Why is it necessary to set up different payment Mode?
What is the first thing you look for when you go to an online shop to make a purchase? It accepts a number of different payment methods. While some of us prefer online banking, others prefer to pay cash on delivery for their transactions. But, as a shop owner, how do you guarantee that you’re catering to all types of customers and their payment requirements?
According to several studies, having several payment options in your store would increase conversions by 71 per cent.
Imagine having to manually set up accounts with different banks or payment gateways. It’s exhausting, irritating, and almost inevitable that you’ll make mistakes.
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When making an online purchase, different customers choose different payment methods. Most of the time, if they don’t see their desired payment method, they leave the transaction and go to another shop.
Setting up several payment methods, as suggested above, will assist you in achieving the following goals:
- Increase conversion rates – When consumers are presented with more payment options, they are more likely to choose one that meets their requirements. As a result, they spend less time looking at the items in their cart and are more likely to complete the transaction. Multiple payment options have been shown to increase conversions by 71%.
- Reduce cart abandonment – Having multiple payment options gives the buyer more flexibility when making a purchase. Cart abandonment rates are reduced by at least 12% as a result of this.
- Increase customer loyalty – Having several payment options on a website helps customers feel valued, which increases their overall shopping experience with your Shopify store.
- Showcase brand reputation – A company that has concentrated on and made an effort to deliver a variety of payment options is seen as more reliable and proven in the market.
- Provide a simple checkout process – It also increases the overall checkout experience on your store so you don’t have to pick a payment option other than the one you want. It also breaks the loop of consumers trying to look for alternative payment options.
How many different payment methods would you need to add to your store?
Although Shopify gives you the freedom to deliver as many payment methods as you want, it’s crucial to research what your target customers want.
It’s critical to comprehend their purchasing habits and allow the payment method that best suits them. The closer you get to figuring out which payment methods they want, the more likely they are to make a purchase.
Do Shopify stores generate revenue?
Yes, Shopify stores are successful and make money. However, a variety of factors influence how much money you will make. This includes the goods you sell, consumer demand, advertising budgets, and operating costs, among other things. To keep your operating and inventory costs down, you can start a dropshipping store online.
What are some of the most well-known businesses that use Shopify?
Shopify is used by some of India’s most well-known brands, including:
Noise Cancelling HeadphoneZone – https://www.headphonezone.in/
Bajaao – https://www.bajaao.com/
Macmerise – https://www.macmerise.com/
Noise Cancelling HeadphoneZone – https://www.gonoise.com/
McCaffeine – https://www.mcaffeine.com/
The Man Business – https://www.themancompany.com/
Vahdham Teas – https://www.vahdamteas.in/
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