5 e-commerce trends in the United Kingdom

Are you thinking of creating your online shop? Do you think your physical shop needs a digital portal? Do you already have an ecommerce website but want to tune it up? We teach you the latest trends in electronic commerce in the UK for you to develop your best ecommerce website: we want to help you generate conversion

How to sell more on the internet? If you are developing an ecommerce website, this has surely been one of your recent searches. The truth is that we do not have the secret formula to create the best online shop. Because there are not magic formulas. To be one of the ecommerce that sells more in your sector, you must have a solid and updated sales strategy. As experts in financial technology, we know what the most important keys are for building an online sales website with the best features and customer service. Do you like what you read? Keep going.

Your customers expect you to have an optimal and secure online shop

Did you know that ecommerce accounts for 30% of consumption in the UK?  That is why ignoring the online trading platforms is a luxury that those companies that want to remain relevant cannot afford. Because what was once something extra, has now become a basic element: your customers expect you to have an optimal and secure online shop.

Did you also know that mobile devices are the main source for visits?

And no wonder, considering the increase in the average ticket of the youngest and digital) generations. E-commerce in the UK has increased by 700% in the last decade. From just over 5.1 billion euros in 2009, it has grown to 40 billion in 2019. Are you impressed? After the forced closure of physical shops during the last few months, it is expected that in 2020 we will close the year close to 50,000 million.

Financial technology provides you with tools and services that will allow you to know the evolution of your business at any time

This info critically interests you if:

• you want to launch your new ecommerce website,
• you are looking to promote a new product or service of your business, or
• if you already sell online, but want to develop the best version of your ecommerce portal.

We bring you the latest technological trends designed specifically to help you increase the conversion rate of your ecommerce. Financial technology trends that provide you with tools and services that will allow you to know the evolution of your business at any time.

Payment gateway... For mobile devices

Paid apps are becoming increasingly popular. An example of this is the Chinese Ali Pay and WeChat Pay, with billions of users who choose them as their favourite payment method for shopping. This is but an indication of the future of ecommerce payments in the UK. Harmonising your ecommerce with mobile payment apps will not only make you accessible to international consumers (already accustomed to the use of this payment format), but will position you nationally in a future market characterised by the full prominence of smartphone devices.

Interactive Voice Response (IVR)

Alexa, Siri... Voice recognition and interactive voice response has been one of the most powerful new features of the latest generation of devices. They make it possible to offer the user a faster, more efficient and more personalised attention. If this is the case... Why not include it in the payment gateway of your ecommerce website? By implementing an IVR solution customers will be redirected or can go directly to the automated solution to enter their payment information. This way you save the cost of a PCI compliant call centre and offer your customers a secure and professional service.

Chatbots: 24/7 customer service

Thanks to the development of Artificial Intelligence, chatbots are (increasingly) one of the most efficient solutions when it comes to providing continuous customer service without sacrificing effectiveness. What is a chatbot? They are programs that read and respond to your customers' messages (solving doubts and speeding up the purchasing process) automatically. In addition, thanks to the information obtained from the big data, they cannot only solve more complex doubts, but they also offer suggestions tailored to each client’s history of interests .  

However, the chatbot technology seems not to have landed yet among the online shops in the UK: 72% of them still do not offer this service to their visitors, offering customer service only by phone (with the limitations and costs that this implies). It is therefore a tool that will help us to offer an outstanding user experience in relation to our national competitors.

Data management: get to know your customer's needs better

Did you know that you can use the data generated from the transactions? This way you can get to know the profile of your best customers: where they are and what their buying habits are. By means of data management, and thanks to advanced statistics, you can know in detail where and with whom your best sales opportunities are. With more than 20 filters and 2 grouping options, PayXpert's data management tool offers you infinite possibilities to transform your data into consistent and interpretable tables.

Now more than ever: don't forget about social networks

Young people in their 20s and 30s can spend, on average, 1 hour a day on social networks such as Instagram. Strengthening the presence of your ecommerce in social networks is something that is taken for granted: it does not add up, but it can take away a lot if you don’t do it. In addition, some social networks (such as Pinterest or Instagram) have begun to allow labelling products in posts to redirect the user to their sales portal. Something that, we are sure, is going to grow like wildfire in terms of popularity.

E-commerce is gaining ground over physical commerce, thanks to its flexibility and convenience for the consumer (and its profitability for the seller). As expert financial consultants, the PayXpert team knows that fintech is a safe bet for the market of the future. Do you want to know more? Click here and visit our website.