As per a consumer survey conducted back in April 2020 by Capgemini and reported by the Financial Express, a 13% shift in shopping from retail outlets to online shopping was projected. This was of course obvious, since the lockdown had just started, and consumers were panicking about the uncertain future. One of the most interesting findings of the survey was that 78% of consumers stated that they will prefer to use digital payment methods going forward.
With the Indian consumer population getting accustomed to the ‘new normal’, certain unique opportunities are opening for Merchants.
Increased business & expansion online
Established retail business merchants who have physical outlets offering home delivery services can now move online and provide their customers the flexibility to place orders at any time of the day. What they will need to ensure is that they have a payment gateway integration that’s strong enough to handle the volume of digital payments at the store, online, and during a home delivery. Merchants seeking to cash in on the upcoming festival rush also need to choose a payment gateway that can be integrated quickly, so that they can start taking orders asap.
Enhance merchant brand value
With all the uncertainties the COVID-19 Pandemic has brought, it has also brought an interesting opportunity for the Merchants to increase their Brand visibility with the consumers. No matter what category of goods and services a Merchant deals in, consumers needed these goods and services throughout the lockdown as well as during the different stages of unlocks and the demand will continue to rise in the future too. Consumers who had set brands they purchased from, shifted their purchase preferences based on availability, ease, and security around purchasing, in the last six months. So, the concept of brand value creation has also seen a shift. Even before the explosion of online shopping trends, customers expected to have a seamless, shopping and payment experience online and did not enjoy the experience of being redirected from the Merchant’s site to the payment gateway.
During the past six months, consumers have become more careful about the way they purchase and resist making online payments when redirected. Merchants need to consider this while choosing a payment gateway integration. They should choose the one that allows a high degree of customization on the payments page so that there is no redirection and the consumer experience remains seamless, with the colors on the payment page being the same as that of the Merchants brand or website or app colors.
Opportunity to improve customer experience and build customer loyalty
Consumers prefer to shop from sites or apps where the experience is easy and hassle-free. UX specialists have made the product category listings in e-commerce into an art form that is based in science, but if the 80-20 rule is to be applied here then the last 20% of experience with the payment gateway forms 80% of great customer experience. To deliver a consistent last-mile experience, merchants need to keep customer preferences in mind for the most used pay mode and reorder the pay modes accordingly. Merchants should integrate a payment gateway that allows them to make changes quickly based on real-time trends without getting stuck in the loop of reintegrating the payment gateway after each iteration.
Additionally, consumers demand flexible payment options such as EMIs, requiring merchants to tie-up with financial institutions for offering EMI options for in-store purchases via a payment gateway. And by the way, a gift voucher here and there is always appreciated by all customers. So, Merchants need to consider a payment gateway integration that has all these features and benefits.
As one of the most trusted names in India with 30 crore users, Paytm’s payment gateway is perfect for merchants seeking to optimize their business as well as leverage and capitalize on the opportunities presented by the explosion of online shopping trends.