ADVERTISEMENT

Excellent online shopping experience is currently a critical competitive advantage for SMBs in Nigeria, says Visa Nigeria

With Black Friday deals currently in season and other festive season promos approaching, Visa Nigeria is emphasizing the need for small businesses to have a frictionless e-commerce experience that provides customers with personalized shopping options, frictionless online payments and a smooth returns policy, in order to have an immediate advantage in the marketplace.

Excellent online shopping experience is currently a critical competitive advantage for SMBs in Nigeria, says Visa Nigeria

Speaking on the issue, Kemi Okusanya, Vice President, Visa West Africa maintained that “Small and Medium-sized Businesses (SMBs) that leverage eCommerce solutions; which provide excellent online shopping experience for consumers; have the opportunity to benefit from high spend periods like Black Friday and the coming festive season compared to businesses who have not mastered the importance of holistic back-end design of the customer journey.”

Following a Visa Consulting & Analytics (VCA) report titled Accelerating the shift to eCommerce, which revealed that 81% of customers indicated that they are willing to pay more for a good customer experience, Okusanya further explains how frictionless e-commerce experiences were critical for businesses hoping to have a competitive advantage during this season.

ADVERTISEMENT

“Data from 451 research on the Three key payments observations from National Retail Federation 2020 reveals that the impact of a bad payment experience can be devastating. It further shows that when shoppers abandon online shopping cart due to checkout friction, 67% end up leaving for a competitor or never complete the purchase anywhere, and 59% say they are less likely to shop with that same retailer again,” says Okusanya.

With online shopping becoming the norm for consumers and businesses on the road to economic recovery, Visa hopes that many small and medium-sized businesses in Nigeria (SMBs) would place a priority on providing excellent eCommerce experience to customers, especially a seamless online payment solution which is crucial in growing their online customer base as well as profitability.

Concluding her statement, Kemi Okusanya adds “Payment experience is a critical touchpoint – a part of the customer journey, which requires special attention. Each time a potential customer reaches the checkout page, they have a moment to reflect on whether the effort needed to make the payment is equal to the value they get from their purchase. To win prospective and repeat customers, SMBs need to have a digital presence during the discovery and evaluation stages of the customer shopping journey”.

According to the VCA report, 60% of small businesses have already taken bold steps to prepare for the seasonal sales activity by changing their infrastructure and digitizing their business.

*This is a featured post.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Medlab West Africa, Pharmaconex partner to reshape healthcare landscape

Medlab West Africa, Pharmaconex partner to reshape healthcare landscape

10 African countries with the lowest inflation rates in 2024

10 African countries with the lowest inflation rates in 2024

A rundown of elements to consider while picking a proxy server

A rundown of elements to consider while picking a proxy server

5 reasons to own Bruhm Black series premium refrigerator, air-condition, Tv

5 reasons to own Bruhm Black series premium refrigerator, air-condition, Tv

Maser Group receives the biggest tender for supplying gensets in Africa

Maser Group receives the biggest tender for supplying gensets in Africa

Embracing Fun Side of Tech - Bringing fun to the tech industry

Embracing Fun Side of Tech - Bringing fun to the tech industry

CBN is not using foreign reserves to defend naira — Cardoso

CBN is not using foreign reserves to defend naira — Cardoso

What are the 4 best tips for online gaming success?

What are the 4 best tips for online gaming success?

Pepe Coin Price Prediction: Will it reach ATH in 2024? Slothana, Dogeverse raise millions

Pepe Coin Price Prediction: Will it reach ATH in 2024? Slothana, Dogeverse raise millions

ADVERTISEMENT
ADVERTISEMENT