The e-commerce industry has continued its forward strides despite the razor-sharp competition that the sector has seen in the last few years. It is primarily because of the growing number of buyers who are increasingly choosing digital payments options, recognising the convenience and security they provide. Recognising the utility of innovation in payment methodologies, industry players are already coming up with unique solutions. One of the most brilliant of those solutions is the lazada payment method. Singapore, in terms of its population, is in an advantageous position. The citizenry is affluent while simultaneously being tech-savvy, which is great. But it is the ingenuity of lazada’s payment model that is responsible for the success that the platform has been enjoying lately.
Growing Dependence on Digital Payments
India is projected to reach a figure of $500 billion in online payments by 2020, according to a report by the Google Boston Consulting group. Even in the case of Singapore, where the most popular form of payment is credit cards, the use of e-wallets is on the rise. In fact, in the APAC region, Singapore is among the topmost e-wallet markets. This clearly indicates that e-commerce platforms need to collaborate with digital payment service providers to capitalise on the opportunities that this market is bringing. This is exactly what is being accomplished by solutions such as the lazada payment method. Singapore is just one example, similar trends can be seen across the Asia Pacific region.
Ease of Payment process
For any e-commerce enterprise, the convenience of its customers is an absolute priority. This is why it is important for the payments process to be as flawless and smooth as it can possibly be. The manner in which the payments process takes place not only impacts the experience of customers but can actually determine how successful the enterprise would be in the long run. Lazada payment method, Singapore, is clearly doing everything in order to provide the maximum level of convenience to its customers. And it’s indeed working! Below are some of the things that Lazada payment method, Singapore, is venturing into.
Adoption of local payment methods
As brands have gone global, people are buying stuff from other countries all the time. E-commerce platforms especially have to be ahead of the curve in terms of adapting to local payment habits. Only by embracing local methods of payment can a platform make the experience of its local customers truly flawless.
Local payment methods can include anything from digital wallets to bank transfers, cash vouchers, open invoicing or any other such methods that are prevalent domestically in a region or country. However, the demand for easy payment does not cover just the methods of payment. It also includes people’s ability to pay flexibly, later or in instalments. This is where the lazada payment method, Singapore, has truly struck a chord.
Instalments or Pay Later options
One of the most lucrative payment options that provide immense flexibility to customers is the option to “Buy Now, Pay Later”. Payment through instalments is another such option that allows customers to buy an item without them having to pay the entire value of the item instantaneously.
But it is hard to incorporate this particular payment model as there are certain risks involved. However, there are ways to overcome those hurdles, which is what the lazada payment model, Singapore, is doing and succeeding in. The concept of repaying over an extended period of time is catching momentum among customers. It is especially lucrative for younger consumers who do not yet have much disposable income.
What exactly is unique about the Lazada payment method, Singapore?
Lazada payment method, Singapore, is operating both online and offline. Right off the bat, this is a great strategy. It allows the company to serve customers regardless of whether they are shopping online or offline.
In addition to that, the company provides its customers with the option of buying first and paying later. Buyers can repay in four instalments and what’s amazing is that they don’t even have to pay any interest. It would have been tough to pull this strategy off, but the company entered into some clever collaborations with local merchants and got great results.
By presenting customers with such lucrative payment options, the lazada payment method, Singapore, succeeded in creating a seamless user experience for its customers. Not only did the payment model contribute towards sales but the reliability and trustworthiness of the brand have risen as well.
By embracing and integrating local payment methods, alongside the global ones, e-commerce platforms can take their user experience to another level. Not only will it make the service more dynamic, but it will also make the customers more trusting of and comfortable with the platform. The ability to gain the trust of consumers is one of the foundational tenets of any successful business. Any efficient payment model must reflect the same tenet as well. Lazada payment model, Singapore, showed what embracing these tenets can do for a business and it is a model worth replicating.