The rise of e-commerce, especially during the global COVID-19 pandemic, clearly underscores the shift in many people’s retail shopping preferences—from patronizing brick-and-mortar destinations, more people are now purchasing the things they need and want online. In 2022 alone, e-commerce sales reached an estimated USD 5.7 trillion, worldwide. In the Philippines, according to the e-Conomy SEA 2023 report by Google, Temasek, and Bain & Company, the e-commerce industry is expected to reach USD 35 billion in gross value by 2025. These figures are only expected to increase during the next few years.
While e-commerce seems to be the future of retail, certain mistakes may negatively impact customer experience and put a dent in your business’s bottom line. These pitfalls may include inefficiencies that are quite easy to address but some may be more, challenging. Imagine, for example, having to confront malicious actions by cybercriminals.
That’s why it’s important to understand these potential issues so you can be ready to overcome them. Below are a few of these pitfalls in e-commerce that you need to be aware of:
1. Complicated Checkout Process
A convoluted checkout process might as well be a sign that says your business is closed for business. Indeed, processes that include lengthy forms, mandatory sign-up, and a lack of transparency can lead to abandoned carts. Instead of getting an online payment processed, your customer could leave your website to find an alternative e-commerce store that’s less fussy and bureaucratic.
That’s why you need to streamline your checkout process. For starters, reduce steps and consider implementing a guest checkout option to enhance the user experience and boost conversion rates. Then, consider installing online payment solutions like Maya Checkout.
2. Limited Payment Options
Customers come from diverse backgrounds with varied preferences for payment methods. That’s why offering a limited set of payment options may alienate potential customers.
With the Maya Checkout online payments gateway, you can ensure your e-commerce store supports popular credit and debit cards, virtual payment cards, digital wallets, and QR code payments. As one of the country’s most trusted online payment processing companies, Maya Business makes your e-commerce payment process as seamless and inclusive as possible.
3. Hidden Fees
There’s no doubt about it, hidden fees kill customers’ trust. According to statistics from Shopify, extra costs are the reason for as much as 49 percent of cart abandonment. It seems that springing unexpected charges on customers during the checkout process can lead to frustration and erode the trust you've worked hard to build.
As such, make sure to be transparent about all costs, including shipping fees and packaging costs. When considering internet payment solutions that levy charges on customers, also make sure that fees are itemized and visible from the get-go. After all, clear communication builds trust, the most important foundation of a positive customer experience.
4. Inadequate Website Performance
Imagine that a potential customer visits your site only to be met with slow-loading pages or, worse, downtime. This is just one of the reasons why customers get frustrated and abandon their carts.
Indeed, poor website performance can turn away customers and harm your brand reputation. As such, take immediate action and optimize your website for speed and reliability to a smooth and frustration-free online shopping experience.
5. Lack of Mobile Optimization
In an era where mobile devices dominate, a lack of mobile optimization is a cardinal sin. Just how big is the mobile e-commerce market? Data from Statista’s Market Insights indicated that global e-commerce sales using mobile devices reached USD 2.2 trillion in 2023. It’s just too big of a market to miss out on.
That’s why your e-commerce site must be responsive. It should offer a seamless experience across various devices and screen sizes with fast and easy online payment processing services. Your website should likewise be optimized for mobile searches so that it can reach target audiences who use phones and tablets.
6. Poor Security
The specter of credit card fraud haunts both businesses and customers alike. Incidents of data breaches can shatter customer trust and tarnish your brand reputation. Globally, the e-commerce industry suffered losses amounting to USD 41 million from credit card fraud, according to Mastercard.
For this reason, put your trust in Maya Business, the best online payment processing company in the Philippines. It implements robust security measures, such as Maya Checkout’s authorize-and-capture feature, wherein funds are made available without having to charge the customer prematurely. This also enables updates in the authorized amount in case of changes to the original order. This type of hassle-free online payment processing can make a difference in terms of customer satisfaction and loyalty. Furthermore, Maya Checkout is PCI-DSS-certified. This is crucial as it ensures secure and compliant processing of credit card transactions, reducing the risk of fraud and safeguarding sensitive cardholder information.
Leverage Maya Business Solutions to Elevate Customer Experience
Through innovative and secure online payment platforms like Maya Business, the usual pitfalls in e-commerce business can be avoided. This can help create a satisfying customer experience from start to finish
Sign up for Maya Business to provide customized payment solutions for your online customers. Through your Maya Business account, you can easily open a Maya Business Deposit account, which can serve as your dedicated settlement account. Enjoy an industry-leading interest rate of 2.5% per annum, which equals an annual interest income of PHP 25,000 on a PHP 1 million deposit. Moreover, you can conduct free transfers to your partners and suppliers through InstaPay and PESONet.
Signing up with Maya Business also makes you eligible for a Maya Flexi Loan offer of up to PHP 2 million within just 3 months. This provides your business with an additional funding avenue for the expansion of your e-commerce platform. Simply designate Maya Business as your primary processor for all wallet and card transactions to maximize this benefit. The more you leverage Maya Business Solutions, the more enticing the loan offers become.
Sign up for Maya Business today, and start reaping the rewards of the Maya Business solutions.
