ADOTAS – For the vast majority of e-retailers, Black Friday is the symbolic (and arbitrary) day in which merchants finally “break-into-the-black.” However, with the recession lingering into its third year, many e-retailers are justifiably worried. With the pressure mounting, merchants across the globe are searching for new avenues to save costs and boost profits and are turning an eye toward their eCommerce solution.
The question they must ask themselves is this: am I getting all that I can out of my online payment provider?
For those that aren’t satisfied with their payment provider and are looking for a quick way to boost conversion rates, there are three strategies that can be utilized over the next month to boost your company’s return on investment by Black Friday.
Once your company is wiling to steer away from the eCommerce companies that solely rely on name recognition – the sooner the better – you will need to partner with a provider that specializes in offering a service to attract (and retain) clientele and that can integrate the following three must-have strategies:
1. If you sell your product 24/7, make sure you have access information 24/7.
Selling online provides merchants the ability to be open to their potential customer base all day, everyday. However, not all payment providers are made equal in terms of the level of service offered to their customers, with some only offering monthly or, at best, weekly reports detailing site analytics.
You need to choose a partner that provides financial analytics instantaneously, allowing you to view, alter and augment your eCommerce offerings in real-time. Adding dynamic course-correction to your strategy in individual markets can save lost sales and boost company profit.
2. Customize payment pages to individual customers and markets.
Many e-retailers choose a provider and then take a step back, ceding all control over their payment page to the “experts.” The fact is, the vast majority of eCommerce solutions rely on standardized, one-size-fits-all payment pages, which kill conversion rates. This is because just as virtually every country has their own preference for payment options, shoppers from every culture have their own, unique preferences for what attracts them while shopping online (language, colors, etc).
Thus, you have to consider a solution that offers “A/B Testing” (when combined with instant financial analytics) into their solutions. This feature allows merchants to determine what features and layout (down to URL and color of the payment button) work best for their product (i.e. generate the highest conversion rates). One should also take into consideration if a solution doesn’t include a single page checkout – if not, you should likely move on.
If consumers of every culture can agree on one thing, it’s that checkout simplicity reigns supreme.
3. Think globally, detect fraud locally.
To no one’s surprise, fraud is an enormous drain on almost every merchant’s profit margin. Unfortunately, fraud, as with people, differs by region, country and market. Choose a partner that provides fraud detection tools that allow the merchant to identify specific patterns of deception by market, then, use the data points to specify individual parameters to prevent that type of fraudulent transaction from occurring.
For example, the allowable threshold velocity for Denmark (the amount of times that an individual can make a purchase from a single-card in a predetermined period of time) may be different than in Brazil. Or, a specific payment option might be rare enough in a particular country based on historical data to warrant suspicion. Some toolkits, will even allow you to determine the likelihood that a transaction taking place an ‘x’ number of miles from an individual’s home address is fraudulent.
The point should be clear: if a solution provider doesn’t allow for differentiation, the potential for lost revenue increases.
Either way, research is vital. Smaller, more innovative companies are popping up everywhere, aggressively seeking and winning clients from their more widely known brethren by offering unique toolkits, features and most importantly, flexibility. Find the right one and you’ll be able to “right the ship” by Black Friday, and make it far more likely your company will be looking at a joyous and profitable holiday season.