E-commerce, the congregation of different vendors on a common platform has thrived in the online marketplace and has paved the way for other ventures to try their hand in the field. The success of e-commerce marketplace is dependent on two reasons: technological advancements and secure payment options. There has been a gradual increase in the number of consumers getting accustomed to online payment.
The e-commerce market was accounted for 24.26 billion USD in 2017 and is expected to grow at a CAGR of 13.1% over the forecast period of 2018-2025. Statistics report that the total volume of e-commerce transactions is expected to surpass $5.7 trillion by the end of 2023.
The revenue generated by the online marketplace is staggering which leads to entrepreneurs trying their hand in the multi-vendor e-commerce marketplace. If you are looking to create an entry into the online marketplace, then there are a few payment options that have to be integrated imperatively in your app or website.
Card-based payments are the most sought out after modes of payment settlement among consumers. It is pivotal to add cards as a payment option. You can also allow users to save the details of the card in the app/website to refrain from entering the details every time a customer makes a purchase.
Electronic payments like PayPal and Stripe play a significant role in payment options. The medium is touted to overtake the card payment option in the coming years. As it is known, millennials are the largest demographic that extensively uses electronic payments as an option.
The recent payments architecture in the form of Apple Pay or Google Pay is becoming prominent in smartphone platforms. There are various messaging platforms such as WhatsApp, Line, Facebook messenger who are also trying their hand in the integrated mobile payments area.
COD (Cash On Delivery)
COD is another popular mode of payment among the masses. The reason why COD payment is more favored among customers is the security that is established while making the purchase. Hence, it is necessary to include this payment option in your multi-vendor e-commerce marketplace.
Cryptocurrency is rapidly becoming one of the forms of payments in the e-commerce marketplace. Since it is anonymous and privacy is provided to consumers, it is now being used as a mode of payment in a plethora of e-commerce sites. Several reputed marketplaces are now in the process of incorporating the option to use Bitcoin and other cryptocurrencies as a form of payment.
Payments work like cogs that synchronize with one another to ensure that the e-commerce marketplace runs smoothly without any glitches. Online payments are on the rise and to make your marketplace a customer-friendly one, you should integrate the above payments options in your multi-vendor e-commerce script.
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