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Ecommerce, Key to Unlocking Merchant Revenue Growth During the Festive Season - Visa Report

Nov 25, 2020   •   by   •   Source: Proshare   •   eye-icon 1750 views

Wednesday, November 25, 2020  / 06:00PM / Visa Consulting & Analytics(VCA) / Header Image Credit: Visa Consulting & Analytics (VCA)

 

If small businesses can provide easy accessto information, frictionless payments, a simple returns policy, andpersonalized shopping options, they are likely to have an immediate advantagein the marketplace. This is according to Visa Consulting & Analytics (VCA)report titled Accelerating the shift to eCommerce, where 81% ofcustomers indicated they are willing to pay more for a good customerexperience.1

 

"Small and Medium-sized Businesses(SMBs) that leverage ecommerce solutions; which provide excellent online shoppingexperience for consumers; have the opportunity to benefit from high spendperiods like Black Friday and the coming festive season compared to businesseswho have not mastered the importance of holistic back-end design of thecustomer journey" says Kemi Okusanya, Vice President, Visa West Africa.

 

The move to increased online shopping comeson the back of most retailers driving their customers online due to different lockdownrestrictions that affected in store foot traffic. Visa's Covid19 Impact Tracker,released earlier this year showed that up to 68% of consumers were going togrocery stores less often. As the retail sector looks to driving recovery, theapproach to periods like Black Friday has also evolved and further necessitatedsafer, better online payment experiences.

 

"The impact of a bad payment experience canbe devastating. When a shopper abandons an online shopping cart due to checkoutfriction, the data shows that 67% end up leaving for a competitor or nevercomplete the purchase anywhere, and 59% say they are less likely to shop withthat same retailer again2,"adds Okusanya.

 

It's encouraging that most small businesses(60%), according to the VCA report, have taken bold steps to prepare for theseasonal sales activity that kicks-off with Black Friday. The preparation includeschanging their infrastructure and digitizing their business.

 

Proshare Nigeria Pvt. Ltd. 

"The VCA report highlights how the paymentexperience is a critical touchpoint - a part of the customer journey, whichrequires special attention. Each time a potential customer reaches the checkoutpage, they have a moment to reflect on whether the effort needed to make the paymentis equal to the value they get from their purchase.  To win prospective and repeat customers, SMBsneed to have a digital presence during the discovery and evaluation stages ofthe customer shopping journey", concludes Okusanya.

 

Digital payments provide a convenient andsecure way to pay for customers. For businesses, they reduce the frictionarising from handling money, limit customer queuing, grow their customer baseas a result of enhanced experience and eventually improve sales andprofitability. As online shopping becomes the norm for consumers and businessescontinue on the road to economic recovery, digital payment and in particularfrictionless e-commerce experiences, will become a competitive advantage forsmall businesses.

 

 

Footnotes

1.      https://preferredpayments.com/importance-providing-great-easy-online-customer-experience/

2.     451 research Three keypayments observations from National Retail Federation 2020.

 

 Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.


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