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

Visa’s underscoring of the necessity of eCommerce solutions proves to be more critical than ever for the retail sector as social distancing guidelines and different lockdown restrictions have affected in-store foot traffic for many retailers, with the company’s Covid 19 Impact Tracker revealing that 68% of consumers were visiting grocery stores less often after the outbreak, consequently increasing online shopping.

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.

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

“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.

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