Recent research has shown that there are about 2.05 billion online shoppers as of 2020 which works out to a little over a quarter of the world’s population. Many of the purchasers are habitual shoppers and they shop from just about anywhere. In Vietnam, the number of people making payments using their mobile phones has grown faster than elsewhere in Southeast Asia according to a report from PwC and these include mobile app payments. From 37% in 2018, the percentage of consumers using mobile payments increased to 61% in 2019 in Vietnam.
It is important that as a business owner you use these facts to leverage your position as a great service provider to your customers be it in-store or online from start to finish including a seamless platform to complete a purchase over and over again.
A Comprehensive Data Analysis
At a basic level, when a customer makes a mobile app payment, you receive payments faster which helps in reducing your operating costs. But the customer does more than just pay you. He leaves a digital footprint which leaves you with plenty of verifiable amounts of data for the purposes of analysing. Your most important business decisions can come from the insights that you draw from this analysis. You can forecast sales and predict trends that will enable you to make changes or redesign your offerings. As the sales data is made available to you in a short time, you get a complete analysis based on your preference. You can also print reports sooner for comparison on a day to day or week to weekly basis.
Simplify Shoppers’ Experience
Many a time, people may forget to carry their wallets but not their mobile phones. This provides them the convenience of simply scanning your QR code or providing a PIN or OTP to complete the sale. Here, both parties get an instant notification. If there is any error, steps can be taken to correct it immediately. Besides, purchases made via cards are dependent on an electronic swiping machine and other external factors such as poor internet connectivity, chip damage, and so on.
Multiple Currency Acceptance
Today, a customer has the choice of sitting in Mumbai and purchasing a box of herbal tea sold by a retailer based in Hanoi. No matter where the customer makes his or her purchase from, you can always receive your payment in the currency of the country you are located in. Such are the benefits of using mobile app payments.
At the end of the day, you are going to get paid through various channels and when it comes to anything pertaining to a digital platform, you must ensure that your online payment provider in Vietnam is able to help you with much more than just receiving payments.< Next post - A Guide to Payment Gateways Prev post - Considerations for Selecting an E-Commerce Solution Provider >