3 must have technological solutions for e-commerce in 2023
Online business is no longer a fashionable activity, but a profitable and rapidly growing branch of business. Revenue from e-commerce alone is predicted to grow by 2026 to reach 8.1 trillion US dollars. Having a business and not having an e-shop seems unusually strange at this time. E-businesses are turning their heads to find solutions that are superior to their competitors to attract customers and increase their turnovers. Advanced technologies offer more and more opportunities, but which of them will be extremely relevant in e-commerce in 2023 and will attract more customers?
Use social networks not only for communication
International studies show that a whole 63 percent people expect the services offered by businesses to be available on their social media. Far from being used only for communication or marketing, social networks have also become a place for shopping. Users appreciate speed and comfort, so when they see the desired product on social networks, they expect to purchase it immediately on the spot, without additional steps on other pages. For example, the latest statistics show that a whole 54 percent of millennials (people born around year 2000) see their online purchases first on "Instagram" social network.
"The digital transformation resulting from newer technologies, which are increasingly used by internet users on a massive scale, forces online businesses to keep up and implement smart solutions. People expect to buy a product online as quickly as in a physical store - you pick it up from the shelf, pay in a convenient way and leave, without wandering around looking for the product, and then finding out that the store does not accept payment by card", comments the Head of the payment partner "Neopay" Vytautas Oleškevičius.
Changing consumer habits predict that in the future, people will expect to purchase goods directly from social media networks more and more often, so every e-business it is worth thinking about the implementation of this option right now, which will not be complete without convenient payment functions, such as card payments or a payment initiation service that allows the user to choose the right e-payment way for him and pay in seconds.
Do not let your customers go away by reminding about yourself
It often happens that a customer fills a shopping cart, decides to consider buying, but later does not complete the purchase, because the cart is not saved or the customer simply forgets that he wanted to purchase the goods. In this case, e-businesses are likely to lose a potential customer.
In this day and age, when the market is overcrowded with offers e-business representatives are looking for various technological solutions that would help attract the attention of the buyer. Therefore, an increasingly popular feature is an active payment link that can be sent by email, reminding the potential buyer about his loaded shopping cart. After clicking the link, the person is directed to the payment window and can make the payment instantly. Such a reminder about an incomplete action, which is sent by e-mail, allows you not to lose a potential customer of your e-store.
"A survey conducted by Checkout.com shows that 43 percent of representatives of retail trade businesses plan to implement active payment links on social networks within 18 months and currently 17 percent of retailers in Europe already use such links. By embedding active payment links in social media ads e-businesses greatly simplify the purchase process as the customer only has to click on the ad and is directed to a payment page to complete the purchase. What's more, the customer can make the purchase without leaving the social network," says the interlocutor.
In addition, if the e-business offers services or goods that can be paid for later, in instalments or with a subscription, it is common for customers to pay late. Late payment reminders with active links can be sent via SMS or e-mail, which, after opening, will be allow to cover the debt with one click. Active payment link technology is also useful for collecting financial support and organizing social responsibility initiatives - this can be done even in a physical location by sticking a sticker with a QR code, which, after scanning, directs a person to an active payment link and can immediately transfer a certain amount of money.
Automate and reduce the costs of the returns process
When shopping in online stores, products are cancelled much more often: on average, cancellations range from 25 to 35 percent of all orders, and in physical stores such cancellations are much less - only up to 5%.
The statistics speak for themselves - the amount of returns will only increase in the future, so e-businesses should be thinking about automatic refunds now, if they don't already have one implemented. **Automating refunds makes it easier and faster for the customer to get their money back, without the added cost to the business **of hiring employees to administer the refund processes. Refunds for returned goods are transferred to the customer's account by a bank or payment processor, which often takes 3 to 7, sometimes even 30 days. In such cases, customers are likely to be dissatisfied with the lengthy process and likely not to return to the seller.
"Refunds take time because several entities are involved in this process, while automating refunds allows funds to be divided and distributed, paying for taxes, courier and other services. After automating the refunds, the trade business no longer has to collect and process refund requests, this will not only save time and money for the business, but also help to earn positive feedback from customers for the fast and efficient return process," says V. Oleškevičius.