One of the main obstacles to setting up an online store locally is defining the payment method to be used. Why? I'll explain below.
What makes payment methods an obstacle?
To understand why this causes so many problems and consumes so c level contact list much time and resources, let's look at one of the best tips we received at eDay 2015:
"Think global, act local"
“Think global, act local”
In context, the phrase referred to the fact that we cannot lag behind the new trends in the global market: we must adopt the best practices of the international e-commerce industry, without closing our eyes to a local reality, which is not always in line with global trends.
Although it may sound complicated, it is actually feasible to combine the technological advances of virtual platforms with local customs. To demonstrate this, here is an example from one of the largest retail brands in Ecuador.
The case of Fybeca's virtual store.
Fybeca is a leading pharmaceutical chain in the Ecuadorian market. It is also one of the pioneering companies in local e-commerce, where it has been successful. On July 2, at eCommerce Day Ecuador, we were able to learn figures and other details about the first months of operation of its online store.
Although they implemented a store that has an average purchase of $26 per user, success came with the efficient delivery of products to homes and something even more interesting: the preferred payment method for their customers in Ecuador.
Fybeca is doing very well with cash on delivery . Its users make the purchase online but pay the person who makes the delivery to their home, either in cash or with a credit or debit card thanks to mPOS devices.
Why don't users prefer to pay by credit card directly in the Fybeca online store? Although that would seem to be the most obvious option, the local context, the mechanisms preferred by customers in each industry and also the platforms available in the financial system of each place must be taken into account. The case of Fybeca customers shows that locally, there is still a long way to go when it comes to payment buttons, at least in certain segments.
For your store to be a sales success, it is very important that even if you think globally, you act locally when offering payment methods.
