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Online marketplace vs e-commerce webpage – which one you should turn to?

Online marketplace vs e-commerce webpage – which one you should turn to?
Mohab Growth Hacks 0

Online marketplace vs e-commerce webpage – which one you should turn to?

With an increasing pressure to maintain a good digital presence, sellers are often faced with a dilemma. Whether to invest in one’s own e-commerce website or list products and services on an online marketplace for a fee? Though both are entirely based online, one must be well aware of the differences, pros and cons of both the options. This way, one can make a well-informed decision, best suited to one’s business model. The following are the features, advantages and disadvantages of each of the two options:

  1. Operating model: An online selling model wins hands down over the traditional brick and mortar shop by way of customer reach and access.
    • E-commerce webpage: An e-commerce website is an independent extension of one’s business i.e. an online store. The portal would host the entire product catalogue with brand details and pricing.
    • Online marketplace: On the other hand, an online marketplace is where one lists one’s products, along with many sellers, for potential customers to browse and buy. The website owner allows third party sellers to sell to customers in return for a fee.
  2. Cost dynamics: An e-commerce site needs to be running 24×7 and requires considerable monetary investment and set up time by way of development, design, selection of domain name, hosting services, integrating a shopping cart, content and can then take payments online. It requires hiring of skilled talent to maintain the site and resolve technical issues. There is minimal cost involved in a marketplace, as one can register, upload and sell the products via the digital platform.
  3. Winning customers: E-commerce requires marketing efforts to build a loyal customer base and ensure sales conversion. However, since it exclusively hosts in-house products, there is potential to earn better margins in case of higher traffic. Further, one can establish direct rapport with customers and send emails on product promotions, discounts or offers. This might result in higher repeat sales. Marketplaces are on the other hand, purely transaction based, and seek to match seller’s products with potential customers. However, since one is competing with several other sellers in the marketplace, one needs to have a good product differentiation or offer discounts to attract customers. In this case, the profit margins might take a hit.
  4. Brand building: E-commerce offers ample opportunities to develop one’s brand and offer customized products to customers. Marketplaces would uniformly promote all listed products and try to enhance website visitors. One might lose sales to competitor sellers. Thus, there are limited opportunities to engage with customers and develop leads. This is because the payment processing and transaction is handled by the online marketplace.
  5. Ease of navigation: An e-commerce website offers products based on separate categories. Hence a customer can easily filter the products or search based on a refined criterion to access the listings. Plus, the product universe would be relatively lesser compared to a marketplace, owing to being restricted to a single seller. In case of a marketplace, the products are organized as sets with multiple sellers. Owing to larger data set, the product selection might be a time-consuming process.
  6. Control aspect: In an e-commerce site, one can control all the aspects of design, content, templates, security aspects, payment mode and integration of payment gateways. There are no limitations on the character limits or guidelines to follow. One can create a unique customer experience and engage better with the customer. There is no flexibility of customization in a marketplace that functions as a one stop shop. Thus, the design, content and templates are as per the choice of the online platform owner. Further, to attract more customers, there may be multiple online payment platforms.

In conclusion, you need to remember that a one size fits all concept never works in business. An online marketplace might help increase sales conversion in case of a relatively new business. On the other hand, in case of a business with an established client base, it would make sense to operate an in-house e-commerce portal. One must take a suitable decision based on the vendors’ business model, nature of products, specific needs, client base and pricing model.

6 years ago
Boost sales conversion with the right payment integration strategy
Mohab Growth Hacks 0

Boost sales conversion with the right payment integration strategyWhile window shoppers are welcome to browse the e-commerce website, merchants are mainly concerned with serious buyers who proceed to the payment gateway after adding the products to the cart. We shall look at the various approaches of how to integrate a payment gateway and the best option to increase sales conversion.

  1. Redirect the customer: The online payment platform is hosted on an external third-party webpage. It is not integrated into the merchant’s own website. Thus, the customer is redirected to a website with a different URL.
    • Disadvantages: The merchant lacks control of the payment process as it is outsourced to an external vendor. The customer might not enjoy services of the same standard as those offered by the merchant. Poor server speed or any other payment processing error that hampers payment would adversely reflect on the brand image of the merchant.
    • For the merchant: The merchant has no control over the operational aspects like error message, back-end process and security levels. Further, there is no way for the merchant to confirm customers’ payments. In many cases, redirection can hurt sales. The customer might abandon the purchase on being directed to a separate website with different design and logo, owing to security concerns. One might even end up losing business to a rival that offers more convenient features in accepting payments.
    • For the customer: The time for the transaction to be completed depends on the speed of the third-party server. Generally, an online customer would prefer a transaction that takes minimum time until final checkout. The customer would like to see a confirmation of the order delivery on the merchant’s website after payment. It might not be possible to return to the e-commerce site after payment.
  2. I-frame based forms: The iframe feature allows one to add an external payment form to one’s website. This works like an appendage to one’s payment page, in return for a code received from the payment solutions company. However, the design is as per the payment provider. This would cause inconsistency with the layout of the webpages of one’s own website. Further, in case the third-party servers are down or operating slowly, the customer might face issues in making payments. One would not be in a position to offer much support and track the error in real time as the payment process is outsourced. Code changes might also have limited options. The delay might result in the customer cancelling the order or abandoning the cart. Payment management is difficult as the merchant lacks control over the process.
  3. Customized forms: The custom form is completely integrated into the merchant’s own website. Thus, the payments process is completely managed onsite. The input fields like the customer details to be entered within the HTML payment page can be entirely customised. The payment processor handles the security aspect of the payment gateway, ensuring it is compliant with the leading PCI certification. This ensures that the customer data is safe and confidential. Since the merchants obtain real-time information, they can offer live chat support to the customer in the event of any difficulty in making payments. With the customization feature, the merchant can design a payment form compatible in look and need with the rest of the website. The last option is a sure-shot way to boost sales conversion. The merchant has complete control of the transaction and there is no risk of any dilution in quality at any stage.

In online transactions, it’s best not to risk losing control of the business transaction to a third party at the crucial stage of payment processing. Hence, it’s best for a merchant to take complete ownership from start to end of each online transaction. This would entail having a seamlessly integrated, customized payments platform within one’s e-commerce site. Often, a crucial decision like payment integration can result in winning or losing customers.

6 years ago
PayTabs collaborates with DHL for the Benefits of its Partner Merchants
Mohab Partners & Partnerships 0

PayTabs collaborates with DHL for the Benefits of its Partner Merchants

Shipping costs are rising year after year and because of this, many merchants are finding it difficult to afford it. To make matters worse, goods often don’t reach their destinations on time. While many are affected by this, the merchants especially are feeling the heat. When the economy is booming, you need your goods and services to move at a fast and reliable pace. However, while slow and unpredictable shipping is beginning to have a domino effect on the growth potential of the economy, its rising cost is reducing the average customer’s spending power.

PayTabs partners with DHL

Especially, in a country like the Kingdom of Saudi Arabia merchants add so much to the economy and they are gravely concerned about these shipping issues. But now, they need not worry much as we, their trusted partner, PayTabs have brought them a solution. The good news for the business owners who are active PayTabs merchants in KSA is that PayTabs has joined hands with one of the world’s largest logistics company, DHL to especially provide our merchant partners based in Saudi Arabia, a very special offer. With this new offer, they can now get their documents, packages, and shipments delivered locally or globally for less. Keeping the needs of our partners in mind, we negotiated the rates for domestic and international cargo and can assure you that we have brought you a deal that is going to benefit you a lot in the longer run.

The offer will be valid until May 1, 2020, or until otherwise informed. To reiterate, the offer is applicable for active PayTabs merchants in the Kingdom of Saudi Arabia only. Lastly, we want to clarify that while PayTabs is facilitating the offer, any queries or concerns about shipping or handling can be directed to the friendly support team at DHL who are always on hand to help.

PayTabs, as a leading payment gateway for websites that sell products or services, continues to strive to find solutions for anything that might be bothering our partners. Quite recently we took some measures to help our friends find more ground online via our social media outreach program that involves interaction with potential customers and clients from all corners of the world.

Our #Payshout campaign takes your content to a whole new level on various social media platforms, gives your brand new audience groups and boost your brand awareness. Similarly, when we realized the huge losses our merchants were incurring because of the sluggish yet extremely expensive shipping, we thought of joining forces with DHL. When we began offering a variety of payment options, we wanted our partners to reach out to millions of customers across the globe and promise them a hassle-free shopping experience.

Today, our associates enjoy the power of having the world of payments at their fingertips (accepting 168 currencies) courtesy our innovative and tech-savvy payments solutions. Now, with our new tie-up, the active PayTabs merchants don’t have to waste their precious time in evaluating the market rates and service reviews of different international courier companies. They can now simply use the services of DHL, a global market leader in the logistics industry, with ease and at substantially lower costs.

We are known for going out of our way to do our bit in making the lives of our partners easier and that’s why we are such a loved brand and we will continue to do our best. If you still aren’t, we welcome you to join the growing PayTabs family!

6 years ago
How Offering Alternate Payment Methods Provides a Competitive Edge
Mohab Growth Hacks 0

How Offering Alternate Payment Methods Provides a Competitive Edge

With e-commerce gradually taking centre stage, online shopping is emerging to be a highly competitive space. Every merchant is keen to include differentiating factors based on customer convenience and choice to stand out from competition. One such feature is offering alternate payment methods to the customer. We shall look at how offering alternative payment methods can help one stay ahead of one’s business rivals.

  1. Let the customer choose: Just like with products, customers like to be presented with choice when it comes to payment methods. For a global e-commerce business, it is important to identify the locally preferred, accepted payment methods. This option varies among different geographies, regions, industries, age groups, and devices i.e. smartphone, tablet or laptop used to make the purchase. For example, it is not practical to enter card details in a mobile. In such a case, digital wallets might be popular. In another study, it has been found that millennials prefer text to talk in case of payment methods.
  2. Adapt to local tastes: There are several e-commerce payment options available like direct bank transfers, direct debit, digital wallets, cash on delivery, phone and mobile payments, prepaid cards, money order, online invoices, digital currencies and specific local payment modes. A payment solutions company with a global network would be able to provide valuable insight about the most commonly used payment option. The data analytics would enable higher sales conversion.
  3. Fraud risk evaluation: One can use digital solutions that provide real-time information on the most suitable payment method to be provided to a shopper, after an automated background verification of customer credentials. The shopper’s delivery address, device location and other specific data can be used to assess the risk profile by the time the customer reaches the payment page. This offers dual advantages of providing appropriate payment methods as well as reducing incidents of fraud.
  4. Customer recognition: It is best to provide customized payment options of at least 3 modes. This can be determined based on the past purchase trends like value, frequency and the use of a particular payment mode. This would help provide seamless payment processing based on intuitive data.
  5. Multi-currency support: It is best to opt for online payment platforms that support multiple currencies or provide an accurate currency conversion option. Often, a customer might be travelling internationally and would need to make a purchase from an e-commerce merchant. In such a case, a payment gateway that offers payment acceptance across payment modes in multiple currencies can be a huge advantage.
  6. Secure payment processing: To win the trust of the customer, it is vital to provide secure payment solutions that comply with the highest security standards. Only then would the customer be willing to save confidential details of payment modes like credit card or debit card on the e-commerce website. This saves time during the checkout process as the details will be pre-filled. Some modes like EMV chips can negate any scope for credit card fraud.
  7. Enhance value: One could offer frequent customers the option to pay with reward points or loyalty cards. Co-branded cards that offer rewards like discounts, etc would encourage higher spending with certain merchants. Certain digital wallets also enable the storage of ID cards issued by Government authorities.

Technology is redefining the way we think about payment modes. Gone are the days when one had limited options of cash, cards and net banking. A whole plethora of alternative payment methods are available to cater to the preferences of every wallet, demography, market and business type. A one-size-fits-all approach would prove counterproductive and might result in losing out valuable business to the competition. One needs to find the right payment mix that works best for the unique needs of each business segment and customer profile.

6 years ago
PayTabs Wins Prestigious FiNext Top Companies in Payments Award
Mohab Global Events 0

PayTabs Wins Prestigious FiNext Top Companies in Payments Award

Ever since it started operations in 2014, PayTabs has been single-mindedly focused on one thing – use robust technology to help small and medium businesses make simple and secure online transactions. The company has worked towards building innovative solutions to make the world go cashless and embrace new possibilities of accepting payments. It goes without saying that they are proud of the value and opportunities created for more than thousands of payment partners. And it cannot be more satisfying when others recognize this as well.

“After careful consideration and extensive research our awards committee is happy to let you know that ‘PayTabs‘ has been selected for the Top Companies in Payments Award”

                                                                -FiNext Judging Committee

The recent award won in Singapore was collected by their distinguished Philippines Country Manager, MayFlor Jalandoni, at the latest FiNext Conference held on 25th-26th April, at Marina Bay Sands, Singapore.

FiNext Acknowledges the Torchbearers of Global FinTech Sector

FiNext is dedicated to bringing the global FinTech sector under one roof. They allow start-ups, investors, SMEs, incumbent tech providers, financial institutions and other stakeholders to connect and interact with industry innovators. This was the primary idea behind the FiNext Awards Singapore 2019. The FiNext ‘Top Companies in Payments Award’ is one of the premier business awards for achievement in the global payments sector.

While nominees were judged on 5 parameters – Spirit of Innovation, Overall Reach, Industry Impact, Future Readiness, and Market Demand, PayTabs walked away with the highest award distinction for companies specializing in the payments sector – the Top Companies in Payments Award. The judges agreed that PayTabs was a pioneer in the way it had impacted the global payments industry. And, that their brilliant insight and future readiness ensured they also captured the spirit of innovation.

PayTabs Innovative Approach

PayTabs has been providing a smooth way for entrepreneurs, financiers, practitioners, innovators, and enthusiasts to forge partnerships, grow businesses, and access global markets. They hold on to their core system of values to create a unique and secure gateway to their clients. Their smart dashboard is second to none in the way it helps businesses manage their deposits from one platform to the other. The fact that PayTabs gateway is equipped with a PCI DSS certification and anti-fraud protection allows them to enjoy global recognition.

With the latest award conferred upon them (among a series of other highly notable awards), PayTabs is geared to become a leader and pioneer in the payments gateway space.

Standing up to market trends 

The FiNext judging committee acknowledged hand-picking PayTabs from a list of incredible nominations. What worked in the favour of PayTabs was its ability to measure up to ongoing market trends and foresee client needs. They had increased their market demand by addressing these requirements of the market and responding uniquely to emerging trends. With the latest award, PayTabs continues to enjoy a successful journey as one of the premier payment gateway providers in the world.

About PayTabs:

PayTabs is a Saudi-based company that facilitates processing of online payments securely and efficiently. It was founded by Saudi entrepreneur Abdulaziz Al Jouf.

PayTabs caters to small, medium and large enterprises via different business models. PayTabs offers clients services to seamlessly ‘plug and play’ various features on to their websites. It prides itself on offering simple and EFFICIENT invoicing services for merchants and professionals.

PayTabs was awarded the title of ‘Fintech Company of the Year 2018’ at the prestigious Arabian Business Achievement Awards.

With dedicated offices in Saudi Arabia, UAE and presence in Bahrain, India and the Philippines, PayTabs is fast emerging as the preferred payment solution company.

6 years ago