissions that they charge, on the technical limitations of the server, or on the bank. This is why one of the main recommendations for eCommerce businesses nowadays is to make several payment options available.

In addition, it’s important to consider the channel that the sale is being made on. So, for example, if the transaction is being made through social networks, you already have a direct and secure payment gateway to rely on. This is the case with Facebook and Instagram, which allow for direct sales without leaving the application.

Thanks to this feature, potential buyers can choose the option that best suits their needs or purchase type, allowing the sale to be more flexible in terms of the demands of the moment. At the same time, this improves the opportunities for eCommerce business while keeping the profit ratio in a good position.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.