E-RETAIL AND PANDEMIC: THE GREAT RESET

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E-RETAIL AND PANDEMIC: THE GREAT RESET

As highlighted on the recently published European Ecommerce Regional Report 2020, jointly launched by Ecommerce Europe and EuroCommerce, the already increasing trend of European ecommerce sales has been significantly accellerated by the COVID-19 pandemic and its impact on business and consumer confidence.

As a result of this, retailers of all sizes have accelerated their digital transformation and further developed existing and new online commerce solutions.

But what are the key challenges for e-retailers in the current scenario?

For MyBank, the e-payment solution which enables safe digital payments through consumers’ own online banking portal or mobile application, top priorities in e-commerce include ensuring a seamless customer experience with a frictionless payment phase, focus on security and data protection in compliance with the latest EU regulations as well as reduced costs through process optimisation, without underestimating the importance of transparent and timely information sharing.

Seamless payment experience

In ecommerce, trust is crucial. Having customers adding products into their shopping carts certainly shows interest and appreciation, however it is the check-out page to be the critical step for conversions. Completing the purchase and making sure that the shopping cart does not get abandoned is just as important as attracting the right customers. Therefore, offering trustworthy payment methods able to eliminate friction during this phase is vital.

MyBank, for example, allows customers to pay directly from their online banking through an immediate bank transfer with the highest security and transparency standards. Fast and easy thanks to its pre-filled bank transfer form, with no amount limits, it does not require any new accounts, passwords or registrations. MyBank already offers secure and seamless payments on thousands of websites: over 12.000 businesses and brands have made its payment solution available to their customers.

Security, data protection and EU regulations compliance

When it comes to e-shopping, reliable and secure payments are key. However, the concept of security is not only related to the payment transaction itself. As ecommerce sales grow, cybersecurity-related risks are on the rise and data theft is the top threat. Digital consumers are increasingly aware of how important it is to also keep their personal data safe. Therefore, not only e-security is taking center stage, but also privacy and users’ data protection gain more and more relevance.

Any e-commerce business should ensure the highest level of security throughout their website, with particular attention to payment options they make available to customers.

Offering a fully PSD2, AML and GDPR compliant e-payment solution  like MyBank is a valuable asset for e-retailers. 

Transparency and information sharing

Transparent and real-time information sharing support an efficient and competitive ecommerce performance. Payment information is no exception.

Any ecommerce site should clearly display all payment methods accepted for online orders: having the available payment solutions logos on the homepage already, provides customers a clear overview of all the options they will be able to choose from.

A dedicated payment page is also a valuable support for customers, as they will find more details on the available options, which will make their choice easier. The more details available, the better: a dedicated FAQ may also further help. Clear and comprehensive information on how customers can pay on the website will convey a sense of transparency and trustworthiness.

In the era of ‘fast-shopping’, keeping customers informed in a timely manner on any phase of their order can also play a significant role. When paying with MyBank, for example, both customers and e-retailers receive confirmation of the transaction within seconds.

Streamlined internal processes

Optimising costs and streamlining administrative tasks can be a valuable benefit allowing businesses to focus on further activities and become more competitive. MyBank, for example, offers 100% automatic reconciliation. Thanks to the payment information already available on the pre-filled bank transfer form that customers only have to approve, order details and amounts are never confused. Furthermore, the immediate collection minimise credit risks.

As far as fraud-related risks is concerned, MyBank transactions are extremely secure as buyers’ data authenticity checks are made by banks through strong customer authentication systems. This allows e-retailers to minimise their investments for both controversy resolutions and chargeback fees.

Conclusion

The pandemic is redesigning the priorities for e-retailers, who can find in some digital tools a valuable ally for keeping up with new consumers needs and EU regulations requirements.

A seamless user experience and trustworthyness truly make the difference, particularly at the check-out, and so does an informative website where all relevant information –including payment-related ones- are well displayed.

Beyond adopting a payment solution for improving the user experience on their website, with MyBank e-retailers can count on a tool supporting many further aspects of their business and able to enhance their organisational and competitive capabilities.

18 Sep 2020

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