Payment Options Prevalent in E-Commerce Platforms

A successful E-commerce platform is that which brings in the cash. After browsing through the website and putting their purchases in a shopping cart, the payment options complete the entire transaction successfully. However, many times online shoppers are putting their purchases in the cart, but do not go through the next process, which results in shopping cart abandonment.

One of the main reasons for the shopping cart abandonment is the perceived risk of fraud in online payments. Online retailers are introducing more and more secure methods of online payments to  reduce fraud and convinces the shoppers of the security of their transactions. So, what are different methods of electronic payments systems that retailers are offering  to the customer?

The most common form of payment in E-commerce transactions is the credit card. To make payments through it, the shoppers has to enter their credit card number, expiry date and name, along with the card verification number or CVN/CVV number, CVN system detects fraud by comparing the CVN with the cardholder’s information as supplied by their bank. After verifying all the details the shoppers is redirected to their bank’s webpage, where they need to enter their online transaction password. This is an additional security measure added by most E-commerce platforms. After its verification, the transaction is completed.

The digital wallet or e-wallet is yet another payment option in E-commerce platforms. It works more like a physical wallet, and can store personal information and payment and has to be stored on your PC. Once you install the software and enter your personal information, all you need to do is connect it to your banking information, so that in can be used to make payments for your online transactions. On the checkout page of the e-commerce website, the digital wallet can automatically enter details into the appropriate areas.

E-cash is another internet-based system that allows you to make payments on E-commerce websites. It is equivalent to cash, except that it is transferred through networks with bits of information. It can also be considered secure as anonymity is preserved trough digital signatures. It’s functioning is similar to electronic fund transfers done by banks

Mobile payment is the new kid on the block for making payments in E-commerce, wherein  online shopper uses their mobile phone to make purchases. Instead of using cash or credit cards, the user sends a payment request via a text message. If the vendor has mobile billing capability, the consumer’s mobile account or credit card is charged for the purchase.

E-commerce retailers are pulling all stops to ensure that E-commerce transactions are secure, billions of dollars are invested to avoid fraud, and it has been partly successful in changing the mindset of online shoppers towards making online payments. For those shoppers who are not convinced there is always “ cash on delivery”.

E-Commerce Solutions, Which One to Choose?

In the internet era of today, E-commerce solutions have mushroomed. The Online Shopping IT market is a virtual bazaar, for new effective and multiple features leading to a number of E-Commerce and online shopping sites.

Many E-Commerce companies are coming up with innovative and advanced software packages. These E-Commerce packages seem very attractive for a common retailer having little or no experience in the technical field. However, it is very important to select the right E-commerce package which would give you value for money. Today’s fast, paced lifestyle demands the emergence of E-Commerce platforms. People living a busy life prefer the convenience of online shopping. Awareness of the internet and software knowledge has led to the emergence of various new business models. An advanced E-Commerce has broadened the horizon of the array of products and services that can be offered online.

An E-Commerce package can range from a simple e-store to an extension that is comprehensive, including a customized shopping cart along with a number of advanced features. A good E-Commerce package can help to increase your online business in all markets from B2C to B2B. Businesses nowadays are more inclined to be shifting towards an online business to keep pace with the competition. Once a retailer or manufacturer integrates their business with an E-Commerce platform, they enter the online shopping world where the type of customers are many. From the impulsive customer to the careful one who would check reviews to the bargain seekers who would search for price comparisons for a better deal. The different attitudes of online shoppers pushes you to select a unique, cost effective and easy to operate E-Commerce solution. However, one must not forget that before a prospective customer actually visits the online store, it is you who has to visit the store and check if it is attractive enough and easy to navigate before actually opening its doors.

The ultimate E-Commerce platform offers not only products for sale but also a store view of the wide range of products available, and as it is online, the products should be displayed attractively in high-resolution images. Besides, an efficient shopping cart would enable online shoppers to select and buy products, help display these products through advertisements and discounts, track order status to avoid any confusion, ship products and keep a proper order record. It should also help a buyer to track his order status online, which also helps in encouraging a buyer to make purchases.
With the comprehensive E-commerce offerings in the market, the only job left for retailers would be to select an E-Commerce software, which would integrate best with their business.

E commerce a Trendy Way of Shopping in Virtual Mall!!

E commerce, commonly known as Electronic commerce has become a rage now a days. There was the time, shopping in malls with cart was known to be trendy, things has change in such a way that shopping in virtual mall or E commerce with Online shopping cart has become latest fashion statement.

With the advent of Online shopping & inception of various companies e.g. E bay,Myntra,Flipcart etc customer are looking E commerce website with positive way. Various factors can be numbered out for this burgeoning trend:

Critical mass of Internet user: With more than 100 million Internet users, the country is beginning to achieve a critical mass of user, who is well familiar with web services. Gone are the days, when computers were being used to gather information & sending mails. Now with the advent of technology, more & more users are moving toward new avenues of shopping. Internet is used for online shopping/payment etc with a click of mouse. Moreover Industry giant such as ebay;Flipcart & new crop of e-retailers are doing their bit to convert the ever increasing number of web user to web consumer.

 Rising middle class with disposable income: Throughout Indian history we  possesses two types of concern-“haves” and “have-nots”. However with the advent of  Globalization & with the rise of small & medium enterprises, foreign direct  Investment & our own Multinationals, millions of new jobs have been created. This  Job creation has given birth a very broad minded middle class consumer who has  disposable income & willing to spent it on new global trend. Spurt in E commerce is  most own to this middle class. These consumers are scattered across the country.  Still, progress of physical mall has been concise to metropolitan & semi metropolitan  cities. In the absence of proper shopping platform in their hometown this middle  class population has easily diverted to E commerce.

 User Experience: Primary driver of E commerce if satisfied User experience of customer. Customer prefers a trusted relationship with an e commerce brand. Still there have been a relatively small number of E commerce players, result in more personalize & preferable user experience for consumers. Various add on services like merchandising, customer service, Free home delivery, guaranteed delivery & return policies has added more spices to this new dish- E commerce.

 E commerce software: Growth of virtual mall would not have been possible had the software were not being available to open Online store. To open a physical store: space/design/architect/material is required in the same way to open a virtual mall- E commerce software is required. E commerce software facilitate Online transaction,Shopping,payment,display of product & services in virtual space. Software is required for both online shop owner & consumer. One needs an online space where consumer & Shop owner meet to exchange product & services. E commerce Software provides all the necessary material to facilitate this exchange.

Mart2web is E commerce software from the professional house of Sankalp which possess all the required features to open your very own online store. Mart2web E commerce software can be integrated with any other software. It enables a full range of e-selling process including pricing and order management, up selling & cross selling.