A wider variety of mobile payment choices with Chatbots 

With Chatbots, there are few restrictions with regards to payment methods you can offer to customers. Why is it important to offer a variety of payment methods for retail customers?

Because, according to a survey conducted by YouGov, 40% of respondents admitted that they would feel more comfortable purchasing from an online merchant who offered multiple payment gateways. In short, customers want a selection of payment methods made available to them. Providing these options helps increase your business’ conversions and sales.

For reference, The average number of payment options among the top online retailers is 6.8, and some of the best accept as many as 15 payment methods. Multiple payment gateways provide customers with added convenience. Lowering the number of customers that abandon their shopping carts prior to checkout by 50% according to YouGov.

Chatbots allow a traditional retailer to accept multiple mobile payment options, speeding up the checkout process. This leaves little time for customers to change their minds about their purchases and increases the chances of them coming back for more – who doesn’t want a quick and easy shopping experience?

Businesses that only have limited payment methods are viewed as outdated. It’s important to stay up-to-date on the latest payment preferences as result. After all, according to research from Bain & Company, increasing customer retention rates by just 5% can increase profits by up to 95%.

The Retail space is ever-evolving, and offline or online retailers need to stay abreast of its constant changes. Let Chatbots allow your customers to shop, order and pay all within the convenience of an existing messaging app.

Sources

  1. https://www.getcontrol.co/blog/multiple-payment-options-will-grow-business/
  2. https://www.retailtechnologyreview.com/articles/2009/05/06/476-survey-finds-that-merchants-are-losing
  3. http://www.bain.com/Images/BB_Prescription_cutting_costs.pdf
  4. https://futurepay.com/blog/payment-options-can-increase-sales/
  5. https://www.first-american.net/resources/blog/3-important-reasons-why-merchants-should-offer-multiple-payment-options
  6. https://www.eshopworld.com/news/apple-paypal/
Categories: Chatbots

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