Over the past 15 years, online shopping has moved from a novelty to a necessity. And in a highly competitive online marketplace, having one way to accept payments is necessary but having multiple ones puts you at an advantage. Customers are more likely to make a purchase from sites based on which payment methods are accepted. This means that having a well functioning payment getaway is a crucial step to achieving profitability.
Every day, your online store is visited by a number of people that end up exiting without completing the purchase process. Ever wondered what that meant? Cart abandonment; the cause of lost sales. Statistics derived from SaleCycles report the average cart abandonment rate for Q1 2018 to be 75.6%, falling by 1.4% since Q4 2017. Although marketers have increasingly become aware of the factors influencing consumer behavior and their shopping process, more information is yet to be discovered, encompassing a wide array of businesses, across different industries. It is also important to note that cart abandonment rates depends on the industry, as every business has its distinct customer behavior and purchase process.
So are you a member of a travel company or tour operator looking for a more efficient way for cash flow? Have your customers complained to you before about having to come all the way to your office to drop a deposit or make a full payment? You’re not alone and you’re in luck.
Innovation, like evolution, is something that is inevitable especially in the 21st century. In order to survive in the market no matter what industry you’re in, you must learn to innovate in one way or another.
As a school administrator, have you ever been asked by parents why it was so hard to pay the tuition fees? After all, they either had to take the day off or get a couple of hours off of work during the day to go to the bank, collect the money, go to the school, stand in line, wait for the accountant to count the cash, fill in the forms and then get back to work, or even worse, going to the bank to make a deposit and taking a number only to find out there are 150 people who were there before you.
Sounds Complicated? It really isn’t. Conversion rate optimization (CRO) is the process of increasing the percentage of your website visitors who are likely to take action by modifying certain aspects that result in them converting before they leave. Converting depends on the type of business you operate, so it could be signing up for a free trial, leaving their contact information for the sales to get in contact with them or buying a product off of your ecommerce website.
E-commerce websites’ biggest concern is usually the bounce rate, it’s when your customer decides that your website is not really for him and makes the decision to leave. In other terms it’s when a user visits the website and slips away without interacting further with it resulting in a one page view per session only.
Gone are the days of cash on delivery and bank transfers. With the onset of online businesses today, it is essential to accommodate online payment options for transactions. Selling online comes with the hassle of ensuring that every transaction is secure and fits the needs of your customers. And with e-commerce growing day by day in Egypt, it is essential to understand the online buying process.
Financial inclusion is a governmental measure that aims at allowing both individuals and businesses to gain access to the products and services of financial institutions in whichever form that maybe - transactions, payments, savings, credit and insurance - at a reasonable cost and in a sustainable mode. In July 2017, Egypt was chosen, along with China and Mexico, as a model country in a new Financial Inclusion Global Initiative launched by the World Bank Group. The three-year initiative aims at supporting access to financial services to the unbanked and underbanked.
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