Tag Archives: ecommerce

The Rise of Digital Retail and Subscriptions Continue

Today’s consumers aren’t too concerned about the places they shop. They are more invested in the ways they shop. They are looking for places that are easy to shop at while also being safe and manageable. There’s also a desire for people to want to share what they are doing with others.

The mix of social media and simplicity are two points that will likely influence retail activities. Today’s digital retail industry has more than made itself ready to respond to these newfound desires that customers hold.

Digital retail has never been more essential. Hundreds of millions of Americans are actively buying things online. They’re also looking into subscriptions for recurring payments, including payments for streaming services and other items.

Rising Sales Numbers

Digital retail providers have seen massive sales numbers so far in 2021. The Adobe Digital Economy Index reports that the global digital economy brought in $4.2 trillion in sales during the first four months of 2021. The United States made up close to a quarter of those sales.

These numbers have been rising as businesses are transitioning to digital platforms. People are more likely to stay home and shop from there instead of going out to physical places. Americans spend tens of billions of dollars on digital retail purchases each month.

New Ways How People Can Shop Online

Customers are finding it easier than ever to buy things online. There are many unique ways how people can complete their transactions while online:

Customers can browse through virtual storefronts. This point is convenient for online auction or marketplace sites that offer items from multiple sellers.
Retailers are starting to focus on particular audiences. These include clothing websites that concentrate on specific people or unique fashion items.
Some retailers can also support multiple payment methods. Digital wallet and money transfer systems can work in some cases. Cryptocurrencies may also work at some sites, although most retailers have been reluctant to consider these choices.
Augmented reality sales may also rise in popularity. People could use virtual catalogs or other three-dimensional reviews of items to see what’s available. Such reviews are essential for clothes and other fashions.

The assortment of shopping options will likely grow as technology progresses. People are finding some of these at-home sales options more inviting than going to traditional retail sites. The ability of people to do more things while online makes digital shopping inviting for many to explore.

Physical Retailers Adapt

Physical retailers have been adapting to the rise of digital sales by offering a new way for people to purchase products. Customers can go on a website, buy a product online, and then pick it up a few hours later at a local retail store. The process is convenient and safe, plus it can help customers save money on shipping costs in some situations.

This adaptation shows how digital retail is changing the industry. Even physical sites recognize the general value of online sales.

Subscriptions Are More Prominent

Digital customers have been using subscription-based services more than ever these days. These include many things that people pay for each month.

Streaming services are among the most prominent things people subscribe to each month. People can make recurring digital payments to these providers to remain members. They can go to their accounts and adjust how they will pay for services.

But the subscription-based market has been growing to where more items are available through recurring payments. The case of Blue Bottle Coffee is one example to explore. The company has seen a rise in its subscriber base in the past few years. Blue Bottle sells premium coffee grounds by delivering them to customers every few weeks. Customers have developed great relationships with Blue Bottle, as they are always looking forward to the latest shipments. Blue Bottle has grown in prominence to where it has a couple of physical cafes in a few international markets.

Social Media Makes An Impact

Businesses have long used traditional advertising methods to highlight their wares and explain what makes their businesses interesting. But customers are flocking to other places to learn about where they should shop. Specifically, they’re heading to social media.

Customers are looking for brands on social media platforms more than ever. People in the coveted 18-34 market are more likely to use social media to find new brands.

These customers also want to buy products through social media. They would use direct checkout solutions on Facebook, Instagram, and various other platforms if they were available.

Simplicity Is Critical

People also want to simplify their shopping experiences. They want to complete their transactions in as little time as possible.

Part of why subscription-based processes are convenient comes from how simple they are. People can automatically pay for what they purchase there.

Meanwhile, customers often abandon their shopping carts if there are too many steps towards purchasing items. People might not want to create accounts with websites, nor do they feel comfortable with some of the expenses or advertisements they might run into when buying something. Simplicity will be critical in ensuring people can complete their transactions well.

What About Influencers?

Digital retail and subscriptions are also growing thanks to influencers. Influencers are people on social media platforms that promote different brands or retailers. Customers are willing to subscribe to services or buy things from websites if they notice trusted online personalities support these places.

Retailers will need to work with influencers and have them promote products. Given how many influencers can have hundreds of thousands of followers on social media, the potential reach for such messages could be significant.

An Exciting Future

Digital retail transactions are rising in prominence. Subscription-based services are also becoming more popular. The online retail world is growing in many ways and will continue to be worth watching, especially as more retailers focus on their online efforts. Even the most prominent physical retailers will likely flock towards supporting more digital sales soon.

Improving the Bottom Line With Fraud Mitigation

Ecommerce fraud has become a significant concern in today’s economy. People are flocking online more than ever before to make purchases. Some retailers are also focusing more on their digital commerce efforts than their in-store work.

People are using digital commerce services more than ever, but there are worries about the fraud mitigation efforts these companies use. Some businesses are unaware of what they can do to stay safe while online. Others might not be willing to evolve their websites to make them more secure and functional.

But more people are engaging in ecommerce fraud than ever before, as businesses lost about $17.5 billion in online fraud this past year. That total is expected to rise to $20 billion in 2021, especially as people become more reliant on digital sales and less on going to traditional outlets for things.

Many of these losses come from synthetic ID fraud. The practice entails a user using another person’s identifiable data to acquire something online. The person who makes a transaction is not the person that the website assumes is making the deal.

New efforts to mitigate the risks of online fraud are critical for the industry’s survival. The threat of synthetic ID fraud is too significant for people to ignore, as are various other worries. But artificial intelligence can be critical to preventing possible threats from becoming worse.

Fraud Mitigation – Synthetic ID Fraud Concerns

The most significant worry about synthetic ID fraud is that it isn’t easy for traditional fraud mitigation measures to identify. Sometimes synthetic fraud entails using one piece of identifiable data to move forward. A person’s Social Security Number could work, but the person’s address or name may not be there. A website could assume the customer is the one that links to the SSN in this example.

Sometimes the synthetic fraud will entail behaviors that are similar to what someone might utilize online. These issues are impossible for some old online platforms to recognize. It becomes easier for people to get away with fraud this way, forcing businesses to write off their losses.

Other Fraudulent Activities

Online fraud can occur on any shopping website through many other methods:

A person might steal credit card data and test it on a website. The person can test the card to see the possible credit limit on that card. Once someone knows that a card works, that person will want to continue making expensive transactions on that card.
People could steal passwords and other bits of verification data when getting online. A person might use the data one finds to impersonate an actual person’s account.
Interception fraud can occur when someone uses the same billing and shipping info on a stolen card, but the person will intercept the goods in transit. The customer might contact a customer service department to change the shipping address right before moving out of a warehouse.

Many other fraud instances could occur, and they can all be dramatic. The worries that people have surrounding fraud can be dangerous and risky, but they don’t have to be worrisome if the best measures work. Artificial intelligence is a suitable solution to use, as the next section shows.

AI Is Necessary

Artificial intelligence-based solutions will be critical for helping businesses stay safe and to avoid fraud. AI can review customer actions and compare them with general signs of fraud. For example, an AI system can flag situations where someone tries to commit interception fraud by changing the shipping address after placing the order.

An AI system can use a database that highlights general examples of fraud and common warning signs. The AI review will compare multiple activities in a transaction with the known fraud instances and then flag transactions that may be a concern.

Depending on the setup a business uses, the company can either alert a customer or block the transaction altogether. The held transaction could also be secured if the customer provides enough data to confirm one’s identity. The work can be extensive at times, but it is about ensuring everything happening online stays safe and secure without risking possible losses on either end of the deal.

There are many ways how an AI system can work:

Customer behaviors can be gauged versus what people normally do on a website. A website can review when someone gets online, when that person is purchasing things, and where someone accesses a website.
A system can also review the payment methods that people use. An entity that uses multiple payment methods might be trying to use many accounts for the same item.
Some parties may be using foreign sources for funds. They might use credit cards issued by banks in different countries. Others might be using funds through accounts that support cryptocurrencies that some retailers might not accept for payment purposes.

A business can use multiple third-party programs to identify connection sources and to verify addresses and other details. The business can include these programs surrounding whatever one feels is right for use.

The goal of the analysis is to reduce the risk of chargebacks by identifying fraudulent cases as soon as possible. All activities can be reviewed versus whatever norms the website experiences.

Responding Is Critical

All online retailers must be ready to respond to potential fraud cases. The process requires twenty-four-hour support that can identify anything new.

But the response should include a personal touch. A company must review the norms that customers express and find cases where something is outside the ordinary. It becomes easier for businesses to reduce their fraud risks when they recognize what is working and what they should be doing when keeping their efforts afloat.

Fraud is a significant worry that can impact any business, but it will be easier to rebound and reduce risks if the right measures work. Businesses can stop various concerns if they know what they are doing while recognizing possible changes that might occur after a while.

GameStop Now Has An Additional $551 Million To Fund Its eCommerce Transformation

The video game retailer GameStop was in the news for a while earlier this year, as the company saw its stock price rise thanks to a Reddit-based purchase frenzy. But GameStop is in the news once again, as the company has raised $551 million to manage its ongoing transition to the digital sector.

GameStop raised the funds by selling 3.5 million new shares of stock. The company says it will use its funds to help it move towards online sales. The funds will also manage the company’s balance sheet and help it maintain its ongoing stability.

The work comes as physical retail sites haven’t been as popular. The increasing digitalization of video games and their technology is also making it harder for physical GameStop stores to survive. GameStop’s efforts to move online will help the company become more viable to possible investors interested in finding a stock to support.

Dramatic Stock Shift

GameStop’s move comes as the retailer has seen significant changes in its stock price this year. GameStop, which trades on the New York Stock Exchange under the GME symbol, was trading at about $17 at the start of the calendar year. A heated and passionate frenzy on social media to fight against hedge funds that were shorting the stock prompted GameStop’s value to rise. The stock went over the $300 mark in late January. It dropped back down to around $50 in February, but it has since been a popular “meme stock” among many amateur investors.

The stock value has been fluctuating since that early rise and fall, although its value has been a little steadier in the last few weeks. As of May 19, GameStop stock is trading at $165.

GameStop’s shares rose by about 7 percent in value after the announcement that the company raised more than half a billion dollars. The 3.5 million new shares were sold at slightly under $160 each. The value is more than eight times what it had been trading for at the start of the year. There are no signs that GameStop’s stock value will drop, but whether it will start to rise once more remains an uncertainty, especially given the frustration some investors have towards hedge funds that short stocks.

The Future of GameStop

GameStop may be considering moving towards online work while putting its physical stores on the backburner. GameStop’s physical locations have been dwindling due to shopping malls and other physical commerce locations becoming less popular. Video game companies have also been focusing less on physical media formats and more on making their games available through online-only formats. The effort makes it where the physical console or computer and the necessary controllers for a game are the only things people will require for playing.

GameStop is aiming to make its online presence more prominent. It will not only offer online game sales, but it could also potentially offer online trade-ins. A digital version of the trade-in system would allow GameStop to profit, as people can trade in old games they buy for credits towards new ones. The trade-in system has been a prominent profit producer for GameStop, although it has been notorious for how it often short-changes sellers.

GameStop saw its online revenues for the fourth quarter increase by nearly twice as much as what it had in that same quarter the year before.

Changes At GameStop

The move also comes as GameStop will see some changes at the top. The Dallas-area business will have a new CEO, as George Sherman will leave his position on July 31 at the latest. He may leave the company earlier if the company can find a successor soon. Sherman will get a severance package of about $169 million when he leaves his position.

The business also has a new COO in Jenna Owens. Owens is a former executive with Google and Amazon.

Investor Ryan Cohen has also become more powerful, as he is GameStop’s majority shareholder. Cohen is the co-founder of the online pet goods retailer Chewy.com. The website had become more successful than Amazon in the pet goods industry to where PetSmart acquired nearly two-thirds of the business for more than $3 billion in 2017.

Cohen owns enough shares to have a 13-percent stake in the company. He has been aiming to make GameStop a more prominent entity in the video game industry. He hopes to do to GameStop what he did with Chewy.com and make it into a website people will choose for video game sales instead of Amazon.

Constant Updates

GameStop has been keeping people in the know about how the company is changing. Since February, the company has released more than ten press releases surrounding how it is raising capital and bringing in new executives and other personnel.

GameStop hasn’t talked much about how it is moving towards digital activities. The company hasn’t been overly open on how it raises funds either.

GameStop has a value of about $13 billion. While GameStop appears to be a company on the rise, there also exists some skeptics who are uncertain about what will happen next. The hope for investors is to see that GameStop remains active in building itself up and producing a more digital business plan. But what is happening behind closed doors remains a mystery, although it is possible GameStop will become more valuable.

Whatever happens next, the news from GameStop will be intriguing for gamers and investors to watch. GameStop could see some significant changes very soon, especially as the gaming industry continues to grow in prominence. The release of various new gaming consoles and games have helped GameStop become a company that more people want to invest in above others. The desire to go digital could help GameStop become even more profitable to where it won’t need any memes or social media influence to keep its stock rising in value.

Cross-Border Ecommerce: Three Challenges Defining the Next Decade [2025 Update]

Cross-Border Ecommerce has been inviting for many people and businesses. People are interested in finding products from various corners of the world. Many people or companies also purchase items from countries that have lower tax levels. There’s also the advantage of groups expanding their reach by selling their wares to more parties.

There are many challenges surrounding the cross-border digital commerce industry that businesses must recognize. Any group that wishes to sell products to different countries must understand what they are doing when getting their plans ready. These entail more than just looking at how much it would cost to ship items out to different countries.

Localization

Localization is a significant challenge, as every international market has unique values and ideas. A business must use local concepts to help outside customers and provide them with shopping experiences that fit their needs. These include activities that match a customer’s culture, language, and other points. Before you begin you should always prepare a checklist about the probable e-commerce problems that you might face.

Localization is easy to follow if a few things work. A business can use a few of these points to make it easier to manage:

The business website must be multilingual. It should provide terms and ideas that the customers can understand.
Images and other media features can be adapted to fit unique outside needs. Some gestures and other concepts that are fine in one country may not be suitable in another, for example. New media points can highlight whatever values a culture may support.
A business should support whatever local payment methods work in an area. These include unique credit card networks, online payment systems, or anything else a country might support.

The best way a company can ensure localization is to consider whether its wares will be popular or viable in one country. For example, a tech goods store might not be as popular in countries with mostly rural populations or places where people don’t have access to some tech items. A business might also struggle to sell high-value goods in the poorest countries. Sticking with countries where a company could sell its items and be successful is ideal. It provides a safer approach to selling products while establishing a trustworthy environment for work.

Cross-Border Ecommerce – Shipping Issues

The next challenge to note involves shipping issues. International shipping is expensive enough. The cost can be high due to the extensive distance necessary for shipping items somewhere.

But many other points can influence what happens when shipping items. Some of these worries to watch for include these points:

Customs regulations can entail various new charges surrounding whatever products are being made available.
Shipping tariffs can also work alongside regular costs. A shipping company can impose unique tariffs surrounding sales to different countries as necessary.
The timeframe for shipping products across borders can vary surrounding time differences, weather changes, and the general distance. Some products might become obsolete or less viable if they take too long to ship out to some places.
Not all transit methods work in some parts of the world. Airfreight services may not be supported in some spaces, but land or sea shipments could work. Some transit options may also cost more depending on the situation at hand.
Some countries have restrictions on what products can and cannot be brought into their spaces. These limits may entail certain products being dangerous to a local ecosystem, for example.
Insurance may be required for some cross-border shipments. Insurance provides protection against items that are lost or damaged. But the extra cost may be too troubling, despite the insurance policy providing benefits if anything wrong happens.

All businesses that want to manage cross-border ecommerce efforts must understand the rules surrounding shipping products across borders. The added cost of shipping things overseas is a small part of the concern.

ecommerce store online — eCommerce Store Online

Currency Concerns With Cross Border Ecommerce

Every country supports unique currencies, whether it entails the American dollar, the Euro, the British pound, the Canadian dollar, or whatever else is around. But each currency is distinct in many ways. Some currencies might change in value a little more often than others.

But the most significant part of handling currencies involves how items are priced:

The exchange rate between a company’s native currency and a foreign can vary surrounding the two items. One currency may not be worth as much.
People in some countries have unique ideas for what they feel they should pay for items. These totals may be different from what people have in one country.
Some countries have unstable currencies, especially in places where the economy is volatile.
Some countries may support multiple currencies. These include countries where their economic structures aren’t fully organized. A country might list both the American dollar and the British pound as official currencies, for example.
While cryptocurrencies could help skirt one’s way around international exchange issues, not all countries will support them. People in some countries might not have the infrastructure or technical knowledge necessary to manage crypto payments.

All businesses interested in cross-border ecommerce must consider the currencies in the countries they will serve. They must review the exchange rates, the estimated values for products in those new currencies, and how these currencies are changing. Avoiding crypto options is also a sensible idea.

A business must also ensure its website can list a product with the right currency. A customer might abandon one’s shopping cart if that person sees a product in a currency outside what one normally uses. The customer might not feel the transaction is local. There’s also uncertainty over what a customer would have to spend in one’s regular currency.

These three threats are all essential concerns for businesses to consider if they want to engage in cross-border sales. These are worries that can influence how a business runs. But companies will have an easier time keeping things in check if they look at what works. Businesses can expand to more parts of the world if they use the right plans and consider what they will in new areas.

Surefire Marketing Tips For Veterinary Merchants to Boost Revenue In Their Practices [2025 Update]

Your veterinary practice is essential to your community. Your work is all about ensuring peoples’ pets are kept safe and healthy. Your clients will trust your work when you provide the support their pets need.

It can be a challenge to differentiate yourself from all the other veterinary practices in your local area. You might highlight your practice as the best in your area, but so would everyone else.

You can use a few marketing tips for veterinary merchants to make your veterinary practice stand out from the competition. These ideas will help you encourage your clients to use your services and to see that what you are providing is sensible and smart for everyone to follow.

Marketing Tips For Veterinary Merchants: Highlight What Makes You Different

Veterinary offices can be a dime a dozen for some people. You must help people see what makes your practice different from the rest of the pack. You can highlight things like:

The approach you put into caring for pets
Your prior experience
Your staff and how everyone works together
Unique services you provide

You must have a unique selling proposition. It can be a statement of what makes your practice valuable. People will trust your practice when they see you understand your work.

Offer a Smart Logo

Your branding is also critical to your veterinary office. You can create a logo that highlights things like:

A brief statement of your mission
An image highlighting the compassion and care you provide for pets
Details on how long you’ve been in operation for; this works well if you’ve been around for a while

You can place your logo on anything from a promotional shirt to a bumper sticker to a door magnet. Any logo you plan should describe what you offer and your attitudes towards work. Anything that can be resized and colored also helps, as it is easier to distinguish a logo and recognize something when you can identify it in many situations.

Offer More Photos

Take photos of your practice to let people know what you provide. You can show that your office is professional and that you’re ready to take care of whatever pets visit. The place should also appear safe for pets, as it can feature designs that are creative and unique.

You can also take photos of pets that visit your office and highlight how comfortable they are in your space. Their owners will see that their pets will be kept in good hands while they visit.

Provide a Good Offer

Sometimes your first offer to new customers can make a world of difference as you try to bring in new appointments. You can target new pet owners or people who moved to an area with things like these:

A free exam for new pets
Special grooming services
Discounts on pet food and other products
Discounts on rabies shots and other vaccines or other medical services a pet needs

Think about how much money it would cost for you to provide something of value to a client. You can sacrifice a hundred dollars on a free exam and still make up for it through the long-term services your client hires for one’s pet.

Write a Blog

You can create a blog on your website to highlight your veterinary knowledge. You can write regular posts on everything surrounding animal health and care. Some of your posts can entail topical concepts, or they might involve new developments in the field. Your blog will show people you are trustworthy and that you understand how the veterinary practice works. The blog can also boost your SEO rankings, especially if you use relevant keywords and phrases.

Add Client Testimonials

Client testimonials can help people see what makes your business interesting. Prior clients can talk about how you care for their pets.

Client testimonials are also better when you have photos of the pets you support. You can showcase how happy and healthy these pets are. These photos can also let pet owners know that they can bring their specific pets to certain places.

Talk With People On Social Media

People love to talk about their pets on social media. They will post random videos and photos of their pets in action. Take advantage of their love for social media, and start targeting them while online.

You can talk with others on social media about everything:

Ask people to post stories about their pets.
Talk about some of the mistakes pet owners might make when caring for their loved ones.
Highlight stories on how you care for pets and how you have resolved issues people might have had with their animals.
Discuss interesting stories about veterinary work and how your business is focusing on treating pets the right way.

Be flexible when talking with pet owners on social media. Share different ideas, and let them respond to what you have to say.

Use Google Results

People are likely to find you on Google, what with it being a prominent and easy-to-follow search engine. You can optimize your Google results to make your website easier to find. You can incorporate many things in your listing with Google:

Your physical location
Your contact information
Hours of operation
Links to any social media accounts you hold
Links to your official website

A more detailed Google result will be easier for people to find. Most searches are based on location, meaning they are more likely to find you if you are in the local area. Optimizing your results to help people learn more about your work before they contact you or click on your website is critical to your success in bringing in new customers.

You can use all these marketing tips to make your veterinary practice more valuable. Work with these options to boost your work and to show people what makes your practice useful. People will appreciate you when they see what you are providing is ideal for their pets.

Hot Tips For Boosting Your Ecommerce Conversions By 200%

Have you been struggling to get more conversions for your business website? Gaining conversions can be a challenge, as you’ve got plenty of traffic to manage and competitions to differentiate yourself.

The good news is you can use a few tips to help you boost your ecommerce conversions. Just because you’re competing with millions of other ecommerce websites doesn’t mean you have to struggle to find customers who can support your business. Here’s a look at some things you can do to boost your conversions.

Keep Your Site Running Fast

Your website must keep running fast if you want to bring in more potential customers. You can use a few points to ensure your website stays fast and operational:

Use a speed-testing program or website like Google PageSpeed to see how fast your site is running.
Review how fast your hosting plan can go. You might need a hosting solution that works a little faster, depending on your needs.
Optimize your images to ensure they don’t take a while to load.
Keep your page map under control. Don’t use more paths than necessary, as a more streamlined site that doesn’t go in as many directions may be easier to load.

SEO Is Critical

Search engine optimization efforts are vital to your website. Most people will find your website through an online search. You can improve your chances to be found by doing a few things:

Target keywords that are specific to your business.
Be sure the quality of content on your page is positive. Search engines value pages with top-quality content more than others.
Look at how your URLs work. You can adjust the URLs for your websites to incorporate keywords. A search engine can look through these URLs first.

Create a Mobile-Responsive Website

People are becoming increasingly likely to use mobile devices when searching for things online. You can create a mobile-ready website that is easy to read on all devices.

Your website can be programmed with a separate interface that displays icons and sections in a streamlined environment. The mobile edition should be thorough and crisp without taking a while to load.

Create Small Conversions

Don’t assume you’re going to land the biggest fish in the sea the first time around. Start with small conversions, like collecting an email address or asking for a phone number for texts. You can attract people who want to learn more about your work and then market yourself surrounding whatever you want to share.

Offer Social Proof

Customers are more likely to trust your business if they see other people also trust your work. You can provide social proof to people who are interested in your content. You can post social media reviews and listings from your clients to show that there are people who have been using your work and are enjoying what you are providing.

Allow For Guests

It is easier to get conversions when you don’t ask people for lots of details. You can allow people to shop on your site as guests if they prefer. A guest account will allow someone to make a purchase and send one’s payment and delivery information as necessary. That guest can then get what one wants without all the hassle. The effort can eventually lead to that guest creating an official account, thus becoming more likely to do business with you.

Keep the Displays Simple

Anything you display on your ecommerce website should be easy for customers to read. You can use a few steps for keeping your displays simple:

Don’t plaster your website with lots of pictures. Keep the listings streamlined, and let the customer focus on a few things.
Allow for search parameters where people can enter information on the products they want to buy. They can sort through the results through the page.
Don’t use complicated pictures of your items. Keep the pictures clean while focusing on whatever you are selling. Don’t add complex backgrounds or flourishes that would distract the viewer and potentially make it longer for the site to load.

Keep the Product Copy Personal

Don’t repeat the same details on each product. Keep the product copy unique for each item. Add personal touches surrounding everything you offer, and let the reader know what makes something you are promoting so interesting.

Add Social Media Links

You can get in touch with your customers more if you add social media links. You can post links on your website to your Instagram, Twitter, Facebook, and LinkedIn pages, and anything else you utilize. Your customers can click these links to access your site and learn more about your work.

Focus On Your Guarantees or Returns

Customers might not be willing to convert if they aren’t certain the places they shop at are looking out for them. You can present a focus on whatever guarantees or returns you wish to manage. Let your customers see they can return their purchases if necessary, or that you can replace something if a product doesn’t work as well. You can give your customers confidence in knowing they’ll be making the right call when buying from you.

Focus on Value and Scarcity

The last tip is to highlight the value of your work, but to also let people know it won’t be there forever. You can promote something as a one-time deal, including a sale where someone can get a significant discount. You could also provide a time limit on when you’re going to give out something or make a product available for sale. Your limit can help people see what you’re providing and that you aren’t going to be rough in promoting your work.

Each of these points is essential for your success in bringing in more commerce conversions. Be certain when running your website that you have a plan for making your work more effective. You will bring in more customers when you use the right points for work.

Differences Between a Credit Card Machine and POS System

Starting out, many new business owners may feel baffled by a huge list of technologies and terms, especially in the payment industry, such as POS systems, credit card terminals, credit card processing, and so more. Many startups may feel confused when selecting the right device or technology for handling their day-to-day transactions and sales.

Today we will analyze the difference between credit card machine and POS system and where they can be used in a shop or any organization. before deciding on the right system for you, you need to assess what your particular organization needs.

Although both POS systems and credit card terminals allow merchants to accept multiple payment forms besides cash, they have their differences. In truth, we cannot say that one is better than the other. However, there is always the most suitable device based on your business model and requirements.

What is a Credit Card Machine?

A credit card terminal is a payment gateway that doesn’t come with many features and capabilities besides its fundamental ability to process credit cards. In other words, a credit card terminal, also known as EDC Terminal (or Electronic Data Capture Terminal), enables merchants to accept debit or credit card payments.

Based on the terminal you are using; some credit card devices may come with unique features like connecting to a check reader or even processing loyalty cards or gift cards. However, most of them are simply responsible for swiping or tapping debit or credit cards to read the information encrypted in the customers’ cards.

The moment the customer’s card is swiped against the credit card terminal device, the information stored on the card is submitted to the machine for further processing. This method is considered highly cost-effective and, in fact, an eCommerce business depending heavily on its online sales cannot do without a credit card terminal.

There are numerous types of credit card terminals, including smaller, hand-held ones, which are generally easy-to-use and lightweight. Some of these devices come with a screen, a magnetic stripe reader, an EMV-chip reader, a keypad, and a signature pen. What’s more, some of them even come with a printer for payment receipts.

To put it briefly, not all credit card terminals are the same. They vary depending on the manufacturer and the brand selling it.

Therefore, finding the most suitable credit card terminal for your specific business is crucial. Besides, businesses whose sales are extended beyond one single market or location, would require a wireless terminal machine to cater to its unique payment processing needs.

What is a POS System?

A POS system has the same ability to process credit or debit cards but usually comes with additional features and smarter functionalities. The role of a point-of-sale system is not simply to process cards. Instead, these machines are designed to help the merchant manage his/her business by offering full integrated features and tools.

Generally, most POS systems would offer –

Credit card processing
Receipt printing
Cash-drawer management, specifically designed for enhancing cash sales
Barcode scanning
Inventory system to help merchants track stocks and merchandise
Business reporting and real-time analytics
Employee time clocks

Businesses must choose their POS system based on their specific preferences and requirements. In short, the advanced features of a POS system enable merchants to manage their core business areas, and not just their sales.

A good example of a POS system would be Clover Station from the payment solutions provider First Data. This system accepts cash, all card types, and prints receipts. Additionally, modern POS machines also have the capability to track employee activity, inventory, and generate real-time analytical reports for merchants.

Some point-of-sale systems are best suitable for people owning supermarkets and retail stores. These are usually the industries in which merchants don’t usually accept payments for their consumers on-the-go, mostly because POS devices cannot be transported easily.

These types of POS machines come with EMV-chip and magnetic stripe readers, keypads, etc., which are similar to terminals. Other tools and features included in a POS system are printers, larger screens, and cash drawers.

Types of Credit Card Terminals

The three basic kinds of credit card machines include –

Traditional or Conventional Terminals: Traditional terminals usually come with a small display screen, a magnetic stripe reader, and a keypad. These devices are also known as physical terminals, and they help to save both time and money.

Virtual Terminals: These machines are best suitable for merchants who use the phone, internet, fax, and others, to conduct their day-to-day business operations. For these merchants or business owners, traditional credit card terminals are not the right solution. Some merchant account providers, in these cases, offer business owners a virtual terminal as well as software to help manage their everyday credit card transactions.

Wireless Credit Card Terminals: The wireless credit card machines are more beneficial for mobile businesses as they help to increase their efficiency. Further, merchants using these terminals can accept credit cards even from temporary locations. Besides, some wireless terminals also come with inbuilt printers for faster checkouts and transactions.

The best thing about these wireless credit card terminals is that they are small, reliable, and are quite simple and uncomplicated to use. However, one downside to these otherwise amazing devices is that they can become quite expensive at times, especially for those business owners who don’t require them much. Also, one can easily lose these terminals since they are carried around more frequently.

But whatever be your credit card terminal, you can never accept card payments without one.

Credit Card Machine and POS System: What is the Right Solution for My Business?

While deciding whether to opt for a credit card machine or a POS system, the key factor to consider is which one is more advantageous and profitable for your business in the long run. Ask yourself questions like –

Where and how do you accept payments from your customers? Accepting credit card for your business can increase your sales by 40%
Which device is going to cater to your needs most efficiently and cost-effectively?
What are the additional features or services you would receive from your machine brand/manufacturer, and how is it going to help your business succeed?

As mentioned earlier, businesses accepting payments in one location, like a restaurant or a clothing store, would find a POS system more beneficial for them. However, companies or contractors who travel from client to client to make a sale, would prefer a credit card terminal, since they need to receive payments on-the-go.

To conclude, whichever solution you choose, make sure to check the key features it is offering. Look for some common features that almost every credit card processor or reader is providing.

Merchant Services Trends for 2021

With the advent of smarter technologies in the financial industry, the payment processing sector has undergone a revolutionary change in recent years. These trends are shaping the way merchants would deal with their everyday business in the upcoming days, especially after the pandemic crisis.

Although contactless payments started out as a necessity the previous year to prevent the spreading pandemic, it is expected to gain popularity as the mainstream payment mode. Both customers and businesses find it convenient, fast, and secure, and it hastens the entire checkout process.

Being a business owner, especially in the eCommerce sector, it’s important to understand the latest technologies and new implementations in the payment processing industry. Here is a list of the top credit card processing trends that you must know to stay afloat.

1. Buy Now, Pay Later

As the name suggests, this payment method offers the highest form of flexibility to buyers by allowing them to own a product and use it before completing the payment. In this case, the payment is usually made in easy installments as per the convenience of the consumer.

The best thing about the Buy Now, Pay Later system is that it involves no interest or late fees if you make the payment on time. Some of the top benefits of this trend are –

It increases the basket size of the customers, which is a plus point for merchants. Shoppers tend to add more items to their carts since they don’t have to pay for them immediately. As a result, it enhances the cash flow of both the merchant and the customer.
It reduces cart abandonment rates. A study conducted by Salesforce has shown that 85% of customers have abandoned their carts in the second quarter of 2020. This may require the merchant to spend more money to make these buyers complete their purchases. However, the new Buy Now, Pay Later trend may solve this problem and help merchants regain their lost revenue.
It boosts long-term growth. Buy Now, Pay Later offers us the flexibility to pay for our purchases, and it helps manage our budget more efficiently. Therefore, it is a highly demanding payment mode and is expected to facilitate business growth.

2. Mobile Payments

Mobile payments are not new, and customers and businesses have been using this method even before the pandemic. However, it grew significantly after the coronavirus outbreak as it prevents the spread of the virus and is a better alternative to credit card payments as well.

It all started when Apple introduced its mobile wallet technology by launching Apple Pay in 2015. Soon after that, other brands like Samsung, Google, Chase, etc., have come up with their mobile wallet versions, all of which help users transfer funds instantly and flexibly. By 2017, 39% of shoppers in the United States were using smart mobile wallets to make payments at retail stores and eCommerce portals.

Summing up the benefits of mobile payments, they are –

Convenient and Flexible
Allows you to pay from anywhere, at any time.
Provides numerous payment modes.
Highly time efficient.
Offers an added layer of security.
Enables you to manage your expenses better.
Comes with exciting deals and offers.

3. Frictionless Payments

Who doesn’t like to experience a smooth and efficient buying process? Offering frictionless payments can make you stand out and give you a good competitive edge. At times, when two merchants are providing the same product at the same price point, what really makes one of them the preferable brand is the number of flexible and seamless payment options it is accepting.

Hence, business owners must widen their payment methods by accepting more cards and other different transaction methods like digital wallets, gift cards, loyalty programs, installments, or by reducing surcharge fees. Having such a wide variety of payment methods will surely make your customers return, thus increasing your brand loyalty.

4. Artificial Intelligence and Machine Learning

The advancements in AI and ML have been strongly felt in the past few years, including the payments industry. AI technologies can be extremely beneficial for merchants who can reconcile their payments better using anti-fraud systems and smarter applications.

For instance, technologies like personalization and automation of the POS system can streamline consumer experiences and offer high security levels while processing payments. It also enables merchants to manage their vital data as well as settle payments with ease.

5. NFC and EMV

NFC or Near Field Communication is a popular modern payment system because of its better security standards and ease of use. NFC is a process by which data can be transferred wirelessly via smartphones, tablets, laptops, and other devices when in close proximity to the device or terminal receiving the data.

In the payment industry, NFC technology is the driving force behind contactless payments involving eWallets like Apple Pay, Google Pay, Android Pay, and other contactless cards.

EMV chip, similarly, is a tap/wave technology associated with credit cards and is another popular type of contactless payment. EMV (or Europay, MasterCard® and Visa®) is a more secure method of transferring funds using a chip embedded within debit, credit, or prepaid cards.

EMV chips can help reduce the liability of both the merchant and the credit card processor since the transactions are more secure. Furthermore, EMV payments are usually cost-effective since they come with slightly lower processing fees for merchants compared to the regular swipe/touch payments.

6. Cloud Migration

Cloud migration is gaining momentum rapidly as it comes with numerous benefits. It is defined as the process of transferring applications, databases, and IT processes to the cloud. Cloud migration may also involve the process of transferring data from one cloud to another.

Although many financial institutions still work on legacy systems, they are soon expected to change their processes. By adopting cloud solutions, payment processing systems would be able to access, store, and process tons of data over the internet.

The cloud migration system would eliminate the need to store and manage data on physical devices, which is a cumbersome process and quite risky. With cloud technology, your data will be secure, and you can have better agility and scalability. Besides, these solutions come with low operational costs and an added efficiency.

Interchange Fees Increases Delayed Until April 2022

Big changes for interchange fees were on the horizon for both MasterCard and Visa. However, facing some federal scrutiny and recognizing the the US economic recovery is at a fragile stage, both companies decided to delay these increases until April 2022. Originally, these increases were slated to go into effect April 2020, but due to the pandemic and widespread economic damage, the interchange fee increase was delayed.

While the new year has brought itself hope for businesses who are looking forward to operating as usual, this interchange fee hike was weighing on the minds of many small businesses that are just beginning to get back on their feet. Merchants know that any interchange rate increase is going to directly affect their profitability.

When Visa originally revealed these proposed increases, the bulk of the effect was for card-not-present transactions such as online, e-commerce, and phone orders. For a regular Visa card, the effective rate on a $100 charge was set to rise to 1.99% from a current average of around 1.90%. This is just the interchange cost and doesn’t include things like processor markups and other fees. For a high end rewards card, the rate would rise to around 2.6% from a current 2.5% effective charge on a $100 transaction. Again, this includes interchange discount rate and per item transaction fee, but is only a portion of the overall fees that merchants pay.

Fortunately, Visa and MasterCard have both decided to delay these increases in light of the fragile economic recovery underway. Since these interchange rate increases would have disproportionately impacted online e-commerce merchants, any shocks to the system could have derailed businesses that have otherwise been a bright spot in a pandemic-battered economy.

In addition, Visa and MasterCard faced scrutiny from lawmakers in Washington over these proposed interchange rate adjustments. Sen. Richard Durbin (D., Illinois) and Rep. Peter Welch (D., Vermont) sent a letter to the CEO’s of MasterCard and Visa directing them to reconsider interchange fee increases in light of COVID19’s detrimental effect on companies.

Interchange fees are determined by credit card issuers through a complex set of negotiations between banks, merchants, and card associations. The interchange increases that were being proposed by MasterCard, now delayed along with the Visa increases, had been targeted at recovering increased expenses for fraud mitigation and security challenges associated with the recent pandemic-induced boom in e-commerce and online transactions. However, both Visa and MasterCard acknowledged that other industry types, such as grocery stores and restaurants, would also be negatively impacted at a time when they can scarcely afford any unexpected expenses.

While no one likes fee increases, the news isn’t all bad. As part of adjustments in October 2020, large grocery chains saw a decrease in interchange expense ranging from 15 to 30 basis points. Small ticket merchants such as restaurants and retailers, with average transactions below $8.88 also saw some modest relief.

If you’re a business owner processing credit card transactions – you might be wondering where to go from here. Well, first you can breathe a sigh of relief that you shouldn’t be impacted by any cost increases for Visa and MasterCard interchange rates in 2021. However, make sure that your provider hasn’t passed any increased costs through or changed your rates in anticipation of these interchange price hikes that have been delayed. Host Merchant Services is proud to price on a transparent, interchange plus pricing model, so our merchants can rest assured that they will benefit from these delays.

While a respite of another year is preferable to immediate implementation, be aware that these increases are coming. This isn’t particularly big news, since Visa and MasterCard typically make small increases and adjustments to interchange rates twice a year. But these proposed changes, now slated for April 2022, drew major attention from small business merchants, enterprise merchants, the government, and the news media due to the magnitude of the increase which will be much larger than historical adjustments. While your business has more time to prepare, switching to a reputable low-fee provider like Host Merchant Services can more than offset the pain from these upcoming interchange rate increases.

Eight Impactful Strategies to Improve Your E-Commerce Site

Every business today must be online. It’s crucial to survive given the landscape of the pandemic. Many businesses either weren’t online or had a small online presence that wasn’t enough to compete in today’s competitive marketplace.

To meet or beat the competition, your e-commerce site must have the following.

Customer Loyalty Program

What incentives do you have to bring customers back? Sure, one-time customers are great, but if you want your marketing efforts to do double-duty, start a customer loyalty program. Whether it’s a points system or you offer specials for each purchase – give shoppers a reason to try you again.

Cross-Sell

Don’t stop your marketing efforts on the product or service that a customer buys. Use the opportunity you have while you’re in front of them to cross-sell or even upsell. Offer more options before they check out – it’s like the candy and gum at the register, sometimes buyers can’t resist.

Make your Site Look Trustworthy

Your site must look legit and the only way to do that is to use words like secure and HTTPS. Test your site on all browsers and with all antivirus programs to make sure it gets through even the toughest security. If customers think their information is even remotely at risk, they’ll bail.

Make Searching Simple

A complex website is like making your store hard to navigate. No one will shop there. Make your home page and product selection are easy to sort through. If shoppers can’t find what they’re looking for fast (within seconds), they’ll go elsewhere. Make your website user-friendly.

Add Live Customer Service

Customers want instant gratification and that includes when they need help with your products or services. An instant chat feature, even if it’s a bot, will help keep their mind at ease. If customer service is hard to find or get to, customers will go elsewhere.

Make Contact Information Easy to Find

Don’t make customers hunt for your contact information. If you don’t have a chat option, make your phone number and email address easy to find. Put them on every page so customers see it and can contact you with questions.

Use Technology to your Advantage

Show off your products in ways you couldn’t in store. Create videos or share your products on social media. Get the word out and let people share. There’s something about videos that makes them go viral versus just pictures and words, so take advantage.

Add Customer Reviews

Nothing sells a product more than others talking about it. Let customers leave reviews on your website or copy and paste them from your social media feeds. Showing that others are using and loving your products is like free marketing.

Improve your E-Commerce Site for the Best Results

Business is competitive today. You have to stand out to get new customers and keep your loyal customers. Existing online seems overwhelming, but once you see the potential it offers, you’ll enjoy finding ways to keep your customer happy too.