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The Definitive Guide to Influencer Marketing for eCommerce Stores

PayTabs
Mohab Growth Hacks 0

The-Definitive-Guide-to-Influencer-Marketing-for-eCommerce-Stores

Influencer marketing is a relatively new concept in Ecommerce. However, it has gained widespread popularity in a short period of time. It has also emerged as one of the most efficient methods of marketing. A number of surveys have pointed out that more and more people are affected by the messages conveyed by social influencer. In order to increase the scope of your business, it is important that you are conversant with the various nuances of influencer marketing. So here are some tips which can help you bring the best out of your collaborators.

What is an Influencer: It is important to know what an influencer is and how influencer marketing works.  Generally, the concept of influencer marketing is confused with celebrity marketing, but both are drastically different approaches. Influencers generally have much smaller following but have more intimate contact with their base. Influencers also have very specialized following as they generally promote very specific areas of interests. With influencer marketing, you can target your market in a very granulated manner. The conversion rate for influencer marketing is also higher than most other forms of marketing due to this reason.

Know Your Market: like with any other marketing tool, even influencer marketing’s success depends on how well you know your market. In order to design a powerful campaign, it is important to be aware of unique features of your target market. Further, you should also know your market well enough to segregate that into smaller units with varied features. Such micro segregation is important to personalize your marketing campaign. Markets may be defined on different basis such as income, age or education level. Such study of the market allows you to design your campaign in a more personalized manner.

Identify the Influencer: once you have identified the discerning features of your target market, you can prepare the shortlist of the influencers in the segment. There are several criterion which can help you identify the influencers which are best suited for your product. In order to create maximum impact, you should try to steer clear of influencers who are already engaged with a large number of products. In such a case, it is highly likely that your product message will be highly diluted. There are several tools available which can provide you with the list of influencers working in your area. It is also important to look at the composition of their followers so as to ensure that your marketing efforts are targeted towards the right kind of people.

Differentiate the Influencers: influencers come in all shapes and sizes. To reap the most benefits it is essential that you differentiate between different types of influencers and choose the right ones fit for your requirements. It is important that your influencer has sizable following, otherwise your marketing efforts will not be cost optimized. Further, you should also look at type and level of engagement provided. Your influencer should be regular in providing updates to their fan following so that your messages reach their target audience in a prompt manner. It should be noted that while influencers have smaller following than celebrities they are able to provide more personal touch to your brand and products.

Craft your Influencer Message: you should closely work with your influencer to create the most compelling message for your campaign. First off, the endorsement should come from the influencer as it contains most genuine impression. Such endorsements are more personal in nature and thus are easily differentiated from mass promotion on products. Once they have prepared their own endorsement, you can work together to make the message more effective. Some of the main techniques to do so are to incorporate the links to your page and to offer special discounts. However, the task is not done once the message is disseminated, you can further increase the potential by sharing such messages on your own platform as well.

Influencer marketing is amongst the most promising upcoming marketing techniques. It is important that you measure your output and evaluate it accordingly. This step will let you identify your star performers. In the case of others, constant evaluation will let you find out the weak spots and address them.

5 years ago
PayTabs
Mohab Covid19 Resources 0

How-to-Prepare-Your-Ecommerce-Business-for-a-Post-COVID-World

It does not come as a surprise that the COVID-19 outbreak has dramatically changed the way online businesses carry out their operations. After all, consumer behavior and buying patterns have altered to suit the effects of the pandemic. So, ecommerce businesses have had to adapt themselves quickly in order to accommodate the changes and to arrest the spread of the virus by implementing safe delivery rules.In order to ensure that your business is in a position to sustain itself and grow in the post-COVID era, here are some handy tips to guide you:

Be Proactive: There have been rapid changes in the business environment on account of the pandemic, as more people have taken to online shopping and focusing on essentials. So, it is important that you take a proactive approach to change your ecommerce business plan and practices, to remain efficient. You need to carry out proper analysis to understand the impact of the outbreak on the demand and supply pattern of your products and services. It is important that you take a 360 degree view of the business operations and pay equal attention to various facets, including supply chain. Therefore, you should be aware of all the changes in your market segment. It is important that you communicate these changes to your teams as well, so that they can modify their procedures.

Invest in Digital Marketing: Wondering how to improve ecommerce business opportunities?Forward-thinking businesses have used the lockdown period to promote their products and services online. They have used the downtime to ensure that their digital marketing strategies work overtime to help their ventures grow. Some best practices include focusing on providing robust digital experience to the customers. Some of the factors which contribute towards such experience are fast loading time for your website, a streamlined ordering process, and smooth online payment options. Furthermore, many companies have also invested in building a robust client base online for generating bump-free revenues in the future.

Diversify: The corona-virus outbreak has also highlighted the need to diversify business practices. When conventional supply chains broke down, many businesses turned to more creative solutions. Instead of relying upon their traditional suppliers, they struck up deals with local suppliers. Similarly, the need to diversify the customer base cannot be ignored too. This means, you have to conduct fresh market research, understand your customer segments better and find out what different buyers want. The pandemic has taught businesses to ensure that they diversify enough to prosper in different circumstances. Such diversification will allow them to use alternatives when their usual processes breakdown.

Review & Analyze: The pandemic and the aftermath have forced many businesses to analyze their business practices closely. While some businesses had to adapt themselves to losses in their sales volumes, other businesses needed to revamp themselves to meet soaring demand. Generally, the latter situation prevailed in sectors which are critical for our day to day lives. However, irrespective of the impact of COVID-19 on their operations, all businesses need to change themselves for the post-COVID world. The lockdown time should be used for reviewing your marketing practices, for analyzing your supply chain, or for tweaking your digital promotion strategies. The main idea is to let your business become dynamic enough for different circumstances.

Embrace Technology: TheCOVID-19 outbreak has clearly shown the importance of technology for businesses. Digital communication has become more necessary than ever, whether you want to educate your customers about safety and hygiene rules, promote essential products, or explain how you are doing your bit to help the society cope with the pandemic. Moreover, businesses are also working on their payment solutions and shifting to online payment modes. Hence, it is important to choose an ecommerce payment gateway that is safe, efficient and supports multiple currencies too. The use of technology can also ensure that businesses are able to remain in touch with their customer base and actually work on enhancing their online presence. The use of tools such as Enterprise Resource Planning platform will further enhance the efficiency of their operations.

To conclude, COVID-19 has had a profound impact on the ways in which ecommerce businesses are functioning. However, by following the above tips, your organization can thrive and become successful during these uncertain times.

5 years ago
PayTabs
Mohab Partners & Partnerships 0

PayTabs-Shakes-Hands-with-Invoice-Bazaar-to-Offer-Working-Capital-Solutions

PayTabs is a leading payment gateway for businesses in Middle East. The processor mainly offers services to small and medium enterprises, helping them grow their business through a simple and secure online payment process. In order to further enhance its services, the company has now collaborated with Invoice Bazaar. This new collaboration is especially impactful in today’s work environment where businesses are facing multiple issues due to the outbreak of COVID-19 pandemic.

The Benefits

The collaboration between these market innovators seeks to provide cutting-edge support to their clients.

  • Crisis Management: Currently, businesses are facing a lot of issues due to the onslaught of a highly unexpected situation. However, the use of technology and relevant tools can help in minimizing losses caused. These tools may also help businesses in optimizing the use of their resources. The tie-up between PayTabs and Invoice Bazaar can go a long way in this direction. Now, merchants will be able to obtain economical working capital funding through the help of Invoice Bazaar.
  • Liquidity and Asset Management: The COVID-19 outbreak has impacted the businesses in a profound manner. This impact is even more palpable in the case of small and medium sized enterprises. According to IFC World Bank, these enterprises account for more than 50 percent employment and 90 percent of businesses globally. The collaboration between PayTabs and Invoice Bazaar seeks to provide working capital services to this segment. The businesses will be able to carry out mobile and online payments using PayTabs platform while Invoice Bazaar will assist with microfinancing activities.
  • Easy Operations: PayTabs and Invoice Bazaar offer an integrating platform for carrying out different operations. With Invoice Bazaar services, the existing client base of PayTabs in the UAE will be able to cash in their receivables in a prompt manner. They will also be able to carry out their online and mobile transactions in a more efficient mode. Further, the tie-up also offers a wide range of other services such as streamlined electronic invoicing and PayTabs comprehensive business manager dashboard.
  • State of the Art Technology: The collaboration brings forth many tools for serving its client base. The dashboard allows the businesses to handle their operations from a centralized location. It also helps in keeping proper track of all the expenses and incomes. Invoice Bazaar offers unique working capital solutions and MSMEs can ensure optimal utilization of their resources with the help of such solutions. The tie-up will also help in carrying out ecommerce activities and aid online payment. Due to the ongoing pandemic, the demand for online shopping has shot up as well.

About Invoice Bazaar

Invoice Bazaar is a FinTech company which is engaged in the receivables finance segment. The main aim of the company is to provide services to SMEs with regard to their working capital requirements. This is an essential service as several businesses are undergoing liquidity crisis on account of the current pandemic. These services are vital to ensure their survival.

Invoice Bazaar uses its in-house technologies and technology platform to provide state-of-the-art services to its clients. The company team has more than 50 years of experience in this domain and has offered its services to various multinational concerns such as Goldman Sachs, HSBC and Citi. So far, it has disbursed over AED 0.5 billion to its MSME clients. The company was bestowed with “MENA FinTech of the Year” award in 2019.

About PayTabs

PayTabs is a B2B payments solution provider. The company processed its first live payment in June 2014 and since then has come a long way. PayTabs now offers its services in 168 currencies through its integrated services platform. The company serves over 49 industries through its API plugins and Plug & Play features. PayTabs services are designed to help businesses save their time and money, optimizing the utilization of their resources.

PayTabs has dedicated offices in Saudi Arabia, the UAE and Egypt. These offices enable the company to lend a local touch to its services. It can further customize its products and services to meet your business’s distinct requirements in a more holistic manner.

5 years ago
PayTabs
Mohab Covid19 Resources 0

The-Impact-of-Lockdown-on-Digital-Payments

Things in the world of business have changed drastically after the imposition of lockdown on account of the COVID-19 pandemic. It has especially impacted the way people shop and make payments. Needless to say, there has been a severe impact on digital payments as well. On one hand, digital payments, such as donations have seen a massive surge, but on the other hand, digital payments that were made for online shopping have reduced dramatically. Digital payment is a relatively new and highly dynamic payment mode. In the coming days, it is expected to see even more transformation as it strives to adjust to the new reality. Here are some of the ways things have changed and how to adapt to them.

  1. Digital payments for essential goods have increased: There has been a notable increase in the digital payments and wallet payments being made for essential goods. Earlier, people used to carry out cash transactions for everyday use items, such as vegetables, groceries, and fruits etc. However, with this pandemic, the public and businesses are now reluctant to handle currency notes and coins. This trend has led to a massive increase in the quantum of digital payments being made for daily needs fulfillment. Businesses are also more willing to accept digital payments so as to minimize the need to sanitize and contact.
  2. Ecommerce transactions have declined: While digital payments for offline transactions have increased, a significant decrease in ecommerce transactions has been noted. Due to various restrictions, the volume of ecommerce has declined drastically, as the companies are not able to carry out deliveries. Consequently, digital payments in the ecommerce segment have also declined. The impact in this segment is especially palpable as ecommerce was one of the most prominent segments for digital payments. Due to restriction on the movement of goods, people are not carrying out ecommerce transactions, and therefore, payments have been hampered like never before.
  3. Digital payments for services have increased: As more and more businesses are moving towards contactless services and social distancing, a decline in cash transactions has been observed. However, people are still required to pay for essential services such as utility bills, electricity payments and taxes. Hence, the use of digital modes for fulfilling these obligations has increased. Till date, digital payments have played an important role in keeping the economy running, as people are not able to venture outside and withdraw money from ATMs or bank branches during the lockdown. In such cases, digital payments have come to their rescue and have helped them avail essential services.
  4. Travel sector is suffering from reduced demand: The ban on movement of goods and people has wreaked havoc on the transport and travel sector. This segment has almost come to a standstill, as people have either postponed or cancelled their travel plans in the wake of the pandemic. Tourism has also hit a bad patch due to the ongoing ban on air travel and domestic and international flights. As a result, the quantum of digital payments usually made for tour and travel purposes has also declined drastically. However, it is expected that once the lockdown is revoked and people are allowed to go about their normal activities, the sector may see a swift surge. Accordingly, the momentum for digital payments will also increase considerably.
  5. Overall trend: As is evident from the points discussed above, the lockdown has had different impacts on different segments. Digital payments have played an important role in keeping the economy live and running during these difficult times. Despite the restriction on movement and contact, digital payments have made it possible to pay mandatory bills. Also, some businesses have been able to conduct regular operations while observing social distancing, due to digital payments.

All in all, digital payment systems and electronic wallets have proved their worth during these testing times. These technologies have helped in maintaining order amidst the chaos by performing some very essential services. Even after the lockdown is revoked, it is expected that digital payments will continue to be popular as people all over the world will become more cautious about possible infections and the dangers of transactions that involve contact.

5 years ago
PayTabs
Mohab Covid19 Resources 0

Tips-to-Prevent-Ecommerce-Fraud-during-the-COVID-19-Pandemic

COVID-19 has not only changed the way we define a normal life, but also impacted the ecommerce industry massively. Online businesses have had to change many of their usual practices to survive during these challenging times. Moreover, even the customers had to change the way they shop and the way they transact online. However, these rapid changes come with the increased risk of online frauds. Fraudulent activities like spamming, phishing and stealing of identity can be damaging to both businesses and to the shoppers. In order to safeguard your business and your customers against such cyber attacks, here are some tips for enhanced security.

  1. Beware of Trends: The most challenging aspect of online frauds is their versatility. These frauds may take place in a variety of ways, through stealing of password or the use of Trojan virus. In order to safeguard your business and your business associates, it is important that you are aware of the latest types of frauds perpetrated. Some of the most common online scams during the current crisis are retail arbitrage, reselling and account takeover. It is important to be aware of these trends so that you are not caught off-guard. It is equally vital that you spread this information among your associates, as the pandemic outbreak has made everyone more susceptible to scams and frauds.
  2. Choose the Right Payment Gateway: As more and more people are relying upon ecommerce businesses for fulfilling their requirements, there has been an unprecedented increase in online payments. In such cases, it is important for online businesses to choose reliable payment processing service providers. If your payment provider has a solid track record, you can minimize the possibility of online frauds for your own business and your associates. High quality payment processors use state of the art technologies to protect their systems against any cyber attacks. They also tweak their processes in line with the latest attack trends. This will also ensure that your system does not break down under the pressure of increased payments and transactions.
  3. Disseminate Information: As important as it is to be aware of different online scams, it is equally necessary to keep your employees and associates fully informed as well. You can conduct seminars or workshops to keep your employees updated about such scams. You can also send newsletters or pamphlets to your clients about various precautions they can take to minimize the possibility of online frauds. This exercise may help you in creating a positive rapport with your client base as well. You can enhance your goodwill while bonding with your clients and ensuring their safety at the same time. You may also apprise them of critical points to watch out for.
  4. Be Proactive: During these difficult times, it pays to be proactive. While you should keep your tools and programs updated, you should also remain aware of any uncommon or strange transactions and incidents. For example, you should carry out an extensive check if you notice a new account making significant transactions. In case of an old account making unusual purchases, it would be prudent to cross-verify the details. Such vigilance can not only save your business but may also provide extra security to your customers. Similarly, you should ask your associates to remain vigilant about any red flags.
  5. Use Common Sense: It’s true that almost all businesses are facing hard times due to the COVID outbreak. However, common sense should still prevail. So, remain as watchful as you would be during normal times, and exercise the same type of caution, if not more. Encourage your customers to change passwords regularly and make sure they are as complex as possible. Do not click on any suspicious link and never ever reveal your own passwords to anyone. You should also remain in close contact with your clients so that they know the real time status of their transactions. Such monitoring will help in reducing the possibility of any frauds or scams.

Like any uncertain or chaotic situation, the current pandemic has many hackers and spammers to become more active than usual. But by following these simple tips, you can keep your business safe and secure.

5 years ago