E-wallet is the future shopping staple. It is a prepaid feature that enables customers to shop on an e-commerce website multiple times by making a one-time payment of a certain value. This will be added to their e-wallet as prepaid balance. When they select the e-wallet as the mode of payment for their orders, the corresponding amount will be deducted from their e-wallet balance. This feature has better usability and ultimately more utility for the customers.
So what is in it for sellers? Plenty!
Sellers are protected against fraud
E-wallet is a fail-proof method to ensure that you are getting orders from genuine customers. By using e-wallet, customers are required to authenticate their credentials and pay money upfront for their orders. This means sellers are protected against fraudulent customers. There are also fewer chances of incurring loss due to fraudulent returns, fraudulent damage claims and last-minute order cancellations.
Faster check-out experience = higher conversion rate
With e-wallets, failed payments are not a concern anymore. Many online shoppers abandon their shopping carts out of frustration while trying to make payments using debit cards. A long checkout process can dampen spirits, especially with an unreliable Internet connection. According to Adbot India, a digital marketing agency’s recent article, more than 10% of customers in India abandon their shopping carts because there are too many pages on the checkout1. In fact, Forbes cites it as one of the biggest curses of the e-commerce industry.
E-wallet solves this problem. Money is already stored in the customers’ e-wallet.The credentials are also saved so your customer can make multiple payments without entering card or bank details every single time they place an order.This simpler and faster checkout process will help customers to complete their shopping quickly. This in turn can lead to higher customer conversions, repeat orders and increased sales.
Returns and order cancellations are an inevitable part of online selling. With e-wallet, you can turn these into a more engaging shopping experience for the customers. Once a product return or an order cancellation is initiated, the amount can be refunded into the customers’ e-wallet. This also means that the customer has ready amount in the e-wallet to shop further. Using ad-retargeting and product ads you can encourage customers to make further purchases and with cash readily available, it is just a matter of a few clicks to place a new order.
Enriched shopping & payment experience
E-wallet gives customers more control over the payment process so they can easily shop on-the-go. Its remarkable simplicity and speed helps them to shop better. Customers can effortlessly buy products that are on discounts for a limited period before the offer ends. With e-wallet, the checkout process is faster and more efficient encouraging customers to buy more products thus, driving sales.
E-wallet can be used easily to topped-up and used. Customers can enter any amount they want to add to the wallet. They are guided through the usual checkout process, where they can use their credit card, debit card or netbanking account to load the e-wallet with the desired sum.
With increasing internet penetration in India, the concept of e-wallet will become more popular in the coming years. According to a report ‘Internet in India 2014,’ jointly published by the Internet and Mobile Association of India (IAMAI) and IMRB International, India has the third largest Internet users in the world with the number of internet users expected to reach 21.6 crore by June 2015.3 Increase in the customer awareness and trust in e-banking, mobile banking and online shopping will also lead to more number of people adopting this form of online payment.
With 3D Secure Password encryption in place, there are fewer chances of fraudulent practices and customers can be assured that their transactions are secure and accurate. E-wallet could transform the way customers shop online and change the way sellers do business online. Apart from offering a wide range of products and you can also offer a new payment experience that will make your customers feel like shopping more thus building brand loyalty and promoting growth.