E-commerce sales have been reaching unprecedented heights. More customers than ever before are preferring to browse and order online, creating a marketplace that puts a make-it-or-break-it deal on online business transactions. Unfortunately, there are many hindrances on the way to success — credit card fraud, viruses and data breaches are just a few of the issues that face both business and customer alike. Merchant chargeback protection and related services are one of the best ways of eliminating common issues and creating a safe and reliable purchasing environment for customers.
Browsing And Internet Search Results
Global e-commerce sales generate a stunning $930,000 every 30 seconds through desktop sales alone. They also garner almost $270,000 through mobile devices. Studies have shown almost half of all digital buyers already know where to look for a product before they buy, making customer a loyalty a deal-breaker for many brands. Another 48% of consumers are well-acquainted with their favorite online store and will regularly return to it.
Millennials And Older Generations
Did you know nearly 50% of Millennials say they will browse for items they don’t necessarily plan to buy? A MineWhat survey back in 2014 also revealed a consumer will visit three stores online before making a purchase. Knowing these limitations will help you better plan for the future and establish a more consistent client base.
Holidays And Growth
Businesses see noticeable surges in sales during the holiday seasons. Although both Black Friday and Thanksgiving sales grew as expected back in 2012, it was actually Cyber Monday that exceeded expectations with a stunning 17% year on year growth — it later reached $1,500 million in sales. A payment gateway service will add a protective buffer to an increase in sales, reducing the margin for error and making sure both parties are satisfied with the outcome.
Mobile Devices And Accessibility
More purchases are being made on the go. The United States sees around 50% of digital buyers making mobile payments for purchases, be it through smartphone or tablet, and businesses that have not optimized their products for mobile-friendly purposes risk being left behind. Studies have shown that a customer will disregard a website entirely if it takes more than four seconds to load or is not optimized for mobile devices.
Data Breaches And Safety
Last, but not least, we have one of the most difficult issues for modern businesses. Over 54% of data breaches back in 2014 were related to identity theft, with another 17% attempting financial access and 11% seeking account access. Back in 2012 over 66% of interviewees surveyed in China secured their online payment by using a variety of high-level security passwords. Overall, worldwide payment card fraud around the world has totaled $21 billion and is expected to nearly double over the next decade.
Using Merchant Chargeback Protection
Merchant chargeback protection and payment processing services are a modern way of creating security online. A payment gateway service will mediate the risk that comes with online transactions, such as lost orders or compromised information, and allow customers to feel safer when buying from their business of choice — whether it’s an online store or a physical shop, all brands stand to benefit from the increased security. Consider installing merchant chargeback protection to eliminate common risks and encourage more consistent business all days of the year.