E-commerce business has always been a good marketplace for merchants where they can expect higher business growth. E-commerce business is expected to reach USD 16,215.6 billion by 2027. The merchant who is looking to get a spot in the e-commerce business can expect huge profits. But why e-commerce market is making huge profits?
The exponential growth in the e-commerce market. This is because of the evolution of the Internet mainly in the developed and underdeveloped countries with Payment Gateway Solution. The Internet has become easily accessible to the masses; many people are taking advantage of online services, including e-commerce. Increased usage of smartphones, a rise in government activity to digitalize various aspects of society, and cost-effective network services have led consumers to opt for internet subscriptions.
The statics shows that around 5.05 billion people have access to access to the Internet. The higher involvement of the consumer with the Internet has resulted in growing awareness about e-commerce. Which in result increased the higher sales in the e-commerce market which ultimately led to the growth of e-commerce. Here is the statistical representation of how the e-commerce market has performed in recent years.
eCommerce business in the three consecutive years.
Moreover, smart phones is other major factor for driving the e-commerce market growth. Smartphones have enabled ease of shopping to the consumer they can easily do shopping from the remote location. The advancement of technology in smart phones simplified the shopping experience. Hence, most internet users are shifting from laptops to smart phones for basic internet usage.
Singapore is one destination for merchants to expand their business in one of the richest economies. If you are an e-commerce merchant looking to have a payment solution for your business. Take help from one of the best merchant account service provider available in Singapore to resolve all you’re financial and business payment issues. PayCly has embarked on the top place in the Singapore market for providing the best payment gateway services to merchants that enhance business overall turnover by providing efficient payment transaction services. We are also deals in providing the e-Commerce Payment Gateway for the merchants looking for higher prospects of sales in the e-commerce business.
Payment and Security: – Essential Component of e-commerce functionality
How does e-commerce function and what are the different key components that the merchant needs to manage at their end? First of all digital presence of your brand or business is important. Ensure that your product/services make an influential digital presence on social media or digital platforms. Since the end-user is widely available online. It has been observed that internet users spend most of their time on social media. Hence, a good social media presence is essential for driving the customer.
Secondly, a properly functional website so that the customer visiting your website can easily shop for the product or services available on your website.
The other important aspect for the business is to manage secure payments for the customers. Customers visit your website and leave their sensitive information on your payment page, at no cost they will trust your services if any of their information leaks out. Moreover, your business will also get defamed for not protecting the rights of the customer. It is essential to make sure that you have secure payment methods for your business. Hence, involve a merchant account service provider to support the payment transactions’ safety and security.
Payment is one of the top concerns for any industry or business. Typically, it is no different for the e-commerce merchant. Getting easy and secure payment for the business is essential for the business. Are you a merchant looking to get placed with Singapore e-commerce market? Is your business deal with high charge-backs and fraud issues on your website? PayCly has been successful in providing an efficient payment solution that has helped merchants in mitigating excessive chargeback’s.
Benefits of Payment Technology for the Merchant
Integrating the best payment mechanism into a business model can help the merchant to improve their operation and increase their efficiency. Here are some of the benefits that payment technology offers to the merchant.
Incorporating the trusted payment processing providers, e-commerce businesses can ensure that they have safe and secure payment transaction for their business. Moreover, many service providers offer tools and services to early detect frauds before they can harm your financial health.
With the electronic payment system, merchants have better flexibility to facilitate discounts, change prices, and support loyalty programs.
The advanced e-payment system helps e-commerce businesses reduce common mistakes made by employees and customers. The automated payment process can make it easy by saving the companies money and time. The merchants who have subscription-based services can effectively utilize a recurring payment model.
An eCommerce Payment gateway Singapore offers multiple support features for businesses. It protects the credit card information by encrypting it and sending it to the acquiring bank for authentication and authorization purposes. PayCly offer extensive payment processing technologies for e-commerce business. We offer an easy solution that integrates best with your platform, provides support with different payment options, advanced security, and robust reporting.