Skip to main content

SMEs show growth in use of eCommerce solutions during festive season

Visa, the world’s leader in digital payments, has released a report detailing how the use of e-commerce has taken an upward trajectory as the festive season approaches.

The report, drafted by Visa Consulting & Analytics (VCA) and titled Accelerating the shift to eCommerce, stated that most small businesses surveyed (60%), have taken steps to prepare for the seasonal sales activity that kicks-off with Black Friday. The preparations include changing their infrastructure and digitizing their business.  

Additionally, according to the survey, 81% of customers surveyed indicated they are willing to pay more for a good customer experience when they shop online. This indicates a growing willingness by customers to conduct their purchases using eCommerce.

Speaking during the launch of the report, Eva Ngigi-Sarwari, Country Leader for Visa in Kenya, said that this move presents a great opportunity for small businesses to benefit from eCommerce during the festive period. “Small and Medium-sized Businesses (SMBs) that leverage ecommerce solutions; which provide excellent online shopping experience for consumers; have the opportunity to benefit from high spend periods like Black Friday and the coming festive season compared to businesses who have not mastered the importance of holistic back-end design of the customer journey” said Ngigi.

The move to increased online shopping comes on the back most retailers driving their customers online due to different lockdown restrictions that affected in store foot traffic as indicated by Visa’s Covid-19 Impact Tracker report which was released earlier this year. As the retail sector looks to driving recovery, the approach to periods like Black Friday has also evolved and further necessitated safer, better online payment experiences.



“The impact of a bad payment experience can be devastating. When a shopper abandons an online shopping cart due to checkout friction, the data shows that 67% end up leaving for a competitor or never complete the purchase anywhere, and 59% say they are less likely to shop with that same retailer again,” added Ngigi.

“The VCA report highlights how the payment experience is a critical touchpoint – a part of the customer journey, which requires special attention. Each time a potential customer reaches the checkout page, they have a moment to reflect on whether the effort needed to make the payment is equal to the value they get from their purchase.  To win prospective and repeat customers, SMBs need to have a digital presence during the discovery and evaluation stages of the customer shopping journey”, concluded Ngigi. 

Digital payments provide a convenient and secure way to pay for customers. For businesses, they reduce the friction arising from handling money, limit customer queuing, grow their customer base as a result of enhanced experience and eventually improve sales and profitability. As online shopping becomes the norm for consumers and businesses continue on the road to economic recovery, digital payment and in particular frictionless e-commerce experiences, will become a competitive advantage for small businesses.

Comments

Popular posts from this blog

British Airways launches new reward app for executive club members

British Airways has launched a brand new app for members of its Executive Club. Members can use the app to discover new ways to collect and spend Avios, find new offers and see personalised ways to spend Avios based on the member’s Avios balance. The Executive Club Reward app will complement the current British Airways app, which is designed to help all British Airways customers book and service pre- and post-travel needs. The app has a simple, intuitive design, to help members navigate its different features. These features include the ability to access and make purchases through the British Airways Avios eStore – an important way many members collect Avios. Customers can also see different ways they can spend their Avios including a helpful tool which says how many more Avios are needed until a member can book reward flights to different destinations. As well as this, customers can see the latest Avios deals, view their last five transactions, and buy Avios, view accou...

Narok School benefits from a Dormitory Courtesy of Procter and Gamble

STUDENTS OF OLOIGERO PRIMARY SCHOOL POSE FOR A PHOTO WITH THE P&G TEAM AND PARTNERS OUTSIDE THE NEWLY BUILT DOMITORY Pupils of Oloigero Primary School in Narok County have a reason to smile after Procter and Gamble funded the construction of a girl’s dormitory in the school. The facility, which will accommodate 80 girls, will help support and improve the access to quality education in the area. “Access to quality education is affected by a myriad of challenges in this country. Inadequate infrastructure is one of them.  The situation is even more dire for our girls thus the reason we are here today to commission this dormitory. We believe that this facility will be a critical resource to help keep our girls in school and together with other partners we will work to ensure that we change the narrative about girls missing school due to menstruation,” said Anthony Ng’ang’a,  Associate Brand Director -Commercial Leader - East Africa at Procter & Gamble (P&G)...

Column: Caleb Otieno: Make empathy a reflex

‘Empathy is about standing in someone else 's shoes, feeling with his or her heart, seeing with his or her eyes. Reflection is the means of processing thoughts and feelings about an activity, incident, or day. It gives us a chance to come to terms with our thoughts and feelings surrounding it”  People who understand how to watch, listen and observe the actions and emotions of those around them are often perceived as the most successful in life. A conscious alignment of one’s self with others starts with the development of empathy in the early years.  In the early years of life from age two to seven, young children are naturally ego-centric and are very much inclined to think mostly about themselves and their immediate needs. They are not yet ready to consider the needs and feelings of others. Developing a sense of empathy is an important developmental process for young children. It is at the heart of good relationships, and it begins with valuing others and their perspectives....