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Why Digital Wallets Are a Must for eCommerce Websites
by Tech Geekk writerA recent report by Statista predicts that roughly 50 percent of e-commerce transactions will be executed via mobile phones. This statistic alone is an ample demonstration of the path e-commerce is poised to take. Also, if you pay attention, it serves to show the importance of offering convenient payment methods owing to the expectations inherent to the use of mobile devices, especially smartphones. A customer typically has to get through 5 to 7 steps to complete a purchase, and this can prove to be prohibitive on mobile phones, resulting in cart abandonment.
Now, there are several payment methods one could offer in their e-commerce store, but a study of recent trends reveals that among all the options available in the market, digital wallets figure as the most popular. This observation further fortifies the remark that customers expect utter convenience when it comes to payment methods. Since digital wallets allow users to link their bank accounts and make payments without undertaking a time-consuming process, they are more likely to complete the transaction. It is not the only reason why this payment method, in particular, has been rendered a must for e-commerce websites. Here’s a list of some of their other benefits, which eventually help boost the business’ sales.
- Accelerated payments: Customers are quick to equate prolonged payment processes with the unwarranted hassle. Moreover, as we discussed above, it leads them to abandon their carts — a situation no e-commerce business wants. Since digital wallets allow payments to be deducted without requiring the user to do much besides authenticating the transaction, they can instantly accelerate the process and prevent losses in the form of abandoned carts.
- Simplified refunds: You can try and avoid them as much as you want, but returns and refunds are part and parcel of the business. While a customer’s experience with a product may not have been ideal, an e-commerce website still has the opportunity to deliver a positive experience by offering quick and easy returns. Moreover, you know what can help with that? Yep, digital wallets.
- Increased reach: Small-scale e-commerce businesses are often severely restricted by the limited number of payment options they are typically able to offer. However, thanks to the burgeoning popularity of digital wallets, even smaller businesses can enable their customers to pay digitally instead of having to rely on traditional forms such as cash on delivery.
- A more secure form of payment: Other types of mortgages, especially the digital ones like credit and debit cards, require users to share their credentials repeatedly. With digital wallets, they are required to do no such thing. Also, then there’s also the fact that regulations, as well as a growing awareness in the context of security, means they come loaded with measures aimed at enhancing their safety, including end-to-end encryption among other such features. Hence, they offer much better levels of security as well.
Despite their many evident benefits, we recommend that you take your time to carefully evaluate the decision before you start your e-wallet mobile app development project. It will allow you to avoid the global challenges associated with such endeavors and quickly begin reaping the benefits of digital wallets.
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About Tech Geekk 
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Created on Jul 31st 2019 06:50. Viewed 533 times.
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