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Payment Gateways have played a vital role in the growth of e-commerce in Egypt
New digital payment methods such as mobile payments and online payment gateways are rapidly growing in popularity across the world. Fintech industry in Egypt has been growing exponentially, as digital payments will be the market's largest segment with a total transaction value of US$13.5B in 2022. The number of users in the digital payments segment is expected to amount to 78.58m users by 2026. In addition to the average transaction value per user in the alternative Financing segment is projected to amount to US$28k in 2022.
Although every website is different than the other depending on the industry it serves, there are some plugins that every website needs. According to wordpress, there are over 55,000 plugins covering every function or feature your website needs, which is ultimately a big win for the not so technical entrepreneurs that need a website to get their business started. But what is a plugin? The simplest explanation is that, it’s an app that can be added to the backend of your website that adds a new feature to your existing website that wasn’t included in the original version.
Whether they’re purchasing a trip or doing online grocery shopping , ultimately all consumers go through the same process of decision making. Generally speaking consumers normally go through 4 steps to make a purchase; they are:
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.
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.
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