Digital payments: All you need to know about their role in eCommerce

From credit card, debit cards and other modes of online payments, in recent times, we’ve witnessed the emergence of digital wallets. With prominent digital payment methods such as Google Wallet and Apple Pay, experts are hinting that the era of paper money and card payments might be over. However, we still have a long way before eWallets, and digital currencies become mainstream and are adopted by the world. But there’s a positive sign: the gap between adoption and awareness is shrinking at a rapid rate.

So, where is it headed? How are digital payments shaping the world of eCommerce? Read on:

#1: Self-built payment apps:
 
The biggest driver of change is the shift in consumer preferences. Digital payments prove to be safer, faster and more convenient for consumers as well as being cost-effective for retailers. Brands are building payment apps to bypass fee charged by payment channels such as PayPal. For instance, brands like Starbucks and Dunkin’ Donuts have already implemented this.

#2: ePayments are now simpler
 
Online payment is considered the most laborious part of a customer’s online shopping journey. However, many retailers have taken active steps to make ePayments quicker and easier. Options such as one-click payments, easy switch between multiple payment modes and integration with third-party providers are made available.

Online Payment Portal

#3: Bridging security concerns:
 
 While digital payments prove to be useful in many ways, there are increasing concerns about security. For instance, in Malaysia, a majority of the population believes cash to be safer than other options. To allay such fears, businesses are focusing on propagating their emphasis on security and making consumers aware of the prevailing security setup.

#4: mPOS apps are entering mainstream
 
mPOS or mobile point of sales apps allow vendors to turn their a smartphone or a tablet into a card reader. This development has enabled small companies to keep pace with the digital revolution. mPOS apps can accept eWallet as well as online currencies, enabling small time stores to compete with the features offered by large retailers.

#5: Integration with third-party software:
 
A trend that has recently surfaced is the conjunction of digital payment methods with third-party software applications. Sending payments through SMS, Gmail or personal accounting software is now being made possible.  In what is being known as contextual commerce, payment options are now being built into everyday actions.

The world is shifting towards ePayments, and several innovations are shaping the industry towards exponential growth in the coming times. If you own a business and want to offer your consumers enhanced convenience, go digital! Openwave, a renowned IT services firm, provides online payment solutions in Malaysia. Get in touch!

What makes 2017 the year of entrepreneurship and online businesses?

Anyone can start a business, at any time, any age and in any domain. You need to get the timing right. Otherwise you might end up starting the right business at the wrong time. So, if you’ve got an out-of-the-box online business idea, there’s no better time than now to flesh it out. 

2017 can be your year of entrepreneurship and here are five reasons why we deem it the best time to start an online business:

#1: Drastic shift in shopping trends

Consumer preferences have changed. When compared to the convenience offered by eCommerce and mCommerce stores, shopping from traditional stores is now considered tedious, time-consuming and a chore. With time, the number of online shoppers will only grow significantly, making it a highly lucrative era to start your business in.

#2: There’s less competition

From what you’ve heard, you might think the online market is over saturated, but in actuality, it is not. Most retailers are still waking up to the trend shift and are in the early phase of transition. In fact, online retail sales account for less than 2% of the total in Malaysia, which clearly underlines the lesser competition and higher opportunity for those seeking to foray into online businesses.

E-commerce website development

#3: Light on your pockets

You do not require a huge investment to get started. Development costs are going down, and you can quickly set yourself a functional store without shelling out a fortune. In fact, there’s no need to even own an office, since all you need is an internet connection and a PC to manage your eCommerce store. 

#4: Minimal marketing costs

Nowadays, with the advent of newer channels for marketing, the expenses incurred in deploying effective marketing campaigns have been cut down. Flyers, TV adverts, banners and door-to-door campaigns have almost been wiped out. With mediums such as Facebook, Google AdWords, or Twitter you can reach out to a large number of people at little to no costs.

#5: Be free of cubicles

If working in a 5 by 5 cubicle doesn’t appeal to you, you can be your own boss by starting an online business. You create the rules, you make the decisions, and get the freedom you’ve always wanted. 2017 is the best year to chase your dream and develop a business that succeeds in the market space

Require a little professional help in getting started? Share your idea with Openwave’s eCommerce developers, and we’ll guide you at every step of the way.