What sets your business apart from the competition? Is it the quality of your goods or the ease of your online transactions? With the global market becoming more scrutinizing by the day, it’s essential to stay on top of what customers expect to see when browsing for goods and services. When customers fear for their purchases’ safety and rely on reputation to guide their hand, it’s your responsibility to give them as much security and confidence possible when browsing your wares. Below are the top five tips for small and large businesses trying to stay afloat in a competitive economy, from customer trends to the best credit card rates for merchants.
Favor Online Purchases
E-commerce services have been booming thanks to advances in Internet based technology and an increasingly globalized marketplace. While walk-in purchases are still viable options for many, the ease and convenience of buying from online stores remains highly favorable for the majority of the populace. Sales from American e-commerce retailers neared $300 billion back in 2014, an increase of 14% from the previous year. When asked as to their most influential quality in an ideal online purchase, many customers cited affordable shipping and a wide selection of payment options.
Customers Prefer Convenience
Did you know over 50% of shoppers say online reviews will influence their buying decision? It’s been found that online comparison shopping sites attract a stunning 72 million monthly visitors and over 50% of American consumers will buy directly from their favorite brands online. Reputation is everything in the online sphere and a lack of security protocol or payment options can make or break a successful business.
Variety Of Payment Types
If you want to connect to a wide audience, you need to offer them as many options as possible. When asked their preferred payment type, over 40% of Americans chose debit cards compared to 35% of credit cards. Only 9% preferred cash, discovered in an ongoing TSYS online survey of over 1,000 customers who owned both kinds of payment. Credit cards are found in the majority of American wallets, with multiple studies totaling seven out of 10 on average. Keep this in mind when seeking out the best credit card rates for merchants through major credit card processors.
Security Should Be Top Notch
Although e-commerce purchases won’t decrease in popularity any time soon, one of the most prevailing concerns of customers are data breaches, loss of goods and general security involving their expenses. Data breaches totaled 1,500 worldwide back in 2014, up a whopping 46% from the year before, and lead to the compromise of over one billion data records. Malicious outsiders were the culprits of over half of all data breaches, with malicious insiders a significantly smaller amount. The payment processing industry has taken these concerns into account when crafting digital barriers.
Best Credit Card Rates For Merchants
If you want to attract a loyal customer base, you need to find the best credit card processing services. These can include payment gateways and security protocols, designed to give your customers easily identifiable methods of recovery should their purchase be compromised or their order lost in the mail. These services can include, but are not limited to, allowing your customers to track their order, retain receipt information and prevent malicious parties from accessing their information. A little goes a long way in these modern times and nowhere is that more clear than e-commerce for small and large businesses.
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