According to a recent report, the total value of the global e-commerce market hit USD 14.14 trillion in 2022 and is set to hit USD 57.22 trillion by 2032. The Philippines’ own e-commerce market is also moving largely in step with this trend, with the country’s digital economy set to grow to USD 150 billion by 2030 from about USD 15 billion in 2022. Needless to say, the already-crowded e-commerce space is set to become even more congested through the next decade.
This increasingly crowded digital landscape presents a serious challenge to anyone who wants to build a thriving online business. Fortunately, it also presents some key opportunities. In this short guide, we’re presenting several ideas that should put you miles ahead of your online competition:
1) Offer the Best Online Payment Processing Solutions
The moment customers find a hitch in your online payments gateway, they’ll begin looking for alternatives. Regardless if they prefer to use digital wallets, QR Ph codes, debit cards, credit cards, or virtual payment cards, online customers now expect to have their preferred online payment processed without issues. As such, by offering fuss-free online payment processing with Maya Checkout, you’ll not only be a step ahead of your competitors but you’ll also lay the groundwork for more purchases at your e-commerce store. To get the best possible results, make sure to use the dedicated plugins for Shopify and WooCommerce if your website was built on any of these platforms.
2) Build and Maintain Trust
Establishing trust with your online customers is a continual process that involves transparent communication, using secure online payment platforms, and offering reliable customer service. Show potential customers that your site can be trusted by displaying security certifications, clear data use policies, as well as customer testimonials. Maintaining high standards for trust should, over time, translate to more patronage and positive brand equity.
3) Manage Your Inventory Efficiently
Efficient inventory management reduces business costs associated with stockouts and overstocking, increasing sales while also freeing up funds for your business. More importantly, good inventory management helps you make robust profits even on relatively low margins, allowing you to offer good prices to customers.
To better address your inventory challenges, use internet payment solutions that can integrate with your inventory management system. This will enable the automatic updating of inventory data, allowing you and your staff to immediately see which items are in stock and which ones are at critical levels.
4) Consider an Omnichannel Approach
An omnichannel strategy involves providing a seamless shopping experience across various channels, including online platforms, mobile apps, and physical stores if applicable. By integrating these channels, you create a cohesive brand experience that caters to the diverse preferences and behaviors of modern consumers. If you’re adopting this strategy, be sure to choose an online payment processing company that also offers in-store payment terminals.
5) Use Analytics to Determine Your Ideal Audience
Harness the data analytics features of your online payment solutions and virtual storefrontsto understand your target audience better. Take note of key customer behavior and demographic information to create targeted marketing campaigns that effortlessly appeal to the customers that matter the most to your business. By tailoring your approach to this data, you increase the relevance of your offers while also reducing the cost to market and sell them.
6) Offer a Personalized On-site Experience
You can also use store and payment processing data to recommend products based on customers’ previous purchases, browsing history, or preferences. Personalization not only improves customer satisfaction but also boosts conversion rates and encourages repeat business.
7) Use Cart Abandonments to Your Advantage
Rather than seeing cart abandonments as missed opportunities, view them as a chance to re-engage with potential customers. Implement automated follow-up emails with incentives to encourage users to complete their purchases. This proactive approach can help keep your store on top of your customers’ minds, potentially recovering lost sales.
8) Find Ways to Increase Customer Lifetime Value
Many new online businesses make the fatal mistake of prioritizing immediate sales rather than repeat business. Avoid this error by providing customers value beyond their initial purchase. To cost-effectively increase repeat sales and customer lifetime value, try implementing loyalty programs, giving exclusive offers, or personalized discounts.
9) Use Social Media as an Additional Sales Channel
A good deal of e-commerce in the Philippines takes place on social media websites. The payment options through these channels can be limited but you can expand them by using Maya Payment Links.
Maya Payment Links lets you easily accommodate customers you interact with on social media. Simply send them your unique payment link through any of the supported messaging app that facilitates live links, and your customer can click on it to access an online payments gateway. From there, they can pay through their preferred electronic payment method, be it by digital wallet, QR Ph code, debit card, or credit card.
10) Delight Customers with Superior Customer Service
There are many ways to offer great service. For starters, you need to respond promptly to inquiries, resolve issues efficiently, and go the extra mile to exceed customer expectations. Positive experiences lead to satisfied customers who are more likely to become loyal advocates for your brand, perhaps for years to come.
11) Encourage and Showcase Customer Reviews and Testimonials
Lastly, leverage the power of social proof by encouraging satisfied customers to leave reviews and testimonials on your website and social media pages. Displaying positive feedback on your website builds credibility and influences potential buyers, helping them make confident purchasing decisions.
Maya Online Payment Solutions Help You Thrive in a Crowded E-Commerce Market
To succeed in a crowded e-commerce environment, you’ll need an online payment processing service that can go the distance. In the Philippines, Maya Checkout is the third-party payment gateway Shopify and WooCommerce store owners use to facilitate easy payments and unlimited repeat business. Sign up for a Maya Business account today to let your online store reach its true potential.
Signing up for Maya Business entitles you to the exclusive Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow gives you a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing. With this discount, you’ll save an extra PHP 14,600 for every PHP 1 million in QR Ph sales.
The Maya 1-2-3 Grow bundle also lets you use a Maya Business Deposit account for your settlements. Your Maya Business Deposit comes with an incredible 2.5% per annum interest rate, growing your business’s funds 20-25x faster than competing banks. With Maya Business Deposit’s interest rate, your business will earn an additional PHP 25,000 each year for every PHP 1 million deposit. Moreover, you’ll get more from your daily banking with Maya Business Deposit’s zero maintaining balance and free transfers via InstaPay and PESONet.
Lastly, the Maya 1-2-3 Grow bundle automatically qualifies you for a Maya Flexi Loan, valued as high as PHP 2 million in just 3 months, enough to build a truly outstanding online store that outperforms competitors. To increase the size of your next loan offer, simply use Maya as your primary processor for all wallet and card payments.
Complete your Maya Business Manager application today to access Maya’s range of online payment solutions and reap the benefits of Maya 1-2-3 Grow bundle.
