COVID-19 has changed the way consumers relate to e-commerce and that according to this recent survey, the pandemic has accelerated a greater global shift toward online stores and digital solutions, especially in emerging economies. This means that online platforms are faced with the need to provide seamless, speedy transactions that can be completed by anyone regardless of their location. As the market continues to grow, if you’re a merchant and don’t manage to adjust to suit the increase in digital traffic, you may find that you lose customers or become irrelevant.
While e-commerce has grown significantly over the past 10 years, it is expected to grow even further as the pandemic lingers. During this time marketplaces like Amazon, AliExpress, Rakuten, and eBay are all platforms which have needed to make adjustments. While their sites are used to heavy consumer traffic, online buyer behavior during the pandemic has stretched their capacity to handle the volume.
Medium to enterprise sized sites are going to face new challenges with the global increase in digital sales. Payments integration, transaction failure, and speed are three specific challenges that growing websites face today. These are challenges which need to be met immediately as according to this PwC study “in the first 6 months of 2020 US retailers online sales grew to US $347 billion, an increase of 30% from the same period in 2019.” In order to meet those challenges BridgerPay offers solutions that can help you address these issues.
Research shows that 62% of customers who experienced a failed payment will not return to the website the failure occurred on. Moreover, if a visitor has a payment failure, their chance to convert drops by 70%. These are startling figures you need to understand as they show the importance of successful transactions. As your site grows during this time you may find that your current payment solution can’t keep up with the new influx of customers, and as a result, transactions may fail. Loss of customers due to something that can be fixed isn’t a risk your growing business should take.
With BridgerPay’s Router, merchants can designate their desired cascading order for any transaction. Specific volumes can be customized according to payment solutions, countries, and currencies, and the solution also offers its own built-in routing models. The results are boosted approval ratios and a reduction in transaction failures in each region.
When your online store wants to make its products available in another country, offering a local payments solution in that country can encourage customers to complete their transactions. Local solutions offer speed, convenience, and the potential reduction of shopping cart abandonment, and occurs 68% of the time in online shopping.
Which is why BridgerPay’s payments software, a proprietary smart cashier software that allows consumers to select their preferred payment method on a site is important in those markets. Cashier partners with global payment methods like major credit cards, e-wallets, and cryptocurrencies as well as with local payment methods so that merchants can offer their customers all the convenience of local transactions. Many platforms’ users are comfortable using local payment methods such as Boleto (Brazil), China Union Pay, Interac (Canada), and Sofort (Europe), and as a merchant you must find ways to accommodate users purchasing behavior.
Today, consumers expect transactions to occur in milliseconds, and anything more is considered unacceptable. According to a 2018 Google report, a page that takes between 1 to 5 seconds to load increases the probability of bounce by 90%. Can you as an online retailer afford that kind of loss in this ultra-competitive market? Merchants must work with a solution that allows them to offer speed-of-light transactions for local and global customers such as BridgerPay, which boasts an average load time of less than 0.5 seconds.
The above three challenges are not the only ones that exist for e-commerce sites, but they are certainly among the most pressing. The solutions covered above help deal with the challenges of data management, settlement tracking, and security. As an AI neutral supergate, BridgerPay offers online merchants an easy, seamless way to meet your needs and the needs of your customers.