Let’s just be honest. The goal of having a business, whether it’s online or offline, is to earn profits. We can maximize our profits either by reducing cost or increase the sales of our product and services.
The later definitely is the leading choice for most entrepreneurs and online retailers because reducing cost is rather a generic strategy, which causes the quality of product or services to drop and may result in losing customers, and less profit in the long run. As a result, many successful online businesses depend heavily on the marketing strategy to expand sales.
But little did we know, often overlooked and perhaps almost nonexistent to some online retailers that payment gateway do play a beneficial part in helping online retailers to increase sales…
Payment option provides the added choice for online buyers to pay as well as providing convenience by removing the limitation of payment options available on your store. Moreover, it translates into more sales for online business by providing a variety of payment options that gives customers options to make payment in any way they want that wasn’t present previously. (read: MOLPay CASH & BCard Redemption)
On top of that, online business have the possibility to reach higher sales by opening up the acceptance of multi-currency payment to reach out to buyers in any part of the world. As Southeast Asia is one of the most active markets in e-commerce, it is no wonder that many e-commerce businesses are expanding rapidly in this region with access of multiple payment channels provided by online payment gateway solutions provider.
As the number of active Internet users is expanding in various countries in Southeast Asia which translated to a bigger potential market for the e-commerce players. Here are some numbers that represent the active Internet users from several countries:
[Source: 2016 Digital Yearbook – Simon Kemp(We Are Social)]Simply by adding the additional payment method and channels (read: Global Domestic Payment) to these potential markets, online retailers can reach more than 900 Million of potential customers, which may lead to higher sales.