3 Trends in E-Commerce
Many retailers are still reeling from the pandemic’s after effects, and some may never recover. But with consumers moving to online buying in droves, there is always something to be hopeful for with e-commerce ventures. But seller beware. If you’re not offering several alternative payment options, you could not only be leaving money on the table, but seeing customers walk out your virtual front door.
It’s not enough anymore to have implemented a PayPal button and wait for the sales to pour in. Online buyers are savvier than ever. Here are 3 ways to stay ahead of the curve when it comes to collecting money from your customers:
- AfterPay: Consumers want to buy, but they don’t want to pay. At least not the whole amount today. AfterPay’s website reads: “Spread the Love. Split the Difference.” And that paints a clear picture. People can opt for a 4 or 6 week – no interest – payment plan instead of paying the full amount. And it’s all a click away. An e-commerce company not offering this is missing the proverbial boat, big time.
- Venmo: For solopreneur operators especially, this option is managed through your mobile phone. No swiping of credit cards, writing checks, or any cash involved at all. A Venmo account is all you need to start collecting payments from your customers. It was made popular by friends splitting tabs for dinner, but is now a legitimate way for businesses to collect. The government is keeping a closer eye than usual though, with purchases totaling over $600 automatically being reported to the IRS.
- Amazon Pay: Everyone’s got an account at Amazon.com. So, why make people type in their credit card, address, and phone number? Dropping a button on your payment page from the e-tailing juggernaut gives your customers a simple, easy way to part with their green. You can even set up a store where people can buy your goods over Alexa in the process.
If your bread and butter revenue is generated online, there is no time like the present to modernize your technology. And in many cases, firing up the options listed here can be done in a snap. Time to make more money.