The internet has changed the way that we interact with each other on every level, even commercial. Nearly every modern business is expanding their digital real estate through social media, professional websites, and online stores. A 2014 survey by the Intelligence Group (TIG) found that up to 72% of Millennials use the internet to research their shopping options before deciding on a purchase — here’s how to better serve your customers in the digital marketplace.
Electronic Transactions
The internet is quickly becoming one of the most popular sources for commercial success in the new millennium. Paper money has now been replaced by plastic as consumers in the United States spent $4.6 trillion using credit and debit cards in 2013; that is $4.6 trillion out of the total $8.6 trillion in consumer payments for the year. There were 278 million Visa cards in the U.S. and 522 million across the rest of the world. With the ability to purchase online with a credit or debit card, mobile purchases for the U.S. is expected to skyrocket from $52 billion to over $140 billion by 2019.
The Concerns of the E-Consumer
With the convenience of the internet, many users have increased their shopping standards. A 2014 survey found that 51% of consumers would abandon an intended purchase in the shipping options are not fast enough and 61% of consumers wouldn’t buy unless the merchant offered free shipping. One of the most pressing concerns for card users online is the safety of their information on the net. Credit card fraud losses reached $16.31 billion by 2014 — this was a 19% increase from the previous year.
Secure Payment Processing Service
Providing your customers with secure payment options is one of the surest ways to help ensure their purchase is in capable hands. Businesses that hire payment processing companies can give their customers peace of mind along with their online purchases. Many of these companies help protect online customers by using a credit card chargeback process. A credit card chargeback process helps protect consumers from fraudulent purchases by issuing a refund. Businesses that place their customers first and protect their purchases are those that find the most success on the digital marketplace.
