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E-commerce in Oman: Here’s What the Future Holds

Category: Ecommerce

E-commerce in Oman: Here’s What the Future Holds

E-commerce in Oman: Here’s What the Future Holds

With 18th November right around the corner, Oman is happily gearing up for National Day celebrations. Apart from impressive parades, festive decorations, and cultural events, the country sees a sharp rise in shopping during this time. And that brings us to the gradually increasing popularity of ecommerce and the factors paving the way for a brighter future. So, as a business owner, on Oman National Day, don’t just focus on ways to sell and earn more this year. Find out about important trends, patterns, and discover the possibilities that await you in the coming years.

Oman National Day 2024: Ecommerce is All Set to Boom

Oman’s ecommerce market is poised to hit USD 1.1 billion by 2028 after growing at a promising 13.5% rate. The recent COVID crisis especially triggered the acceleration in digitalization and most businesses went online to cater to customers and thrive. Technological advancements and evolving customer preferences are playing a crucial role in the growth of ecommerce currently. In fact, in 2022, the country had over 5 million active users of internet, close to 6 million mobile connections, and 4.39 million users of social media.

So, with Oman’s 54th National Day coming up, let’s delve into the vital numbers and trends that will define the future of ecommerce here.

  • Government Initiative: Most government services require customers to make payments online now. It is also possible to shop from ecommerce stores and make donations online securely. Oman’s e-Government initiative is responsible for this paradigm shift. Launched in 2020, the national ecommerce plan is focused on enhancing national skills, logistics services, and facilitating a positive environment for the growth of ecommerce.
  • Significant Youth Population: Around 60% of Oman’s population is under 29 years, which means young people constitute a key part of the nation. They are more tech-savvy than their predecessors and comfortable about shopping via digital platforms.
  • Increasing Smartphone Usage: By 2029, Oman’s smartphone market volume is expected to grow to 3 million pieces. Moreover, it has been observed that 95% of internet users access the internet via smartphones. Mobile commerce is also gaining prominence, with top payment gateway providers enabling transactions through cards, digital wallets, apps, payment links, and QR codes. This bodes well for the future as Omanis will increasingly want to enjoy the convenience of shopping via smart mobile devices rather than stepping out to visit a physical store.
  • Domestic Scene: Consumers in Oman go online to mainly shop for beauty products, clothes, appliances, flight tickets, and hotel reservations. More and more people are shopping for groceries virtually too. And since most Omanis are likely to dress up, enjoy holidays, and buy ingredients to whip you delectable dishes around Oman National Day, you will see increased sales in all these categories.
  • Cross-Border Scene: Besides cosmetics, apparels, and hotel and airlines services, Omanis shop for machines, furnishings, and construction materials from other countries, especially China. They tend to source vehicle spare parts from ecommerce stores in the USA too.
  • Online Payment: In 2022, a report from Central Bank of Oman indicated that the volume of e-payments shot up by 40%. And this trend is likely to continue with Oman payment gateway providers like PayTabs making it fast, easy, and safe for merchants to accept payments through multiple modes and in different currencies. Customers also love the flexibility. Hence, on National Day in Oman in 2024 and beyond, you will find more and more people (busy and in a hurry) going online for a smooth, cashless checkout.
  • Social Commerce: Many entrepreneurs and SMEs in the country are increasingly marketing and selling their products via social media platforms nowadays. And this trend will not only gain steam on Oman National Day 2024, but also in the future, as payment infrastructure companies like PayTabs offer smart solutions to set up shops, list products, sell through social channels, and get paid instantly.
  • Cutting-Edge Technology: Artificial Intelligence, Machine Learning, and advanced analytics tools are increasingly gaining favor among Omani businesses as they help automate processes, streamline operations, study customer behavior and transactions, identify gaps, and offer actionable insights on how to improve the ecommerce shopping experience. So, by leveraging technology, online merchants can attract more traffic, boost customer engagement, and drive more conversions in the future.

Prepare for an Exciting Future in Ecommerce on Oman National Day

 So, on National Day in Oman in 2024, prepare to grow your ecommerce business like never before. Though many Omanis still prefer to try out products physically before buying them and have security concerns, change is on the cards. Government support, urbanization, increasing penetration of internet and smartphones, a growing youth population, technological innovations, and efficient online payment solutions are driving the growth of ecommerce in the country. The fact that people have more disposable income these days and lead busy lives will likely lead to a surge in Oman’s ecommerce too.

So, join hands with PayTabs and get started. As a leading payments infrastructure company in MENA, we intend to power all digital transactions with avant-garde solutions. Our secure, simple, and scalable solutions are designed to drive financial inclusion and local commerce.

Top Tips to Crush It in Your E-commerce Business on Singles Day

Top Tips to Crush It in Your E-commerce Business on Singles Day
Singles’ Day, first observed in China in 1993 as an unofficial holiday, has now amassed popularity in many other parts of the world. Those not in a romantic relationship in the UAE & Jordan celebrate it every year too, and shopping is an integral and fun part of the day. Singles tend to pamper themselves generously and even send gifts to single friends! And that translates to a massive opportunity for you as an ecommerce business owner. So, with 11th November knocking on the door, go through some effective tips on how you can sell and earn more on Singles’ Day 2024.

8 Strategies to Boost Ecommerce Sales on Singles’ Day

Last year, the total global sales recorded on Singles’ Day or Double Eleven was a staggering USD 156.4 billion. So, it makes complete sense to cash in on the shopping frenzy associated with the occasion. Here is what you can do:

  1. Consider Exclusive Deals and Limited-Time Offers: Bundle deals, big discounts, and buy-one-get-one offers can get you a lot more traffic on National Singles’ Day, just like any other holiday. You can also introduce a tiered discount system, where the customer gets a higher discount when they spend more. Limited-time offers are also a great way to create a sense of urgency and FOMO. You can alert shoppers about low stock or use countdown timers for that. Free shipping and free gift on certain purchases can also reel in more customers.
  2. Make the Site Mobile-Friendly: By optimizing your website or e-store for mobile devices, you can draw young, single, and tech-savvy shoppers in droves. So, make your site rich in visuals, easy to navigate, and all elements responsive. Go easy on text and only showcase crucial product details to drive easy decision-making. Make sure the site loads fast and pop-ups are not interruptive.
  3. Promote the Right Products: On Singles’ Day 2024, highlighting products that align with the single lifestyle is a smart way to augment your sales. You can also have a special landing page for the same. From self-care kits, headphones, tees and cushions with fun messages, to massagers, organizers, quirky mugs, candles, hobby kits, and robes, there are many things to promote on the special occasion to entice singles.
  4. Lend a Personal Touch: Leverage analytics tools to study past customer data on their navigation and shopping behaviors. Look into metrics like order frequency and volume, payment modes, time spent on website, pages visited, and products ordered. You can then personalize product recommendations and boost conversions. Shoppers will also feel ‘seen’ and might end up ordering more than they had planned.
  5. Produce Useful Content: Churning out interesting and informative blog posts on shopping or gift ideas for singles can position your brand as an industry expert. It is a great way to promote Singles’ Day and inspire those looking to pamper themselves without waiting for a partner. You can also create posts on ways to use certain products and plug in high-quality images. Emails or newsletters listing your top items for singles can also do the trick.
  6. Leverage Social Media: Promote your products on social media platforms in the form of light-hearted and engaging posts that allow followers to click on a button and land right on the shopping page. You can also host polls, contests, and giveaways to get your target audience excited about your offerings and deals. For instance, ask singles to share pictures or videos of them using a specific product you sell for the chance to win a gift voucher or discount on the next purchase. Or ask them to leave comments on a post or share the same to win freebies.
  7. Join Hands with Influencers: To sell more on National Singles’ Day, partner with influencers who are aligned with your brand image and the products you sell. It will work better if they are single too! Get them to promote your items through images or videos or host a launch, as it can win customer trust easily and nudge them towards an actual purchase.
  8. Ease Payment: Partner with a reliable payment solutions provider like PayTabs in the UAE & Jordan to simplify your payment ecosystem and speed up the checkout process. Offer shoppers multiple modes of payment and get ready to accept different currencies from all corners of the world. This will help expand your customer base. Strengthen cybersecurity with PayTabs’ advanced encryption and authentication mechanisms as well, so that shoppers can go through transactions without worries.

Singles’ Day 2024: Gear Up to Ace Your Ecommerce Game

So, are you all set to crush it in your ecommerce business this Singles’ Day? Optimize your website for mobile devices, offer exciting discounts and deals, promote relevant products, and personalize recommendations to see a major uptick in traffic and sales. Remember to create engaging content, capitalize on social media, partner with influencers, and simplify payment with PayTabs too.

As an eminent payments infrastructure company in the MENA region, PayTabs aims to drive every digital transaction with cutting-edge solutions. We hope to facilitate and power local commerce and financial inclusion with our simple, secure, and scalable solutions.

How to Boost E-commerce Sales during Diwali 2024 in the UAE

How to Boost E-commerce Sales during Diwali 2024 in the UAE
Home to around 4.75 million Indians currently, the UAE observes the vibrant and joyous festival of Diwali every year. Indian expats and even locals shop enthusiastically for clothes, fashion accessories, jewelry, appliances, and decorative items during the Diwali festival of lights. In fact, despite a 40% increase in the price of gold, jewelry stores in the country are expecting a decent spike in the total sales value around this time. Moreover, most consumers are likely to go online for a quick and hassle-free shopping experience as they will be busy with other festive preparations at home.

So, as a merchant in the UAE, it’s the perfect opportunity for you to boost e-commerce sales by leveraging a few smart marketing strategies. Go through this guide before getting started.

Marketing Tactics to Boost E-Commerce Sales during Diwali  

Whether you sell everyday essentials or high-end and big-ticket items, here are 9 ways in which you can score better sales and revenue numbers during Diwali in UAE:

  1. Lend a Festive Touch to the Website: Infuse the Diwali spirit into your landing page with colors like bold red, golden yellow and bright orange. Showcase limited-time deals, best-selling festive products, and gift combos in an eye-catching manner on the festive-themed homepage. You can also have a special tab that says ‘Special Diwali Collection’ or ‘Buy Diwali Gifts’ to engage with customers quickly. Highlight discounts, deals, or freebies prominently. Make sure shoppers can seamlessly navigate the landing page and add products to the cart without any glitch.
  2. Optimize for Mobile Devices: Diwali in UAE is a super busy time for everyone celebrating, what with cleaning the house, preparing delectable dishes, and getting the lamps ready. So, most people use their mobile devices to shop for everything they need instead of cracking open laptops or sitting down at a desktop. This helps especially when they are on the go. So, make your website easy to view and navigate on smartphones and tablets. It should load fast and be rich in visuals rather than text. To boost e-commerce sales, ensure that shoppers can spot important information, enter payment details, and checkout smoothly.
  3. Ace the Search Engine Optimization (SEO) Game: To boost e-commerce sales during Diwali, your website must rank high on search results. So, you need to optimize all festive content accordingly. Weave in keywords related to Diwali, Diwali shopping, Diwali gifts, Diwali deals, etc. into your web content, product descriptions, meta tags, alt texts, and blogs. Churn out original, informative, and interesting articles and guides on how to decorate homes and workspaces, what gifts to choose for loved ones, how to throw a Diwali party, and so on. Remember that search engines assign a better rank to sites that not only have relevant keywords but also valuable content.
  4. Personalize Shopping: Offering every customer a personalized shopping experience that resonates with their taste, budget, and need can help you strike better engagement and drive more conversions. So, based on past purchase behaviors, interests, gender, age, and usual transaction values, offer customized product recommendations. This positions your brand as a thoughtful entity and the shopper can place an order easily and quickly.
  5. Host Social Media Contests: During the Diwali festival, social media platforms are the key to engaging with your target audience. For instance, you can ask followers to share your Diwali Giveaway post or tag their friends in order to win a special festive hamper. This way, your brand will also enjoy more visibility. Or host contests that require followers to share their Diwali-special look or home décor to win attractive products or gift vouchers. Such user-generated content can also build trust in other potential customers and increase sales.
  6. Collaborate with Influencers: A smart way to boost e-commerce sales is by joining hands with influencers who are in alignment with your brand image, vision, or values. They can promote your business and products through Diwali-themed décor or personal styling tips, unboxing videos, or special launches. They can upload content showcasing how they use your products or why they find them useful. Influencer marketing can enhance your brand’s credibility, attract more website traffic, and boost conversions.
  7. Send Themed Emails: During Diwali festival, send out themed emails and newsletters that include warm, festive greetings and enticing visuals. Use crisp but attractive subject lines that nudge recipients to open the emails. Also mention words like ‘offers’ and ‘deals’ and include discount codes inside the email. You can tailor the emails to suit different kinds of customers too – first-timers, loyalists, and those who haven’t made a purchase for some time.
  8. Simplify Payment: To improve e-commerce sales during Diwali, focus on easing the payment experience. Partner with a payment gateway solution provider like PayTabs to offer customers multiple modes of payment for increased flexibility. They can choose from cards, digital wallets, apps, payment links etc., which means there will be fewer instances of cart abandonment. The checkout process will be smooth. You can accept payments in various currencies too, which means shoppers in other countries will be confident about purchasing from you. The fast payment processing speed will boost customer satisfaction and encourage more order volumes and repeat purchases.
  9. Strengthen Security: Security against frauds is a key concern during Diwali in UAE when the transaction volume shoots up significantly. With PayTabs, you can rest assured that your payment ecosystem will be PCI DSS compliant and the authentication and encryption measures will be advanced. And when you promote the same, shoppers will trust you easily and buy more.

Get Ready to Sell and Earn More during Diwali in UAE

By now, you have a fair idea about the marketing strategies to employ to boost e-commerce sales during the festival of lights in the UAE. From transforming your website, making it mobile-friendly, leveraging SEO, personalizing shopping, and simplifying payment to sending themed emails, hosting social media contests, and partnering with influencers, there is much to do this Diwali for higher sales and revenue figures. So, connect with the experts at PayTabs without delay and embark on a prosperous journey.

As MENA’s leading payments infrastructure company, PayTabs brings you avant-garde solutions and hopes to power all digital transactions. Our safe, simple, and scalable solutions are perfect for driving financial inclusion and local commerce in the region. So, embrace the future today.

QR code invoicing for digital payments

QR code invoicing for digital payments

The market size for QR code payments at a global level is expected to exceed USD 51.58 billion by 2032 after growing at a rate of 16.5% annually. And it doesn’t come as a surprise. With internet and smartphone penetration rapidly increasing, more and more people are going online to shop for everything from essentials to luxuries. Plus, the recent health pandemic effectively highlighted the importance of getting transactions done while minimizing touch. Hence, contactless payments are in vogue and modern businesses in the UAE are jumping on the bandwagon in droves.

QR code invoicing for digital payments is especially disrupting the landscape by facilitating fast, smooth, and efficient transactions. Since a quick scan is all it takes to go through with this payment, QR codes are simplifying life for both merchants like you and consumers. Continue reading to understand how QR code invoicing works and the many benefits of such a payment system.

Decoding QR Code Payment Systems

QR code invoicing for digital payments essentially requires merchants to generate a code that represents relevant payment details. After a customer uses their smartphone to scan this code, the payment gets processed via an already-linked banking app or digital wallet. There is no need to involve any cash, physical cards, or point-of-sale machines. The process is explained here in more detail:

  • With the help of an electronic invoicing system (like the one offered by PayTabs), you can churn out QR codes that encrypt multiple aspects of a payment, like date, merchant information, transaction amount, VAT details, and any unique identifier.
  • The customer, after receiving the QR code, scans the same. Payment details show up once the code is decoded.
  • Relevant information is then conveyed to the customer’s banking app or digital wallet. Once the payment is authorized, it gets processed via a secure gateway.
  • Lastly, both you and the customer receive confirmation that the transaction has taken place. Payment details are also recorded for auditing and reconciliation.

Now, let’s find out why QR codes are the future of mobile payments.

Advantages of QR Code Payment Systems

QR codes are among the top digital invoicing trends that will impact the future of payments in more ways than one. Here are the key reasons why that is so:

  • Instant Payment Processing

The ‘scan and pay’ feature of QR codes allows them to save a customer’s time and energy dramatically. It just takes a few seconds for someone to scan a code and pay via the desired method. This means, the transaction or checkout process is hassle-free and satisfactory. Even in a physical store or eatery, QR codes facilitate speedy and contactless payments, thereby minimizing the transfer of germs. The instant payment processing attribute helps your brand to make a positive impression on customers and boosts loyalty.

  • Accessibility

It is easy to scan a QR code as long as the customer has a smartphone with a camera and access to internet. There is no need for them to carry cash or cards. This is good news for a wide range of demographics, including those who are still unbanked. In other words, QR code payment systems make it possible for your business to reach out to different kinds of consumers in terms of age, gender, socio-economic situations, and education levels. You get to sell and earn more.

  • Multiple Currencies Accepted

Here is another reason why QR codes are increasingly emerging as one of the best mobile payment solutions in the UAE and elsewhere. When you partner with a provider like PayTabs for your e-invoicing needs, you can send QR code invoices to customers in any part of the world. They can scan and pay in their local currencies, which makes for a comfortable and familiar experience. Your funds will get settled in the home currency though. Foreign customers will not only trust your business more this way, but will also feel deeper engagement and choose to come back for repeat orders. Hence, expanding to new geographies is easy with QR codes.

  • Cost-Effectiveness

QR code invoicing for digital payments can also help you save a lot more money than conventional PoS systems. The requirements to get started are quite basic and transaction fees are also affordable. So, if you are running a startup or small business, offering a QR code payment system can help you control costs significantly.

  • Robust Security

Facilitating payments through QR codes reduces the scope of card-related frauds like card cloning, account takeover, skimming, application scam, and phishing. Moreover, the customer’s payment details are encrypted with advanced techniques and processed via safe channels to minimize data breaches.

  • Analytical Insights

Top providers of QR code payment systems make sure you can obtain statements for all the invoices paid. You can also track and control payments from a single, unified dashboard. This not only streamlines your financial operations, but also helps you to derive actionable insights from all the payment-related data collected. This can, in turn, enable you to make more informed decisions in the coming years and spot any gaps in the payment system and bridge the same.

QR Codes are Indeed the Future of Mobile Payments

Did you know that in 2020, 1.5 billion people around the world made payments using QR codes? And by next year, almost 30% of all mobile phone users are also expected to pay via QR codes. These codes are dominating digital invoicing trends for multiple reasons, as discussed above – instant payment processing, accessibility, multiple currency acceptance, security, cost-effectiveness, and analytical capabilities. Being contactless, QR code payment systems are also making the world a safer place and empowering even unbanked consumers to purchase what they need or want. It is especially the way to go if you own a small business or startup and want to invest conservatively in your payment ecosystem for now.

So, what are you waiting for? Get in touch with PayTabs to discuss your requirements, explore our services, and kick-start QR code invoicing. As a leading payments infrastructure company with presence across the MENA region, PayTabs offers avant-garde solutions for the sake of local commerce and financial inclusion. Our dream is to power all digital transactions with safe, simple, and scalable solutions.

Flexible Subscription Models and Repeat Billing

Flexible Subscription Models and Repeat Billing
Did you know that it can cost you five times more to acquire a new customer than retain an existing one? Also, the success rate of selling to a current customer is 60% to 70%, which is significantly higher than the success rate in case of a new one (5% to 20%). So, it’s evident that improving loyalty and retaining customers is essential for your UAE business to survive and thrive. And if you have a subscription-based business, an efficient repeat billing module can go a long way in accomplishing the same.

Whether you run a gym or club, sell magazines or SaaS solutions, or offer advertising services, a recurring billing system can help you charge customers at predefined intervals and in an ongoing manner. This will translate to a continuous stream of revenue for you and a smooth, convenient experience for consumers. Let’s delve deeper into this and look at how you can enhance retention with subscription billing flexibility.

Is Repeat Billing the Same as Subscription Billing?

While repeat billing and subscription billing are two terms that are often used interchangeably, the first one only refers to the recurring payment aspect of a subscription-based model. In this, after registering, a customer shares their payment details, authorizes your business to store the same, and chooses payment intervals.

On the other hand, subscription billing includes the recurring payment process as well as flexible payment options such as different pricing models, free trials, renewals, downgrades, and upgrades. However, since most subscription-based businesses offer customers flexible payment options nowadays, repeat billing essentially means subscription billing.

Subscription Billing: How It Works

This is what happens in a subscription or repeat billing model:

  • The customer picks a pricing plan and payment method as per their needs and convenience.
  • They allow your billing software to store their payment information.
  • When a new billing cycle commences, your payment service provider automatically charges the pre-approved amount of money to the customer’s card. Post approval, the sum gets transferred to your account.
  • The customer receives a notification about the transaction, and in case the payment fails, they are sent further instructions.
  • Based on a set schedule, the customer’s preferred payment method is charged indefinitely until they cancel or pause the plan.

How to Optimize Business Retention with Subscription Billing

The fact that the ecommerce subscription market at a global level is set to reach USD 904.28 billion by 2026 indicates that more and more businesses are adopting the recurrent billing model. If you too want to join the bandwagon and leverage repeat billing as one of the business retention strategies, join hands with an end-to-end payment solution provider like PayTabs. It is easy to integrate with your subscription model and you can drive customer retention with the following tips:

  1. Strategize Pricing:

Offer different kinds of or customizable subscription plans so your customers can pay as per their convenience. After all, not everyone will want to pay a lot of money in one go with an annual subscription. You can also choose to reward subscribers based on their loyalty through special discounts and offers. Cross-sell and upsell wherever possible, so you can make customers happy while augmenting your revenue.

  1. Make It Easy to Save Payment Details:

Allowing subscribers to save their card or digital wallet details easily means accelerating their future checkouts. When they don’t have to feed the payment information repeatedly, customer satisfaction will shoot up, which means a higher retention rate.

  1. Offer Flexibility:

Remove any point of friction when a customer wants to modify, stop, or restart their subscription. You can ensure subscription billing flexibility by waiving late payment fees if it’s a rare occurrence, simplifying plan upgrades and downgrades, and providing alternate solutions in case of cancellation.

  1. Automate Invoicing:

Though most repeat billing modules involve the automatic deduction of a pre-specified fee from the customer’s chosen payment option, if required, you can generate and send standardized and professional invoices. This will not only save your time and effort, but also allow subscribers to check the payment date and amount quickly so they are prepared for it. This can make a favorable impression and boost retention.

  1. Provide Multiple Payment Modes:

With a recurrent billing solution provider like PayTabs, you can allow customers to pay through debit and credit cards, internet banking, digital wallets, apps, and even QR codes. This is another form of subscription billing flexibility that will help them choose from multiple options and stick to your brand for many years.

  1. Accept Multiple Currencies:

Recurrent billing is one of the key business retention strategies even if you have international subscribers. Just make sure your payment system accepts currencies from around the world but settles your funds in the home currency. By allowing foreign customers to pay in their local currencies, you can win their trust, confidence, and loyalty.

  1. Offer Robust Security:

In a repeat billing model, the weekly, monthly or annual fee usually gets deducted from the customer’s payment method automatically. This means, any sensitive information must be secured at all times. So, adopt a payment solution that is PCI DSS compliant and uses advanced encryption and authentication techniques against a variety of scams and frauds.

Gather Analytical Insights: Adopt a repeat billing module that lets you analyze large amounts of data in different ways and gather insights about patterns and trends in consumer behavior and preferences. This will help you improve the payment system or introduce more flexibility and convenience in the future.

Repeat Billing: An Effective Way to Optimize Business Retention

So, by now, you have a fair idea about what is recurrent billing, how it works, and why it is deemed as one of the best business retention strategies for subscription-based ventures. You can partner with PayTabs to leverage a holistic repeat billing model and handle everything from subscription billing flexibility and automated invoicing to strategic pricing, cybersecurity, and data analytics. Additionally, you can offer customers multiple modes of payment and accept currencies from around the world to scale beyond borders.

As a leading payments infrastructure company in MENA, PayTabs aims to power all digital transactions and offers sophisticated solutions to drive financial inclusion and local commerce. So, it is time you make the most of our simple, safe, and scalable solutions, and take your subscription-based business to new heights.