Wallet Feature For eCommerce Websites -Why is it necessary?
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One of the main elements that can compel your potential customer to leave or to stay on your site is Payment Method. It has been proved that people prefer shopping from those sites that provide them with various payment options. Some people prefer Cash On Delivery, while others prefer paying through a card. But recently the trend of paying through digital wallet has taken the eCommerce by storm. Wallet feature for eCommerce websites is something that has a major contribution in the customer conversion rate.
According to a recent survey by Finder.com, 110 million Americans have admitted using digital wallet. In a couple of years, there was a rise of 75% in the population of digital wallet users, as they admitted it was always convenient rather than paying cash or through a card.
The trend of the virtual pocket is already on fire in Japan.
Here we are going to talk about “wallet feature for eCommerce websites” and why it is necessary.
What is the Digital Wallet Feature?
Digital Wallet feature or virtual pocket is a medium that allows customers to make online transactions as store money for future use. The user’s bank account and other credentials are linked with the digital wallet and that’s how money is virtually stored for future use. Most of the eCommerce websites have digital wallet feature because it helps all the stakeholders in terms of smooth transactions. The eCommerce companies either have their own virtual pocket feature or collaborate with those eCommerce companies that provide these kinds of services e.g. Paypal, Stripe, Paytm, Rupay etc.
Why is Wallet Feature for eCommerce Websites Necessary?
The amount is deducted from the virtual pocket automatically each time the customer shops from the site. Having a digital payment gateway as an option has put a direct effect on the number of online shoppers. It is all utility-packed for the customers. This one feature offers lots of advantages.
Fraud-Protected For Vendors
The wallet feature for eCommerce websites makes keeps vendors safe against fraud. Wallet transactions make sure that the customer is genuine and payment is made at the very instant of the purchase so that there are no payment issues in case of last-minute cancellations, deceit damage or return claims.
A lengthy checkout process is a total blight for every customer they have to select a mode of payment each time they shop and to top it off if the internet connection is poor then the experience becomes worse. It is a defined way to “Abandoned Cart,” and as you know an abandoned cart is one of the worst enemies of the online store owners. The Virtual pocket or e-wallet feature is the saviour of such times. Since the amount is automatically deducted from the wallet on each transaction the consumer doesn’t have to go through the process of providing credentials repeatedly for each transaction. Cutting the cumbersome process short it saves the customers’ time.
There is no issue of failed payment for the customers. Nor the store owners will have to see any abandoned carts.
Pleasurable Shopping Experience
The smooth payment method hardly takes any effort, gives the customers a pleasurable shopping experience on your site. They want to visit your site more often for online shopping, which results in customer retention. In addition, they will also be able to buy things that are on sale or discount for a limited time period as the check-out procedure will be shortened. This will lead to an increase in sales and will also be beneficial in the long run.
Wallet feature for eCommerce websites, makes the customers feel more in control of the payment method as each time they shop, they don’t have to worry that whether they will be able to complete the procedure or not. Paying through virtual pocket gives them the “On-The-Go” kind of shopping experience. The feature is compatible with mobile payment as well. You can call it a mobile wallet.
Easy Returns and Refunds
Returns and cancellations are an unavoidable part of sales. You can’t force customers not to cancel or not to return the products if they don’t like it. But you can turn this into a positive experience for the customer. By providing them with a fast and hassle-free refund in their wallet. This one simple gesture will help you retain a lot of customers in the long run. Or you can also use the strategy of ad-retargeting to cross-sell and upsell. Re-targeting also helps increase conversion rate as only a minimal percentage of people click on the “shop” button on the very first visit to the site.
The use of e-wallet is very simple, the customers just have to add the amount to their wallet and link their card or internet-banking account to the wallet. The amount is automatically deducted at the time of the checkout if e-wallet is chosen as the payment mode. The best part is that it is totally safe because of the 3D end to end encryption. Plus anyone can make the payment from anywhere even with the use of mobile devices like cell phones or tablets as most commonly by the chiliads now.
Wallet feature for eCommerce websites is a “must-have”. And if you are looking for the “Wallet feature,” we bet your search will end with our solution.
- Both the admin and customer can credit amount into the wallet any time they want.
- Not only this, but our wallet extension also allows the customer to view the whole transaction process it means that there is total transparency.
- The admin has full freedom to configure “cashback” on first or all transactions or maybe on some selected transactions.
CedCommerce has been offering the necessary technical solutions specifically made for building one such platform. These extensions come with a multitude of features to aid in the development of a rich multi-vendor eCommerce marketplace. A marketplace armed with these features is undoubtedly going to possess the best in class features.
For building your own multi-vendor marketplace platform and to see what our satisfied customers have to say about us do visit: CedCommerce