FAST-TRACK MERCHANT GROWTH PATHS IN eCOMMERCE
Payments have long been overlooked by merchants. Traditionally not considered as core to their business as merchandising, marketing or sales, payments have often been considered a foregone conclusion: once shoppers reach the payment step their mind is already made up and the purchase as good as complete.
That paradigm changed with the arrival of eCommerce. Online shopping is extremely convenient, yet so is abandoning a full shopping cart before or during payment. After all, another store is only a click away and there are many things vying for our attention
while we shop online. Payments, and the role they play converting shoppers into buyers, became more integral to merchants’ bottom lines and growth trajectories.
We developed this paper, in cooperation with First Annapolis, because the payments paradigm is shifting once again. Payments now represent more than the final step in the sales process and are about more
than converting shoppers to buyers, rather, payments enable merchants to offer consumers a full shopping experience. Shoppers can view products firsthand in a store, check product specs online, compare prices via their mobile phones, and pay during any of these steps. Savvy merchants know that payments are integral to a great shopping experience and understand that if their product or service is similar to what the competition offers, then the payment can be the differentiator.
In this paper we describe five potential paths for merchants’ growth today, illustrate the payments challenges they will face, and describe the solutions for success. Payments are only one part of a sound business strategy, but one that continues to grow
in importance and capability. We hope this paper enlightens readers regarding payments’ potential role in significant merchant growth within a shifting environment of expanding opportunities.
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