Payrnd

🟩 TikTok: Developing Marketplace

TikTok, the app best known for its dance videos with a billion users worldwide, has become a shopping phenomenon. Stores, hoping to attract mostly young TikTok users to their stores, are creating TikTok sections that sell popular in-app products.

Along with other companies like Snapchat, TikTok is gearing up to challenge Facebook as a social shopping powerhouse. Social media purchases, known as social commerce, are worth $ 37 billion in the US, according to eMarketer, mostly from Instagram and its parent company Facebook. This number is expected to more than double to $ 80 billion by the end of 2025.

TikTok began testing a way for brands to create in-app stores and send users to checkout on their sites. But TikTok has hinted that there are even more ecommerce opportunities ahead. Over time, it may look more like Douyin, a subsidiary of TikTok in China, where products can be bought and sold without leaving the app - just like on Facebook and Instagram.

🟩 A Categorical "NO": What Is Forbidden In Onboarding

Onboarding is not just registration on the site, it is the process of connecting a user to a service (in our case, we are talking about a current account). And here a conflict of interests of several parties arises at once: onboarding should be fast, simple and convenient for the client, at the same time safe and profitable for the business.

What can’t be done?

✖ Requiring all the data at once is bad for the client. Requiring only the first and last name, and then promises to contact later is bad for the compliance department.

✖ An online onboarding questionnaire should not make it clear to the client how long it is. It may sound sneaky, but it's necessary. You need a hook.

✖ Bots cannot be allowed to sneak into the system and ruin you on endless document checks.

In the case of onboarding, the rule is one: find a compromise in everything.

🟩 Value of payment transactions by electronic money and payment institutions exceeded €150 billion

“In the period under review, the total value of payment transactions by EMIs and P*s amounted to €157.6 billion. This value increased by 29.4% in Q3, compared to Q2, and 6.3 times year on year.

The companies earned the income of €333.6 million from licensed activities – a year-on-year increase of €264.8 million (4.8 times). EMIs earned 94% and P*s earned 6% of this income. One market participant held the market share of 51% in terms of income from licensed activities and 63% in terms of the value of payment transactions.

Financial market participants are required to take urgent action and measures to ensure financial soundness of their operations, if they face a sudden and significant shortage of funds or capital.” - ffnews

🟩 Fatal Mistake On The Checkout Page

By the time a user lands on the checkout page, they've already made a relatively firm commitment to make a purchase. Your task is simple: streamline the process. You need to remove any distractions that could cause the user to change their mind.

• Make sure the page loads quickly. If you're going to make me wait 5 seconds, I will have plenty of time to reconsider my buying decision.

• Hide navigation, support info, ads, etc. Navigation is just another component that can trigger a fight or flight instinct before opening a wallet. Even providing a support contact number can prompt the user to ask additional questions before proceeding with the purchase.

The most valuable advice is that you shouldn't add a promo code to the checkout page. This can lead a person to google in search of bonuses. The user will interrupt the completion of the purchase and may never return to it again.

The best solution is to offer him a bonus so that he doesn't look for a better deal elsewhere.Internal linking to your own promotions will lower affiliate fees and give buyers a sense of value.

🟩 An Abandoned Cart: How To Incentivize A Purchase

On average, 70% of abandoned carts went unpaid. Every cart abandoned is a lost revenue. Some of the reasons for refusal to pay can be covered with a trigger mailing and push the visitor to buy.

To return a subscriber to the cart, in the body of the letter, you can:

➛ Remind about an abandoned cart - this helps to return those who are distracted and forgot to pay for the order.

➛ Offer a selection of popular products - to return visitors who have doubts about their choice.

➛ Offer free shipping, discount, or gift - for those who compare prices and save money to buy.

➛ Tell about the advantages of the store - product reviews and information about urgent delivery, guarantees and the possibility of payment in installments will help the subscriber make a decision faster.

The decision to open an email and return to the cart is influenced by the timing, subject line, content, and purchase incentive which can stimulate your customers to buy more and increase your income.