C A S H I N G I N
C A S H I N G I N
1 . Offer a wide range of payment options to match customer preferences
While product availability is a key factor that influences the choice of an e-commerce retailer , the payment options provided are even more important . If the merchant does not accept the payment methods consumers prefer and have at their disposal , it is most likely that they do not go ahead with the purchase . Retailers must keep up to date with the latest advancements in payments and offer options that match their customers ’ needs – the more the better .
The last few years has seen a surge in the number of payment methods adopted across the region , and with that , a remarkable shift away from cash on delivery , a method that saw a 66 % drop in preference in Kuwait and Saudi Arabia . Meanwhile , even among those who prefer to pay with cash , 68 % would pay by card if cash was not an option .
Remo Giovanni Abbondandolo , General Manager – MENA at Checkout . com
Another interesting trend to watch is the growing popularity of digital wallets . While Apple Pay currently holds a dominant position in MENA , Google Pay and local alternatives like stc pay are swiftly gaining ground . Furthermore , Buy Now , Pay Later ( BNPL ) solutions such as Tamara and Tabby are also becoming an essential part of the region ’ s e-commerce story , with more than 62 % of MENA ’ s online shoppers using a BNPL option at least once last year .
On the other hand , in the FinTech and remittance domain , where customers ’ expectations for fast and flexible money movement are higher than ever before , there is a significant trend towards adopting advanced payment solutions in an aim to optimise consumer experiences . Account Fund Transfers ( AFTs ) enable users to participate in a range of financial activities and keep up with the pace of real life . Thanks to AFTs , what may have taken days in the past can now be performed instantly at a fraction of the cost .
2 . Secure your transactions
According to The State of Digital Commerce in MENA 2024 report , safe and secure checkout is now a priority for 39 % of MENA consumers . In contrast , in 2020 , survey respondents placed the highest value on speedy delivery . Alarmingly , 33 % of shoppers in the region have been a victim of payments fraud at least once . Furthermore , up to 30 % of shoppers have said a single falsely declined payment – when a payment is declined despite the payee having sufficient funds in the account , would lead them to shop from a competitor ’ s website . With the cost of
30 www . intelligentfin . tech