Marketing

How retailers should react to changing customer behavior – eCommerce Magazin

Covid-19 has brought about many profound changes – and some of them will be with us in the long term. This also includes a new shopping and payment behavior. Many shops have their customers for e-cash, that is contactless payment prompted, and some have predicted – not for the first time – the end of cash.

e-Cash instead of cash: Germans are not yet entirely convinced

But does Corona really ring the one that has often been forecast cashless society a? After all, Germany is traditionally the country of cash lovers. A current, international study by Paysafe shows that Corona will not bring the end of cash: Even if many customers currently pay contactless, 52 percent of Germans see cash as the most reliable means of payment in a crisis situation.

After all, a third of Germans have no concerns about continuing to use cash in the current Corona crisis. Cash is still very popular with German customers, but at the same time the need for alternative payment methods has grown. Just like the interest in online shopping: According to the study, 31 percent of Germans shop significantly more online during the Corona era.

Develop new customer groups

In addition to lost sales and the new hygiene concepts, the current situation also harbors opportunities. However, these must be correctly recognized and implemented by retailers. Online retailers should therefore now take advantage of the opportunity to tap into this partly new customer group and to adapt to their needs. However, the newly discovered The desire to buy online slowed down by a few factors: In addition to the concern that orders will not arrive on time, this is primarily the fear of fraud in online payments. It is precisely these points that traders should pay attention to and deal with accordingly.

One possibility is the integration of e-cash solutions, which cover an important gap in the payment offer: A great advantage of such solutions is that users neither have to enter their account details nor their credit card details and are thus more protected from fraud. E-cash solutions are also suitable for customers who do not have access to a bank account. And perhaps the most important thing: e-Cash payment solutions are an option for everyone who likes to pay in cash but still wants to use online offers.

That is why customers are increasingly interested in this payment option: According to the Paysafe study, 40 percent of Germans want to pay for online purchases with a prepaid card that does not share their financial data with the retailer. Newly discovered interest in alternative payment options, despite persistent cash affinity – this is how the buyers’ payment behavior can be summed up. In addition, there is a greater desire for online shopping, slowed down by concerns about fraud. The current corona situation brings new, very differentiated customer expectations to the fore. This is why retailers should respond to this with specific offers – one aspect of this is to offer as many different payment options as possible.

e-Cash: Pay digitally in cash

In Austria and many other countries, customers can use the Paysafecash e-cash solution for online shopping. In Germany, the prepaid solution paysafecard is available to them for digital entertainment such as gaming, media, music, film and entertainment. The payment solution is currently available in 50 countries and can be purchased at over 650,000 sales outlets worldwide. It works like a prepaid solution. This means that the customer buys a so-called PIN, a 16-digit number code in the amount of ten, 15, 20, 25, 30, 50 or 100 euros. He pays on the Internet by entering the code.

Also read: Omnichannel strategy: Your own online shop quickly

e-cash

About the author: Udo Müller is co-founder of paysafecard in 2000 and Chief Executive Officer of the company since 2014. For him, the focus is on product development in the direction of mobile, the international availability of Paysafecard, the expansion of the company and its products and services in existing markets. (Image: paysafecard)