Bm2Pay - social media payments https://www.bm2pay.com Unlimited Payments Solutions Wed, 19 Jun 2019 13:16:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.4 https://www.bm2pay.com/wp-content/uploads/2024/11/cropped-bm2pay-1-32x32.jpeg Bm2Pay - social media payments https://www.bm2pay.com 32 32 Off-to-college Sales Tips for Online Retailers https://www.bm2pay.com/2019/06/18/off-to-college-sales-tips-for-online-retailers/ https://www.bm2pay.com/2019/06/18/off-to-college-sales-tips-for-online-retailers/#respond Tue, 18 Jun 2019 05:00:24 +0000 https://www.bm2pay.com/?p=3076 While off-to-college shoppers may prefer to procrastinate and leave their purchases to the last minute, online retailers need to prepare strategy and sales campaigns months in advance. As back-to-school is the second largest shopping event of the year after the holidays, it pays to have your offerings in place in good time. Total spending for K-12 schools and college combined reached almost $83 billion last year. Parents with young people heading to college as well as undergraduate and graduate students purchasing for themselves said that they planned to spend an average $942.17 each. What do you need for an effective off-to-college campaign? Keep in mind that budgets are limited and students generally cannot afford to splurge on necessary items. They also may not have a good deal of time to shop or could be uncertain about what they will need. As part of your strategy, try to be as helpful as possible, provide useful tips, and offer special discounts. Here are several steps you can take to attract these young customers: Set up a designated off-to-college section on your website A good way to attract potential customers is to set up a separate section on your website with all your off-to-school items and promotions. Make sure to insert a banner on the home page featuring special offers and send buyers directly to the relevant page. Boost sales on social media Social media is a prime location to boost promotions for college purchases because that is where most of your customers are spending their time. Use Instagram to show colorful photos of your display and interact with potential customers on Facebook. Make sure your mobile app is up to par and responsive, with exciting images of your products. Be creative and prepare videos on how to set up an attractive dorm room affordably. Offer student discounts Many businesses offer special student discounts on a wide range of products. Discounts can range anywhere between 15 and 50%. There are various ways to verify that the individual requesting the discount is actually a student. If you offer these customers discounts on a regular basis they are likely to return for repeat shopping. Provide free and convenient shipping options It’s important to offer free and fast shipping, as well as flexible pick-up policies. You should also enable customers to shop now but deliver later. Some stores offer “shop online and pick up in store” possibilities with a significant discount. Target provides a drive up option which enables customers to shop for items from the store’s app and have a store team member deliver them directly to the purchaser’s vehicle. Amazon, for example, has lockers on or near campuses for easy pick ups at convenient locations.. Put together a checklist and enable reorders Set up a college checklist with popular items students usually purchase and display pictures of useful products that you sell such as dorm room necessities. Target goes so far as to offer a college registry option with special discounts. To ensure repeat customers, send out reorder reminders and offer special discounts and rapid delivery on group orders. In order to stand out, you need to offer unique rewards and special features that will attract young people to your website. Perhaps you should try to put yourself in their sneakers and mull a bit about what you would want if you were setting off for college.   Image courtesy of macrovector

The post Off-to-college Sales Tips for Online Retailers first appeared on Bm2Pay.]]> While off-to-college shoppers may prefer to procrastinate and leave their purchases to the last minute, online retailers need to prepare strategy and sales campaigns months in advance. As back-to-school is the second largest shopping event of the year after the holidays, it pays to have your offerings in place in good time.

Total spending for K-12 schools and college combined reached almost $83 billion last year. Parents with young people heading to college as well as undergraduate and graduate students purchasing for themselves said that they planned to spend an average $942.17 each.

What do you need for an effective off-to-college campaign?

Keep in mind that budgets are limited and students generally cannot afford to splurge on necessary items. They also may not have a good deal of time to shop or could be uncertain about what they will need.

As part of your strategy, try to be as helpful as possible, provide useful tips, and offer special discounts. Here are several steps you can take to attract these young customers:

  • Set up a designated off-to-college section on your website

A good way to attract potential customers is to set up a separate section on your website with all your off-to-school items and promotions. Make sure to insert a banner on the home page featuring special offers and send buyers directly to the relevant page.

  • Boost sales on social media

Social media is a prime location to boost promotions for college purchases because that is where most of your customers are spending their time. Use Instagram to show colorful photos of your display and interact with potential customers on Facebook. Make sure your mobile app is up to par and responsive, with exciting images of your products. Be creative and prepare videos on how to set up an attractive dorm room affordably.

  • Offer student discounts

Many businesses offer special student discounts on a wide range of products. Discounts can range anywhere between 15 and 50%. There are various ways to verify that the individual requesting the discount is actually a student. If you offer these customers discounts on a regular basis they are likely to return for repeat shopping.

  • Provide free and convenient shipping options

It’s important to offer free and fast shipping, as well as flexible pick-up policies. You should also enable customers to shop now but deliver later. Some stores offer “shop online and pick up in store” possibilities with a significant discount. Target provides a drive up option which enables customers to shop for items from the store’s app and have a store team member deliver them directly to the purchaser’s vehicle. Amazon, for example, has lockers on or near campuses for easy pick ups at convenient locations..

  • Put together a checklist and enable reorders

Set up a college checklist with popular items students usually purchase and display pictures of useful products that you sell such as dorm room necessities. Target goes so far as to offer a college registry option with special discounts. To ensure repeat customers, send out reorder reminders and offer special discounts and rapid delivery on group orders.

In order to stand out, you need to offer unique rewards and special features that will attract young people to your website. Perhaps you should try to put yourself in their sneakers and mull a bit about what you would want if you were setting off for college.

 

Image courtesy of macrovector
The post Off-to-college Sales Tips for Online Retailers first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/06/18/off-to-college-sales-tips-for-online-retailers/feed/ 0 The Huge Potential of Latin American E-commerce https://www.bm2pay.com/2019/05/21/the-huge-potential-of-latin-american-e-commerce/ https://www.bm2pay.com/2019/05/21/the-huge-potential-of-latin-american-e-commerce/#respond Tue, 21 May 2019 05:03:29 +0000 https://www.bm2pay.com/?p=2581 While recent research indicates that e-commerce in Latin America is small when compared to the US and Asian markets, there is amazing potential for growth. By 2022, global revenue for online sales in LATAM is predicted to reach $94 billion. The expected boom is mainly due to greater Internet connectivity, upgraded broadband infrastructure and the ubiquity of smartphone use. As it stands today, two out of three Latin Americans have Internet. Last year, 27.5% of all online purchases were done with a mobile phone. Worldline’s research states that the average age in LATAM is a bit under 30. This means that e-commerce retailers should target a younger audience that uses social media, and particularly Facebook and Instagram, as a matter of course. Just for example, in Brazil these two social media channels together feature a penetration level of almost 70% among internet users. The key issue of payments The Latin American purchaser has very clear opinions regarding preferred payment methods and online security. Due to the fact that there is a large unbanked population in the region, many locals prefer cash payments or local debit cards. LATAM purchasers want to see prices displayed in their local currencies and feel secure that their personal data is not being breached when they pay online or via a mobile app. Here is an overview of three key online markets in LATAM that are showing rapid expansion: Brazil Brazil is the largest e-commerce market in LATAM, and it accounts for nearly 32.8% of all regional retail sales. The Brazilian e-commerce segment is expected to reach BRL 79.9 billion this year, which constitutes a 16% growth year on year. Brazilians use domestic payment methods for 90% of their online shopping. They pay with local credit cards, usually by installments. Another popular payment option is Boleto Bancario. This push payment method enables consumers to pay online, in cash at banks and ATMs, or electronically through online banking. This option appeals to local purchasers because there is no risk of chargebacks. Debit cards are gaining popularity due to the elimination of chargebacks and immediate payment confirmation. Argentina As of 2018, there were 17.46 million e-commerce users in Argentina and 30 million have access to Internet. An estimated 22.5 million individuals use a smartphone and 16.8 million shop online. Google, Facebook and YouTube are the most popular social media channels. The online market has been growing steadily and it is predicted to reach $10 billion by 2021. Argentine e-shoppers mostly purchase clothing, shoes and personal lifestyle items, as well as home and garden products. Over 40% of Argentinian e-commerce transactions are via cards. Visa and Mastercard are the most common cards, followed by American Express, Diners Club, and the local schemes Tarjeta Naranja and Cabal. Cash-based methods like RapiPago and PagoFacil make up 44% of online payments. Most prepaid cards are bought in kiosks for cash. To complete a purchase, the buyer prints out a receipt and pays at locations that accept this type of payment. Colombia Colombia is LATAM’s fifth largest e-commerce market, with 65% of Colombians connected to the Internet as of last year. In 2018, there were 34.3 million smartphone users in Colombia. Some 87.8 million online transactions were carried out last year, moving $17.8 million in electronic transactions. Easier access to the Internet, particularly via smartphones, and an expansion in online services, such as banking and online payment services, are the key factors driving growth in Colombian e-commerce. Nevertheless, 94% of Internet users still prefer computers to make purchases, while 49% use smartphones. The most popular products bought online are electronics and computer products, fashion, entertainment and travel. Cash on delivery and bank account debit are very popular payment methods due to low credit card penetration rates in Colombia. COD accounts for 40% of purchases. The younger generation uses social media like Instagram to make purchases online. Avoiding the pitfalls While these three markets are set to boom, it is very important to understand your customers’ purchasing mentalities and payment preferences at each location before jumping in.   Image courtesy of Freepik

The post The Huge Potential of Latin American E-commerce first appeared on Bm2Pay.]]> While recent research indicates that e-commerce in Latin America is small when compared to the US and Asian markets, there is amazing potential for growth. By 2022, global revenue for online sales in LATAM is predicted to reach $94 billion.

The expected boom is mainly due to greater Internet connectivity, upgraded broadband infrastructure and the ubiquity of smartphone use. As it stands today, two out of three Latin Americans have Internet. Last year, 27.5% of all online purchases were done with a mobile phone.

Worldline’s research states that the average age in LATAM is a bit under 30. This means that e-commerce retailers should target a younger audience that uses social media, and particularly Facebook and Instagram, as a matter of course. Just for example, in Brazil these two social media channels together feature a penetration level of almost 70% among internet users.

The key issue of payments

The Latin American purchaser has very clear opinions regarding preferred payment methods and online security. Due to the fact that there is a large unbanked population in the region, many locals prefer cash payments or local debit cards. LATAM purchasers want to see prices displayed in their local currencies and feel secure that their personal data is not being breached when they pay online or via a mobile app.

Here is an overview of three key online markets in LATAM that are showing rapid expansion:

Brazil

Brazil is the largest e-commerce market in LATAM, and it accounts for nearly 32.8% of all regional retail sales. The Brazilian e-commerce segment is expected to reach BRL 79.9 billion this year, which constitutes a 16% growth year on year.

Brazilians use domestic payment methods for 90% of their online shopping. They pay with local credit cards, usually by installments. Another popular payment option is Boleto Bancario. This push payment method enables consumers to pay online, in cash at banks and ATMs, or electronically through online banking. This option appeals to local purchasers because there is no risk of chargebacks. Debit cards are gaining popularity due to the elimination of chargebacks and immediate payment confirmation.

Argentina

As of 2018, there were 17.46 million e-commerce users in Argentina and 30 million have access to Internet. An estimated 22.5 million individuals use a smartphone and 16.8 million shop online. Google, Facebook and YouTube are the most popular social media channels. The online market has been growing steadily and it is predicted to reach $10 billion by 2021. Argentine e-shoppers mostly purchase clothing, shoes and personal lifestyle items, as well as home and garden products.

Over 40% of Argentinian e-commerce transactions are via cards. Visa and Mastercard are the most common cards, followed by American Express, Diners Club, and the local schemes Tarjeta Naranja and Cabal. Cash-based methods like RapiPago and PagoFacil make up 44% of online payments. Most prepaid cards are bought in kiosks for cash. To complete a purchase, the buyer prints out a receipt and pays at locations that accept this type of payment.

Colombia

Colombia is LATAM’s fifth largest e-commerce market, with 65% of Colombians connected to the Internet as of last year. In 2018, there were 34.3 million smartphone users in Colombia. Some 87.8 million online transactions were carried out last year, moving $17.8 million in electronic transactions. Easier access to the Internet, particularly via smartphones, and an expansion in online services, such as banking and online payment services, are the key factors driving growth in Colombian e-commerce. Nevertheless, 94% of Internet users still prefer computers to make purchases, while 49% use smartphones. The most popular products bought online are electronics and computer products, fashion, entertainment and travel.

Cash on delivery and bank account debit are very popular payment methods due to low credit card penetration rates in Colombia. COD accounts for 40% of purchases. The younger generation uses social media like Instagram to make purchases online.

Avoiding the pitfalls

While these three markets are set to boom, it is very important to understand your customers’ purchasing mentalities and payment preferences at each location before jumping in.

 

Image courtesy of Freepik
The post The Huge Potential of Latin American E-commerce first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/05/21/the-huge-potential-of-latin-american-e-commerce/feed/ 0 The Unique Appeal of Asian E-commerce Markets https://www.bm2pay.com/2019/04/23/the-unique-appeal-of-asian-e-commerce-markets/ https://www.bm2pay.com/2019/04/23/the-unique-appeal-of-asian-e-commerce-markets/#respond Tue, 23 Apr 2019 05:00:53 +0000 https://www.bm2pay.com/?p=2639 The Asian e-commerce market is booming, and it is projected to grow to $1.6t by 2021. China’s online sales are expected to increase annually by 16.1% to $1.122t in 2021.South Korea’s e-commerce sales are predicted to rise by 11.9% annually to $50.7b in 2021. India is also an important market to watch out for as it is projected to leap from $35.62m in e-commerce sales to $82.7b in 2021, enabling it to claim the third place in Asia in terms of market share. All this data sounds very enticing, and the opportunities appear to be endless. However, before entering these promising markets, make sure to study each of them carefully. Despite their geographic proximity, local purchasing habits and payment mentalities vary widely in Asian countries: South Korea There are 30.5 million e-commerce users in South Korea, and an additional 1.33 million users are predicted to shop online by 2021. Four years down the road, these e-commerce users are expected to spend an average of $1023 on online purchases. Today, over a third of South Koreans spend more than half of their monthly income on online shopping. Due to the popularity of mobile phones and social media, online retailers would do well to reach out to potential customers there. South Korean payment preferences Electronic payments are very popular in South Korea. Social media payment methods are widespread, with 34% of shoppers using them for mobile online shopping. Bank payment apps are also a preferred payment method among 29% of the population. South Koreans favor alternative payment methods, wire transfers and electronic fund transfers. Native Samsung Pay is popular as well. South Koreans of all ages use the Internet constantly. According to eshopworld, 96% of 16-24 year-olds, 100% of 25-34 year-olds, and 98% of 35-44 year-olds log on daily. Favorite online purchasing categories include fashion, toys, hobbies, DIY, online travel and home appliances. China China scored third in Fitch Solutions’ Global E-commerce Index. Its e-commerce sales are projected to grow annually by 16.1% to $1.122t in 2021. The e-commerce market is led by the Alibaba Group and its online commerce subsidiaries: Taobao, Alibaba, Tmail, Fliggy Corporate, 11 Main and AliExpress. In 2017, e-commerce represented $672 billion in terms of sales and 15.9% of the country’s share of total retail sales. Internet penetration in China currently stands at 53%, and it is expected to expand to 68% by 2021. Smartphone penetration is 44% and it is projected to grow to 53% by 2021. Today there are 589 million e-commerce users in China. By 2021, an additional 254 million users will join these online shoppers. E-commerce users are expected to constitute 74% of the total population. The average user currently spends $799 online, and this sum is expected to rise to $995 by 2021. Interestingly, South Korea is the leading exporter to China with $131 billion in merchandise. Next come the US ($128 billion), Japan ($116 billion), Germany ($78.6 billion) and other Asian countries ($73.4 billion). Chinese payment preferences As opposed to India, for example, the Chinese are not very worried by data privacy issues when paying online. They are used to the government’s involvement in their personal lives. China leads the world when it comes to the use of alternative payments. E-wallets like Alipay or WeChat Pay account for 62% of the market share in China. Union Pay covers nearly 24% of the market. Lagging behind are credit cards (10%), bank transfers (8%), and cash on delivery (8%). Bank transfers are expected to replace credit cards as China’s second most popular payment method by 2021. Debit cards are predicted to rise from 4.5% to 7.1%. India India is the fastest growing market in the e-commerce sector. Revenue from online sales is expected to reach $120 billion by 2020, constituting a staggering annual growth rate of 51%. E-commerce growth is being spurred by a combination of rising smartphone penetration and the launch of 4G networks. Some 40% of the population used the Internet last year, with an estimated 48% shopping online. In practical terms, this means there are 224 million online shoppers in India. By expanding into new sectors, e-commerce market leaders Flipkart, Amazon and Paytm Mall have given online sales a major boost. When buying domestically and even cross-border, online shoppers in India generally buy inexpensive items such as clothing and shoes, mobile phones and toys. 66% of online shoppers only purchase items domestically, while 27% shop online both domestically and cross-border. Indian payment preferences Indian purchasers have privacy concerns and they lack trust in online payment security. Nor do they trust consumer reviews or product ratings. Outlying rural areas suffer from poor logistics and delivery, and large parts of the population in those regions are unbanked. A significant section of the population (45%) prefers cash on delivery as a preferred method of payment. Debit cards claim some 17% of the market, followed by credit cards (12%) and online banking (9%). Mobile wallets are becoming increasingly popular and are expected to claim 15% of the market by 2020.   Photo courtesy of lifeforstock

The post The Unique Appeal of Asian E-commerce Markets first appeared on Bm2Pay.]]> South Korea There are 30.5 million e-commerce users in South Korea, and an additional 1.33 million users are predicted to shop online by 2021. Four years down the road, these e-commerce users are expected to spend an average of $1023 on online purchases. Today, over a third of South Koreans spend more than half of their monthly income on online shopping. Due to the popularity of mobile phones and social media, online retailers would do well to reach out to potential customers there.
South Korean payment preferences
Electronic payments are very popular in South Korea. Social media payment methods are widespread, with 34% of shoppers using them for mobile online shopping. Bank payment apps are also a preferred payment method among 29% of the population. South Koreans favor alternative payment methods, wire transfers and electronic fund transfers. Native Samsung Pay is popular as well. South Koreans of all ages use the Internet constantly. According to eshopworld, 96% of 16-24 year-olds, 100% of 25-34 year-olds, and 98% of 35-44 year-olds log on daily. Favorite online purchasing categories include fashion, toys, hobbies, DIY, online travel and home appliances.

China

China scored third in Fitch Solutions’ Global E-commerce Index. Its e-commerce sales are projected to grow annually by 16.1% to $1.122t in 2021. The e-commerce market is led by the Alibaba Group and its online commerce subsidiaries: Taobao, Alibaba, Tmail, Fliggy Corporate, 11 Main and AliExpress. In 2017, e-commerce represented $672 billion in terms of sales and 15.9% of the country’s share of total retail sales. Internet penetration in China currently stands at 53%, and it is expected to expand to 68% by 2021. Smartphone penetration is 44% and it is projected to grow to 53% by 2021. Today there are 589 million e-commerce users in China. By 2021, an additional 254 million users will join these online shoppers. E-commerce users are expected to constitute 74% of the total population. The average user currently spends $799 online, and this sum is expected to rise to $995 by 2021. Interestingly, South Korea is the leading exporter to China with $131 billion in merchandise. Next come the US ($128 billion), Japan ($116 billion), Germany ($78.6 billion) and other Asian countries ($73.4 billion).
Chinese payment preferences
As opposed to India, for example, the Chinese are not very worried by data privacy issues when paying online. They are used to the government’s involvement in their personal lives. China leads the world when it comes to the use of alternative payments. E-wallets like Alipay or WeChat Pay account for 62% of the market share in China. Union Pay covers nearly 24% of the market. Lagging behind are credit cards (10%), bank transfers (8%), and cash on delivery (8%). Bank transfers are expected to replace credit cards as China’s second most popular payment method by 2021. Debit cards are predicted to rise from 4.5% to 7.1%.

India

India is the fastest growing market in the e-commerce sector. Revenue from online sales is expected to reach $120 billion by 2020, constituting a staggering annual growth rate of 51%. E-commerce growth is being spurred by a combination of rising smartphone penetration and the launch of 4G networks. Some 40% of the population used the Internet last year, with an estimated 48% shopping online. In practical terms, this means there are 224 million online shoppers in India. By expanding into new sectors, e-commerce market leaders Flipkart, Amazon and Paytm Mall have given online sales a major boost. When buying domestically and even cross-border, online shoppers in India generally buy inexpensive items such as clothing and shoes, mobile phones and toys. 66% of online shoppers only purchase items domestically, while 27% shop online both domestically and cross-border.
Indian payment preferences
Indian purchasers have privacy concerns and they lack trust in online payment security. Nor do they trust consumer reviews or product ratings. Outlying rural areas suffer from poor logistics and delivery, and large parts of the population in those regions are unbanked. A significant section of the population (45%) prefers cash on delivery as a preferred method of payment. Debit cards claim some 17% of the market, followed by credit cards (12%) and online banking (9%). Mobile wallets are becoming increasingly popular and are expected to claim 15% of the market by 2020.  
Photo courtesy of lifeforstock
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