Nearly 80% of Consumers Who’ve Shopped Online amid COVID Plan to Continue

Friday, December 4th, 2020

Several months have elapsed since the coronavirus pandemic began. Although the government has eased a few restrictions, physical stores across the US still experience low consumer turnout.

A recent Payments Orchestration Playbook report found that approximately 80% of customers who’ve shopped online during the pandemic plan to continue doing so post-corona

The study also predicts that the global payment gateway industry will be worth more than $42 billion by 2025. Because of this imminent growth, merchants must optimize their service delivery early enough to reap the benefits later.

This monthly report provides merchants with comprehensive insights on the latest tips to maximize revenue. As firms attempt to reduce operational costs and exploit the increasing online market base, it helps to rely on data from credible sources like November’s episode of the Payments Orchestration Playbook.

Today’s merchants encounter numerous challenges in a bid to offer stress-free payment solutions to their consumers. In response, e-commerce firms upgrade their payment options to accommodate the increased market base and changing consumer demands.

The Role of Safe & Quick Gateways in Ensuring Payment Success 

The mass pandemic-induced adoption of eCommerce caught merchants unaware, and most are searching for reliable payment gateways. The November episode of Payments Orchestration Playbook advises merchants to acquire several payment gateways rather than having only one.

Using multiple payment gateways can increase the successful payment ratio and allow your firm to venture into new markets. Merchants with several payment gateways can operate nonstop without worrying about payment service outages/failures.

The Orchestration Playbook even provides a real-life example of how a firm improved its transaction success rate from 83% to 93% by adopting a second payment gateway. Such an impact is beneficial because it switches e-payments from a necessity to a competitive edge.

Intelligent Routing Helps To Avoid and Avert Payment Hitches

According to Nishat Agarwal, a top executive at one of the firms that authors the Orchestration Playbook, businesses that use intelligent routing to transfer funds accurately enjoy higher payment success rates. 

Combining multiple transaction gateways and intelligent routing strategies helps a business gain a competitive edge over rivals.

Conclusion

The November 2020 Payments Orchestration report explores how businesses can use or combine multiple payment gateways and intelligent routing to improve revenues and ROI. 

Small and large businesses can mine useful insights from this monthly report to improve their bottom line.