The customer has always been the king and will always be king. Many companies have risen to great heights or fallen to great depths depending on the kind of experience they deliver to their customers. According to Bain, a whopping 80% of e-commerce companies claim to deliver a great customer experience. In reality, only a measly 8% of customers agree with these claims. That is a significant gap in perception, and in the world of marketing, perception is everything.
So, merchants need to start thinking and act in a way that ensures that the customer experience they deliver is on the positive side and not on the other end of the spectrum. In the wake of the COVID-19 pandemic, the economy is in bad shape, and delivering a decent or a great customer experience is all the more critical for small merchants to stay afloat.
The middle-class customer scenario: before & after March 2020
Let us take the example of a typical Indian middle-class, double-income family with one child. Before March 2020, they were doing quite well and making timely payments against loans, paying premiums of life insurance policies, investing in a few mutual funds, saving for annual vacation, and going out once a month for a movie and dinner.
After March 2020, many people lost their jobs, and many faced salary cuts as high as 25% to 50%. Consumers are making minimum required payments against their credit card bills, thus adding more debts on their heads. And with the home loan moratorium ending, paying for the EMIs has become increasingly difficult. For some, continuing to pay for their life insurance policy premiums is a struggle, and the mutual fund investments have come tumbling down as well. Shopping constitutes buying only wet and dry groceries, and absolute necessities purchased online through e-commerce merchants.
During these difficult times, the one thing that a middle-class family does not want is the additional headache of trying to make purchases and receiving errors at the time of checkout. Another thing they are worried about is the dangers of hacking that usually happen during redirections at the time of making payments. We are living in a time when any loss will hurt the precarious balance any middle-class family is maintaining.
What do customers want today?
What has been explained above is the real image of most households in the current economy. merchants who were catering to middle-class families before March 2020 need to keep their customers’ current situation in mind and make changes to their business accordingly. One of the critical aspects of adopting the e-commerce model is the last-mile of customer experience or the checkout experience with their payment gateway. It truly is a make or break moment in the customer experience journey and requires Merchants to re-think their payment gateway integration approach. Customers want a seamless experience while shopping.
For example, if they use an e-commerce merchant’s app which has yellow as its primary brand color but it changes to green at the time of checkout, the customers are left confused and question the authenticity of the app. Customers do not like being redirected because they have an underlying fear of being hacked and having their money stolen. That is where the JS Checkout Solution by the Paytm Payment Gateway can come to the Merchant’s rescue.
The JS Checkout solution offers lightning-fast integration and a high degree of customization of the payment page allowing merchants to customize the banners, pay button, and fonts as per their brand. This way, merchants can ensure peace of mind and deliver a great experience to their customers. Also, these changes can be implemented from an admin panel provided by the Paytm payment gateway, and there is no need for any reintegration after making these changes.
Paytm’s JS Checkout Solution is a strong and sturdy payment gateway that can handle up to 3 lac transactions per day. So merchants do not need to worry about the payment gateway failing and leaving customers with error messages at the time of checkout.
The JS Checkout Solution comes with other frills like merchants being able to give customers the option of flexible EMI payments, which many consumers would appreciate during the current times. In case merchants want to attract customers with gift vouchers for shopping from their platform, the JS checkout solution offers this option as well.
Customers are demanding a great customer experience that is also tactical for their budgets and the JS checkout solution can deliver this and lots more for merchants who want to ensure that they are providing customers with what they need at a time when they need it the most. As an additional benefit, merchants who deliver a great customer experience now will create a strong base of loyal customers for the long road ahead.
So what are you waiting for? Get the JS Checkout Solution from Paytm Payment Gateway, now.