Digital transactions (both online & offline) in the country have boomed over the past decade. As per a Statista report, the total value of digital payments in India grew from Rs 20.7 billion in FY 2018 to Rs 53.5 billion in FY 2021. The surge in digital payments led by the e-commerce revolution and easy access to smartphones has millions of Indians flocking to the internet for retail therapy. In fact, the digitisation of the economy has pushed brands to move online in a bid to capture the growing market of digital shoppers. You can check Portable Card Machine here.
A Bain-Flipkart report states that India’s e-commerce market is set to clock 300-350 million users by 2025.
The Covid-19 pandemic has accelerated a customer behavioural shift towards online shopping that is likely to have lasting effects.
This has driven e-retailers to reassess the features of their online channels. From the user interface of their online platform to a smooth payment gateway, online stores are ensuring a glitch-free, streamlined and user-friendly experience for their customers.
There are several factors involved when payment is made for any online order and a payment gateway is the final step that stands between the customer and the sale of a product. Therefore, it is important to give customers a smooth and satisfactory experience which helps in customer retention, further leading to a boost in sales.
Why is choosing the right payment gateway important for you?
Glitches during the payment process can alter the shopping experience and drive customers to rethink their decision of shopping from your online store. If the payment gateway for your online business is not quick & convenient, you may end up losing valuable customers. Moreover, repeated bad experiences can result in negative reviews and a bad reputation, which can easily translate into a dip in sales.
In India, as per NPCI data for 2020, 10 out of the top 30 banks in the country reported a 3% failure rate in online transactions. Instances like these are not good for business and can do more harm than good.
A payment gateway is especially crucial since it helps convert traditional shoppers into tech-savvy, new-age shoppers. User security and experience are the prior-most objective to consider while accepting payments from customers. A smooth payment gateway always assures your customers that their money is safe, which helps in building a healthy business relationship with them. Payment gateways not only ensure the smooth completion of the monetary transaction between your business and the customer, it also validates the purchase for your customers after the completion of the process.
Therefore, the importance of having a foolproof and secure payment gateway increases manifolds. After all, your online business deserves a payment gateway that makes checkout easier for your customers.
There are multiple payment gateways in India for you to choose from! Online Brands must opt for payment gateways that are in tandem with their business model.
It is important to note that India’s digital transaction volume will grow from the current 15.3 billion to 52.8 billion by 2025. This further increases the need for a reliable payment gateway that both you and your customers can trust.
Without the help of a proper payment gateway, your customers will not be able to complete their transaction. If your gateway does not approve the transaction between you and your customer, the cash flow fails and you may end up losing the money.
How can you enhance your payment gateway?
As an online retailer, one of the crucial tasks is to make the online payment experience for the customer effortless. If a customer grows distrust or suspicion while being directed to the payment gateway, they will simply leave the page, abandoning the transaction. This can not only lead to cynicism about your brand via word-of-mouth but can also hit your sales volume.
The strategies mentioned below can help you provide your customers a hassle-free payment experience.
- Ensure the payment gateway for your online brand is mobile-friendly
Millions of people who shop online, use their mobile phones to do so. So, if the payment gateway for your online store is not mobile-friendly, you lose the sale.
To ensure your customer buys your product or services, make sure the payment gateway you choose can be accessed easily in a glitch-free manner. Minimal steps and a simple user interface can boost the customer experience and help them make their purchase in no time.
- Ensure a smooth online payment experience for returning customers
Make sure that your payment gateway has features for storing a customer’s details for future purchases. Having recurring payment options open for your customers speeds things up for both parties. It also helps the frequent buyers make quick payments and ensure that they return back to you, thanks to the ease due to recurring payments.
For this, you will have to set up multiple payment methods like net banking, debit card, credit card, cash on delivery and so on.
- Work on the relatability
It is always suggested to incorporate payment methods that are most commonly used, as the customer might hesitate to trust the new option your store is providing which will simply stop them from making the payment. In addition to this, having multiple payment methods will help your online store be more relatable to the masses. They may be able to choose from a range of payment options they are aware of.
- Minimise the risks of online payment
If customers sense any risk while making their payment, you can expect them to browse for your competitors within minutes. Minimal risks not only make them feel safe but also establish your brand’s genuinity and legitimacy.
Ensure that you provide flexible payment options like UPI, Net Banking, Credit/Debit cards etc. Additionally, make sure the payment gateways selected by you encrypt user data and secure sensitive user details.
- Keep your customers posted
When your customer receives a confirmation after completion of the payment, it gives them a sense of security. Moreover, you can keep them posted about the status of their payment and give them a heads up in case of payment failure.
Quick redressals like this can help foster a relation of trust between the customer and the seller. As a result, you develop the ever important customer-seller relationship.
- Picking the right payment gateways
There are multiple options for payment gateways in India. Make sure your customer has an uncomplicated, seamless and smooth shopping experience when it comes to the payment stage.
Remember that the right payment gateway will cater to your needs by being flexible, providing high speed, being cost-effective and very secure. It can be a real game-changer for your business, so make sure you make the right choice!