May 2022

How Digital Payments Can Transform Your business?

Posted on May 19,2022 by Reethu Shyam

Are you a business owner looking to increase revenue?

Are you struggling to keep up with the changing market trends?

Don’t know how Digital Payments can Transform your business?

If you just said YES to the above questions, you are at the right place at the right time.

Did you know that 71% of SMEs have a website today and that more than 65% of consumers are shopping online?

Businesses should be where customers are. The secret for any thriving business is Happy Customers. So, how can you make your customers happy and keep them coming back for more?

In the post-Covid world, consumers are increasingly shopping online. When online shopping increased, so did the need for a safe and secure online payment solution!

What does Digital Payments actually help businesses achieve?

Enhance your reach
More customers mean more sales
Diversify your consumer reach over multiple channels.
Ensuring Secure transactions
Enhanced productivity

Covid and it’s disruptive changes..

Who said online payments or electronic payment services is only for large business enterprises? In the post Covid world, everything has changed. The pandemic transformed the way people conducted transactions. With a super contagious virus on the prowl, contact of any kind was dreaded. To stay afloat businesses had to rely on digital payments or online payment options.

Even during the prolonged locked downs, we still had to pay rent, bills, and transfer cash, right? This is when businesses of all sizes and shapes realized the importance of electronic payments. For businesses, Digital Payment solutions came as a savior in a Covid-hit society.

The future of Digital Payments..

Now, let us look at the future of Digital Payments. Digital Payments will grow at 19.4% in the next few years. With big players like Apple, Samsung, Google leading the way, the electronic payment sector is going to explode!

High smartphone adoption rates, increase in e-commerce sales , greater internet access, are all reasons that led to this disruptive change in consumer’s payment preferences.

This colossal shift in consumer behavior patterns has forced even banks to get on the bandwagon of digitization. The International Settlements Bank report found that 80% of banks already provide some form of digital currency.

When several businesses had to shut shop during the pandemic, many SMEs quickly shifted to the digital space. Besides, offering an alternative to cash payments to customers helped them serve more customers during a time of crisis.

Hence, businesses that provided an alternative payment method could tide over the pandemic-induced business stagnation.

Why limit your business when you can sell globally?

Small or big, why should any business limit its market penetration to a locality, region, or even country, when you can onboard customers globally with smart digital payment options?

Also, in countries like the UAE with 94% smartphone penetration, this disruptive shift from cash-based transactions to cashless transactions was so smooth that more than 55% of its population now prefer cashless payments.

Did you know that more than a third of global consumers prefer cashless payments for all future purchases.

Additionally, people find it ridiculous to spend a lot of time, effort, and resources skimming through products in a supermarket alley or standing in long queues to pay fees of their ward, when all of it can be done in under 20 seconds with a comprehensive digital payment solution.

Digital Payment solutions integrated with a secure payment gateway can make our daily lives so much easier and painless.

In the digital era, business transactions are fast, quick, and extremely convenient, all with the booming and ever-growing digital payments solution providers.

Now, we know why Digital Payments are a necessity in today’s world but what does Digital Payments actually help businesses achieve?

1. Enhance your reach

Businesses should be where customers are, and customers are online. You can reach more customers with more payment options. For Instance, if you are a baker baking yummy cakes and cookies, Yes, your customers will drive all the way to reach your store for their favorite goodies.

But imagine the joy of serving your customers even better by delivering goodness at their doorstep. Giving them the luxury of ordering online and make payments hassle-free through QR scan or Pay-by-Link options via a user-friendly application.

In addition to this, you can reach out to all potential customers as well with your easy digital payment solutions. Delight your customers with an easy, fast, convenient payment option so that you are not just one of the options but THE option.

Give your customer the luxury of making payments in local currency and turn them into your brand advocates!

2. More customers mean more sales

According to the Dubai Chamber of Commerce and Industry, the eCommerce industry in the UAE breached the 5 billion mark in 2021 and it is anticipated that there will be a 53% YoY increase.

This trend is not any different from other developed countries like the USA, France, Sweden, Finland, Italy, and developing countries like India, Thailand, and other Asian counterparts.

Why limit your business to offline alone, when you can serve customers online and offline and increase revenue manifold?

3. Diversify your consumer reach over multiple channels.

Every consumer is unique. As a business owner, serve your customers better by catering to their unique demands. A research-backed report by a leading advertising agency in the UAE, found that 73% of shoppers are omni-commerce shoppers. This means that their buyer’s journey will inl instore, direct mail, or even online experience.

They could be browsing for products online, visiting the shop during the consideration stage, and making the final buying decision after seeing a marketing mail with a link to make order and “Pay Now” options. To be able to give your consumer that Digital agility, your business must be powered with Digital Payment solution.

4. Ensuring Secure transactions

The biggest challenge while migrating to Digital payment solution is ensuring a secure payment gateway. With technology gaining more and more power, cyberattacks, fraudulent online activities, data breaches, chargebacks are becoming commonplace.

A robust Digital Payment solution should be PCI-compliant, 3D Secure authentication, and SCA-enabled so that your customers’ sensitive card details are safe and secure.