Strategies to increase the profitability and efficiency of your e-commerce business
Following the acceleration of e-commerce businesses due to Covid-19, it seems we are back at the starting point, and e-commerce is not foreign to the current global economic environment: supply problems, inflation, increased costs, marketing positioning, etc.
However, the best e-commerce companies are adopting winner strategies and there are solutions to optimise and streamline strategies. Elena García, BStartup Segment Manager at Banco Sabadell, and Carlos Sánchez, Commercial Manager at Paycomet, discussed the latest e-commerce trends and the most practical tips to boost an e-commerce business.
Some of the recommendations they gave were to include tools that reduce friction with payment regulations. This will always help businesses. In addition, increasing payment methods increases conversions. Alternative payments make it easier for customers to pay using the most convenient method for them. At the end of the day, it is about offering them the payment tools that best suit their needs.
#SabadellHubEmpresa | Carlos Sánchez, dir. com. de @paycomet: “Como proveedores de servicios de pagos ofrecemos una serie de herramientas que son adaptables a muchos verticales. Tenemos la flexibilidad para adaptarnos a las necesidades de cada cliente” https://t.co/CLLFntitJE https://t.co/G3XZcA7KJr pic.twitter.com/GTbdsnxq3y
— BStartup (@BStartup) January 19, 2023
We have a specific solution for marketplaces, distributing it to the various sellers in an applied manner. As payment services providers, we offer a series of tools that adapt to many verticals. The model of a flexible payment platform such as ours allows us to adapt to all these types of businesses. Having the flexibility to adapt to the needs of each type of customer is important.
Thanks to tokenisation, we can store card details to make regular and, above all, secure payments.
#SabadellHubEmpresa ╿ Carlos Sánchez, director comercial de @paycomet: “Una tendencia para 2023 será un diseño más enfocado hacia el uso de los datos. Las organizaciones van a hacer un uso mejor y más potente de los datos para tomar decisiones más estratégicas”. https://t.co/ EnJfYVF0b3 pic.twitter.com/ 6Xi38ZL9HE
— BStartup (@BStartup) January 19, 2023
Here are some of the solutions provided by Paycomet:
- TPV Virtual: to process all sales from the online channel, on the web. Fully embeddable. We also have plugins from the main content platforms, such as Presta, Magento, woocommerce, etc.
- Paybylink: a tool that sends payment links via email, SMS, social media, etc.
- Call TPV: to collect, from a call centre, those abandoned shopping cart transactions or those transactions from more senior customers.
- Marketplace: tools to centrally manage payments received, which are compliant with PSD2 and which channel all payments received of a single business to then distribute the funds to each seller in the marketplace.
- Escrow: tool to manage funds between various wallets.
- And of course, there are also financing tools.
“Thanks to tools such as Paycomet, companies can make better business decisions, since they know their customers’ purchasing habits. With this data, you can understand why customers do not complete their purchases, and make changes to stop this from happening”.
Companies can make better decisions on what happens with their customers’ transactions. With access to complete and aggregated payment data on all transactions, merchants can easily monitor and identify the reasons why customers do not complete their purchases and make the necessary changes to optimise their payment funnels for more sales and higher revenues.
Good, clear and processable payment data can help businesses to detect opportunities to speed up the payment experience and provide more value to customers. This can also act as an early warning system, allowing merchants to detect problems that cause payments to fail and remediate them.
There are multiple reasons why a transaction might fail, even after the customer sends their payment details. Consider the authentication phase, where the shopper has to prove that they are who they say they are –an additional step that adds friction to the customer experience. There are also fraud prevention measures applied by issuers and acquirers, which in some circumstances reject the transactions. And let’s not forget the simple fact that issuing banks reject a transaction if the customer does not have enough funds on their account.
In all these steps of the payment experience, an optimised configuration can enhance the customer experience and make the business a resounding success. Clear and accurate payment data can help to identify the reasons why transactions fail, at which stage of the payment funnel problems occur and, most importantly, how to solve them so that customers can successfully complete their purchases.
See the full session again here.