E-Selling is A Huge $25 Trillion and Fastest Growing Opportunity. By the year 2040, it’s estimated that 95% of all purchases will be through eCommerce. The #1 reason people shop online is that they’re able to shop at all hours of the day. There are an estimated 20+Million Ecom sites across the entire globe, with more and more being created every single day.
The eCommerce industry is growing 23% year-over-year, yet 46% of American small businesses still don’t have a website. Even after the fact that online selling is the need of the hour and the current Covid-19 pandemic has forced businesses to move online, which has created huge demand in the market it is surprising to see that not many people are jumping in, to Tap the $25 Trillion.
Because of, Lack of the right set of tools, A solution that can build a website/store for you, setting up products & payments, and helping you start selling fast is the REASON why most businesses fail to start even after having a great vision and a great product. Yes, that is true, according to statistics, 85% of entrepreneurs leave their business in dreams even before they start it.
You need to be extremely technical & marketing savvy if you ever want to do it yourself. You also need to Learn the Basics of the Domain, Hosting, HTML, CSS, JAVA Script, Photoshop, and How to Integrate a Payment Gateway. This is a Time Taking Process which will take months and the worst part is you won’t be earning during all.
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Did you know that most of a small business’s revenue doesn’t come from new leads, but from repeat customers now? A study by BIAKelsey, 61% of mom-and-pop businesses report that the majority of their revenue is now from a handful of repeat customers. Small businesses everywhere are struggling and need immediate marketing help to survive.
So, the fastest in way in 2023 to help them is by focusing on making money from their current customers via loyalty programs and gift cards. 84% of consumers say they’re more likely to stick with a brand that offers a loyalty program. 62% of consumers spend more money with brand after signing up for a loyalty program.
Most Small Businesses Can’t Afford Digital Loyalty Card Systems and the Ones They’ve Tried in the Past FAILED THEM. They require Expensive Scanner Technology, Aren’t Practical for Non-Global Stores, Aren’t No-Contact and Require Plastic Cards & don’t Come with Gift Card Creation Technology.
Old-school ‘hole punch’ small business loyalty programs get lost, damaged, and aren’t geared toward our new no-contact, digital shopping environment. Advanced no-contact digital loyalty programs require scanners and expensive hardware and are still reserved for major corporations like Starbucks. But, thanks to years of development.
If your agency business is tired of trying to sell video, SEO, PPC, and other ‘oversaturated’ marketing services, you can offer clients something they ALREADY UNDERSTAND and DESPERATELY NEED to stay open during hard economic times with the agency technology integration.
Rewardsly 2.0 is a heavily upgraded cloud app that creates and sells the most complete reward points programs and gift card systems for small businesses online or offline. Now you can drastically increase revenue and even run a loyalty program agency hands-free while groundbreaking smart software does the work for you.
Rewardsly now integrates easily with major POS systems like Square, Clover, and more. Whenever a customer checks out using Square, Rewardsly rewards points will automatically be added hands-free with no scanning needed. Auto-build online eCommerce sites filled with your products that have loyalty points and rewards programs automatically attached to them.
Used by around 2.3 million eCommerce shops worldwide, WebPrimo is arguably best eCommerce plugin for WordPress that helps merchants sell anything easily. It combines ease of use with incredible power, flexibility, and features. So, you’re getting an never-offered-before seamless WooCoomerce integration that helps to get you up and running like a pro in no time.
As per latest industry figures, in the first quarter of 2020, mobile devices (excluding tablets) generated 51.92% of global website traffic. So it’s not rocket science that more than half of your potential customers come from mobile devices. That’s why our themes are not just 100% responsive but we went further and created customization options that allow you to create lightning fast mobile sites that draws visitors like a moth to a flame.
WebPrimo takes care of all this for you.You can customize anything on this beautiful slider. From lead generation forms, images, calls to action text or buttons, headlines, background images and even use videos in almost all 20 combinations. This will help grab your visitor’s attention and skyrocket your conversions at will, period.
Now it’s easier than ever to create highly engaging business websites that turn random visitors into happy customers. All you need to do is select one from our list of done-for-you business templates and create a fully-functional business websites that resonates well with your audience and gets maximum exposure for your products and services.
The exponential growth in e-commerce and the impact of the pandemic have fuelled the rise of ‘Buy Now Pay Later’ (BNPL), making it one of the biggest retail trends in 2021. This is set to continue in 2022, with new players entering the market and new partnerships and acquisitions being established. BNPL has largely been driven by consumer appeal, easy availability and the promise of no interest and no fees – if payments are made on time.
It is popular across all demographics for different reasons but has especially gained traction among millennials and Gen Z consumers as a means of financial empowerment. For consumers, it provides an easily accessible method of borrowing, instant gratification, a flexible returns policy and the ability to manage finances by spreading the cost of purchases over an agreed period.
For retailers, it reduces basket abandonment, increases sales and adds stickiness, without any risk. BNPL providers pay merchants up front and issue loans to consumers while bearing all the credit risks and administration costs of running the loan programme. They typically charge the retailer a fee of around 2-7% of the transaction plus a fixed fee, depending on their business model.
If managed correctly, BNPL offerings can be a convenient and cheap way of accessing credit, but late or missed payments can lead to late fees, blocked accounts, bad debt and even impact credit ratings. BNPL company Laybuy revealed that in a six-month period in 2021, almost half their revenue came from late fees. This is revenue gained from people’s inability to pay, and there is growing concern that BNPL practices are leading to financial hardship and debt accumulation in an industry where oversight is needed to protect consumers.
THE GROWTH OF BUY NOW PAY LATER
Research and Markets’ Global Buy Now Pay Later Market Report 2021 forecasts that BNPL spend will grow by 22.4% from 2021 to 2028, reaching over $20 billion by 2028. In the UK, an FCA survey found that the total value of BNPL transactions in 2020 was £2.7 billion and is expected to grow rapidly by 2024. According to UK consumer protection charity Citizens Advice, 45% of people aged 18 to 34 and 31% of those aged 35 to 54 have used BNPL to make purchases in the last year. And the BBC estimates that approximately 15 million adults in the UK are actively using BNPL, an increase of more than 2 million in 2021.
Looking at BNPL provider data, Afterpay found that retailers using their service had a 50 to 200% increase in basket size. Klarna and Affirm reported a 58% and 87% increase in average orders, respectively. Equifax estimates that BNPL users spend 51% more on clothes each month than online shoppers who pay up front. PayPal launched its BNPL service in October 2020 and in one year has processed over £2.5 billion in payments globally.
The data paints a powerful picture. Unprecedented times caused by the COVID-19 pandemic led to the explosive growth of BNPL at a time when many people were experiencing financial uncertainty and needed an easily accessible form of credit.
THE PROBLEMS FOR CONSUMERS
BNPL clearly fills a gap in the market, and consumers welcome the convenience, flexibility and allure of interest-free credit. However, the rapid growth, with no regulatory framework, has led to a lack of uniformity in the market. The differences in product offerings, terms of use and the many providers and business models can be confusing for consumers. As with other forms of credit, there are risks for consumers, and the BNPL industry must manage these appropriately.
Because the market is currently unregulated, BNPL providers are not obligated to perform full affordability checks on consumers, and users can accumulate debt across multiple lenders. In many cases, users see this as a technology innovation and don’t realise they are taking out a credit agreement and could be referred to debt collectors if payments are missed. Citizens Advice reported that consumers were charged £39 million in late fees over a one-year period. Of those who were referred to a debt collector for missed payments, 96% said there had been negative consequences.
These statistics justify the concern that many consumers are spending more than they can afford on non-essential purchases while unable to pay essential bills, causing spiralling consumer debt. The voices calling for tighter controls and market regulation are getting louder.
THE REGULATORY GAVEL
As concerns about consumer debt increases, the UK Financial Conduct Authority (FCA) commissioned a review, led by Christopher Woolard, which found that “BNPL represents significant potential consumer harm”, such as its promotion to consumers, poor consumer understanding of the product, lack of affordability assessments and inconsistent treatment of customers in financial difficulty. The Woolard Review recommended that the industry be regulated to ensure better protection for users, and the FCA is currently undergoing a consultation process to define the regulation framework.
FCA regulation will protect consumers and position BNPL as a sustainable product with more transparency and greater checks for credit risk and affordability, bringing it on par with other credit products, such as credit cards. It will ensure that people are treated fairly and provided with clear information to ensure they can make informed choices about whether they want to use the product. As a credit product, BNPL should be appropriately regulated to protect all users.
Many countries, including the UK, the European Union, the USA, Australia and New Zealand, have raised concerns about consumer debt and are actively looking into passing new regulations for BNPL. I predict that as more data becomes available and the debt crisis rears its ugly head, more countries will follow suit.THE CHANGING FACE OF BNPL
As the market becomes increasingly saturated with major banks, payment schemes and new entrants competing for market share, BNPL growth is extending across markets to banking, luxury retail, travel, hospitality, insurance, trading, healthcare, and the list is growing. Many global retailers are building their own in-house solutions with the aim of protecting their customer base and better controlling the services they provide.
Others are forming partnerships or making acquisitions to build out their own services, such as Amazon’s partnership with Affirm and Square’s acquisition of AfterPay. As competition heats up and the market expands, it becomes even more critical that the industry is regulated and brought in line with other credit products.
Will regulation burst this expanding bubble? Time will tell, but it seems safe to say that it won’t! During the pandemic, BNPL enabled significant strides towards financial inclusion, and its impact should not be underestimated. Yes, regulation will curb over-spending as stronger credit risk and affordability checks are implemented, but consumers will continue to use BNPL because of the convenience it provides.
TECHNOLOGICAL IMPACT OF BNPL REGULATION
Regulation will play a great part in shaping BNPL innovation and the emergence of new technologies and products, which will bring new opportunities and challenges. For businesses to compete and gain sustainable competitive advantage, they must have the right technology to power these products.
For example, to provide a seamless and secure customer experience while also increasing affordability checks to protect consumers and enable them to make informed purchasing decisions, payment fraud systems must have the ability to analyse data in real time and generate accurate credit risk predictions without sacrificing the merchant checkout experience. This will require powerful predictive risk analytics capabilities and machine learning algorithms to develop and test new credit and risk models. Open Banking can play an important part in sharing wage and income data to enable businesses to make more accurate lending decisions and develop bespoke credit offerings.
Consumer demands will accelerate the growth of instalment products as banks and fintechs develop new bespoke and customisable solutions. We are already seeing this with Barclaycard, Monzo and Revolut and even Visa, Mastercard and Amex instalment programs. Big BNPL providers, such as Klarna, AfterPay and Affirm, could use their significant amounts of consumer spend data to develop personalised financial services products and super apps to help consumers better manage their lives.
FINALLY …If regulation can strike a balance between consumer protection and innovation, where the risk of financial hardship is balanced against BNPL benefits, it would certainly have a positive impact on the consumer credit market and beyond. However, regulation will not happen overnight, as the industry will need time to implement compliance requirements and technology changes.What is clear though, is that BNPL innovation is continuing apace across industries, even to trading and cryptocurrency platforms, and there must be the right technology to power these innovations and the appropriate regulatory oversight to protect consumers.
Annmarie is a Payments leader with 25+ years of experience in Payments, Banking, and Fintech. Passionate about payments innovation, she specializes in payments processing, solution delivery, and consultancy. With an MBA in business and expertise in technology, she is a trusted advisor to clients, who appreciate her ‘big picture’ view…
As an ecommerce merchant, you’re probably wondering what you can do to show your customers some gratitude for their continued loyalty. After all, without your customers your store is just another website!
Before we begin looking at the reasons you should be thanking your customers, I would like to start with a quote about customer experiences that came from a rather unlikely source:
“Kind words can be short and easy to speak, but their echoes are truly endless.”…Mother Teresa
While there are many ways this quote can be interpreted, here is my take on it: sometimes, we can forget how easy it is to make someone’s day. A simple thank you or personal note can have a lasting and meaningful impact on a customer, and help create an emotional connection they won’t soon forget.
So what’s the impact of thanking customers in the world of ecommerce? I’m sure you already know that you should be thanking customers all year round and not just around the holidays, but you may not know the reasons behind supporting this line of thinking.
Reasons to be thanking customers
Your customers want to feel valued
No one likes being in a one-way relationship – the kind where you’re the only one committing any time or attention to keeping it going. When you’re always giving and never receiving, it’s easy to feel unappreciated and undervalued.
60% of businesses have lost a customer because they feel the business is indifferent to them…Customer Experience Insight
The same is true in ecommerce. When customers are committed to your brand community, they want to feel like you care about them as individuals. Otherwise, you run the risk of them taking their business elsewhere. This is one of the biggest contributing factors to a customer choosing to shop with another brand.
While you might assume that most customers choose competitors based on prices and products, 9% of customers leave because of what a competitor is offering while 60% of businesses have lost a customer because they feel a company is indifferent to them. Clearly customers expect a little gratitude in return for their business.
In order to avoid losing them, the simplest thing you can do to make a customer feel valued is to continually thank them for being part of your community. Through email communications, social messages, and handwritten notes, you can remind customers that you are aware of their business and appreciate it. Trust me – you’ll be glad you did, and you may even create a couple of brand advocates in the process!
Thanking customers has financial benefits
If making your customers feel valued isn’t enough motivation to thank them, maybe the fact that gratitude has financial benefits will be!
Studies have shown that 38% of customers attribute a good customer experience to personalization, and a good customer experience is what will keep delighting your customers. When your customers are happy, they’re bound to come back to your brand, join your community, and make more purchases as a result! In fact, shoppers are willing to pay more in order to get a better customer experience, meaning your gratitude has the potential to skyrocket your profitability.
86% of shoppers are willing to pay more for a better customer experience. Oracle
If we put those two points together, we can see that customers want a personal, emotionally driven customer experience. As a result, building a personalized experience leads to a better customer experience which customers are willing to pay more for.
If you want to increase profitability, start getting personal!
When you acknowledge each of your customers individually for being engaged members of your brand community, you demonstrate a desire to get to know them and continue building that relationship. This personal attention goes a long way towards endearing customers to your brand, so making sincere “thank yous” should be a key component of your ongoing business model.
How to start thanking customers
Now that you know why thanking customers is important, it’s time to start doing it! Since there are an infinite amount of ways to thank your customers, it’s important to find a way that makes sense for your business, your brand, and above all your customers.
Here are 5 simple ways that you and your business can start thanking your customers.
1. Include a thank you note with every order
This is by far one of the easiest and most effective strategies to start implementing, and can take any number of forms. Whether you thank your customers on social media or with a handwritten note inside the packaging, you can brighten their day by acknowledging their business every time they place a new order.
Besides making your customers smile, this will also help set your business apart. Most ecommerce packages are only shipped with the product, some packing peanuts, and an invoice – an experience that feels completely impersonal. When you include a personal message, you turn the entire experience (even after the sale!) into an opportunity to strengthen your relationship with the customer. This turns a simple order into an exchange among friends.
2. Provide customers with value-add content
Value-add marketing is an extremely powerful tool to help improve your customer experience. Not only does it provide extra value for your customers, but it also becomes a valuable resource for your not-yet-customers! So what does value-add content look like? For starters, you can provide customers with a learning centre or knowledge base where they can increase their knowledge about your product or industry.
A fantastic example of this is Bare Biology, who offers customers access to an online magazine that discusses everything from fitness to beauty. This lets Bare Biology highlight their industry expertise while also helping customers find articles related to a brand they love.
This type of content will look different depending on what your business does. For example, if you’re a fashion retailer, you could offer customers a style guide on your site that inspires their next outfit.
Whatever you choose to do, this additional content acts as value propositions that improve your customer experience and position your brand as the industry expert. These considerations demonstrate your commitment to helping customers get the most out of your brand at no additional cost.
3. Think of the individual as well as the group
As I’ve already mentioned several times, customers love personalization! This means that you need to start thinking about your customers as individuals who belong to your larger brand community.
This individual personalization can take a number of different forms. For starters, you can address customers by name in your marketing and post-purchase emails, or even thank them for another year of business every year on their birthday.
No matter how you choose to do it, approaching each customer as an individual is the perfect place to begin to say thank you on a deeper and more meaningful level.
How to Build Emotional Connections When You’re Separated by a Screen
Emotional relationships don’t have to be hard to build from behind a screen. Learn how value-add marketing and brand communities have the power to connect you to your customers in ways that have an incredible impact on your business.
4. Send a handwritten letter
In a world driven by beeps, clicks, and keystrokes, there are few things as exciting as receiving a handwritten letter. There’s something special about knowing that someone took the time to sit down and address them personally that makes it immediately more valuable. This goes a long way in a world that has become obsessed with automation, and will help you further distinguish yourself from your competition.
Take a look at this example from Jimyz Automotive. This customer experience went viral on Reddit immediately after it was posted, with many Reddit users commenting that they actually knew the business and loved Jim, too.
The customer that received this letter is sure to remember it for a long time, and you can bet that the next time they need car service Jimyz Automotive will immediately come to mind!
5. Throw a thank you event
Nothing is as impactful as a thank you given face-to-face. Even though it can be difficult with customers all over the world, there are ways to do it! You can thank your customers on a much smaller scale without diminishing your gratitude’s impact.
Two great ways to do this is by inviting customers to attend a webinar or a podcast. You can sweeten the pot by inviting a celebrity or micro-influencer to address your customers all at once. This is a great way to minimize expenses while still delivering an above-and-beyond experience.
Don’t feel limited to only using these ideas, though. If you have the resources to run an in-person customer appreciation event, do it! Inviting your customers to spend time with other valued members of your brand community is a great way to make them feel special and appreciated – especially if they’re given a little something extra.
A free gift, special meet and greet, or bonus discount are only three of the ways that you can turn a regular Friday night at your store into a wonderful evening of value for your loyal customers.
A personal thank you story
Now that you have seen some of the many ways you can start thanking your customers, I want to share an example of a business showing me thanks! My example comes from a bank, of all places. I had gone into the bank to convert some money for my upcoming trip to the Dominican Republic, and mentioned to the teller that my girlfriend and I had been dating for 5 years and the trip was our way of celebrating.
When I returned from my trip, I had a hand-written postcard from my bank in my mailbox saying that they hoped my girlfriend and I had a wonderful time on our vacation and thanking me for my business.
This personalized thank you blew me away! It left me feeling valued and important, and guaranteed that I will continue to do my banking with ScotiaBank.
If this small gesture can guarantee my customer loyalty, imagine what a combination of thank you gestures can do for your customer base! At the end of the day, thanking customers is a huge step towards a thriving brand community that will keep your customers happy and coming back time after time.
