COVID-19 is Changing E-Commerce Forever: Tips & Recommendations
Transitioning online during the COVID-19 has been the motto for every single business in every single vertical that can leverage the power of online commerce. Whilst that is a very wise move, there are different layers to this transition, and the businesses that will come out on top are the ones that understand that this is not a quick fix, but a long term plan. Turning your business model into e-commerce is not a trend. This strategy has been around for at least the past decade; the pandemic has simply supercharged the process. Whether you’re just entering the e-commerce game or you’re simply trying to navigate the increasingly competitive waters, here are some tips and recommendations that’ll give you a head start.
Invest in The Customer Experience
Putting up a website and/or an e-shop might just be one of the easiest things you can do in today’s world. That, however, does not guarantee success. Winning the game means understanding the importance of a user journey, the presentation of your product and service and the ease with which a potential customer can access your store. A very recent paper released by Deloitte, perfectly coins the importance of investing in quality customer experience:
“Understand the path to purchase of your (new) online customers and provide them withsimple and human-centered UX design to create delightful shopping experiences across devices leveraging the latest technological innovation.”
Does our suggestion make sense but would be even better with more granular examples? Sure. The following article outlines “Website UX Best Practices During COVID-19 & Times of Crisis” giving real examples on how to approach this task with a plan and intent.
Optimize The Mobile Experience
Once again, going online is a very good instinctual move but not enough to yield the results your business needs. Analyzing consumer behaviour during the pandemic can give the answers that can help your business focus in the right direction. Let’s take mobile adoption for example. PYMNTS research shows that “…the share of consumers who report using their mobile devices to enhance their in-store experiences having increased from 49.6 percent to 72.1 percent during the last year.” That’s a humongous increase and a stat that most likely will uphold its value post COVID-19.
The research goes even deeper, showcasing that the use of the mobile is tightly related to discount and loyalty schemes. A yearly increase of 46.6 percent to 54.2 on discount research and 26.8 percent to 34.8 percent on gaining loyalty credit. These stats are a goldmine when putting together your e-commerce plan. Optimising e-shops for mobile is a project in its own right and it should definitely garner the attention it deserves. No matter how good your online shop looks on a PC or laptop, chances are people will never get to use it if it’s slow or clunky or mobile.
Personalizing Online Security
This concept is fairly new and one that will definitely get its own share of attention in the coming years. The idea is simple: you know how the more you shop, the more tailored product recommendations become on your screen and the easier/frictionless, the whole shopping experience becomes? Now apply that to security. With people spending more and more time onlines, the expectation for a frictionless journey from beginning to end is only going to grow.
The businesses that will win this game are the ones that will understand the power of segmenting your customers, dropping the one one-size-fits-all account verification and reward loyal and returning customers with less steps to accessing their account and/or website. This microsegmentation endeavour is not easy but much like all other things in life, the bigger the level of difficulty, the greater the reward. This breed of technology is called Kount Control – Account Takeover Protection and one of its many fascinating features is its ability to recognize returning customers regardless of different location or a different device.
What that means for businesses are more frictionless logins and the greater potential at conversions. The ability to offer a personalised access experience without compromising the security and integrity of the customer’s data will be a game-changer for
Perfecting The Online Payments Process
You set up your online shop, you spend money to create the perfect user experience, optimize the store for mobile, only to lose them at the last step – the payment page. Why lose them? Because they couldn’t find their preferred payment method or their transaction was declined. You don’t put much stock in what we are saying? Maybe a few stats will help you understand the necessity of a robust payments infrastructure. Here are some shocking stats from 2019:
- Cart abandonment rates average 69.57%, across all industries
- 59% of people will abandon a transaction if their preferred payment method is not available
The e-commerce boom caused by the virus will only push these percentages up. The more choice people have the less patience goes with it. If their payment fails, or reach the last step of their e-commerce journey to find out their payment options are limited, they will not hesitate to abandon the site. What’s the solution to this problem? Finding the right payments partner and establishing a framework that’s flexible, adaptable and agile enough to capture paying customers and help them finalize their purchase. For more information on the unique breed of technology offered by BigWPay, feel free to roam our website and get in touch for an initial chat.