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As e-commerce is set to account for 17.5% of all retail sales across the globe by 2021 – up from 11.5% in 2018, launching your business into the digital space will ultimately become an inevitable decision.
Beyond establishing a streamlined and customer friendly site and landing page, there are a multitude of e-commerce platforms online, available to help merchants tailor their services to customers for increased traffic and conversions.
However, a significant part in these conversions at checkout include integrating the right payment processing provider.
With the ways to pay becoming a free-for-all of options for the average consumer, and a vast expanse for merchant, picking the right e-commerce platform and payment processor can be a difficult decision to the everyday merchant.
There is contradicting data on payment preferences around the world. With payment providers such as Paypal seeing a 15% increase in growth each year, and a 42% preference being maintained for credit cards use and even more divisive data that predicts the victory of mobile payments across the board by 2030; there ultimately, seems to be an all-round conclusion that payments-wise: the more the better.
Statistics taken from the 2nd quarter of 2018 show that currently, only 2.86% of e-commerce site visits actually convert into payments, with a 67% cart abandonment rate across the world.
With much needed room for improvement that facilitates multiple payment options and the consideration of mobile and desktop browsing, Total Processing is a strong contender in payment options and security.
In a study of the 3 leading providers of e-commerce platforms – all of which our bespoke and secure gateway can integrate into – let’s see how a merchant can first, provide a better customer experience – whether they’ve long been in the e-commerce space or are new to it.
**Case Studies:**
Shopify, WooCommerce and Magento are all e-commerce platforms that facilitate the sale of goods and services online.
With Total Processing’s payment gateway easily integrating into these platforms at a competitive rate, the guides below are there to further help in the decision to optimize your business operations.
**Shopify:**
With over 820,000 merchants utilizing the Shopify platform for their e-commerce solutions, Shopify encourages its users to ‘take the steps to move from ambition to action’.
With over $100bn in sales on the platform to date since it was launched in 2004 and 218 buyers on the platform in the last year alone; Shopify is ranked 3rd in retail sales in the US – accounting for 4.4.% of the nation’s sales. This is comparison to Amazon’s 9.1% and beating Apple’s 3.9%.
With over 73 million products sold from partner referred merchants via sources such as their featured Oberlo merchant; that facilitates the easy import of products to sell on the platform, and over 350,000 paid themes purchased by merchants - Shopify made $1.073bn in 2018 with an estimated $1.2bn million made by their partners.
According to Shopify, a merchant makes their first sale every minute.
Beyond their aspirations to be the first global ‘e-tailer’, Shopify actively pursues ease-of-access and customisation for their merchants with a flow-through affect to their customers.
In launching on the platform, merchants have the option of creating a brand name courtesy of Shopify’s brand name generator; and they can design their site using Shopify’s domain, themes and stock image service.
Ultimately, merchants can use Shopify’s platform tools to start selling goods and services immediately after building their site with the additional help of their e-commerce tools such as the aforementioned Oberlo service. To note, Shopify also assists with the integration of social media Ad campaigns that can be launched internally.
With an additional 24/7 support team and free resources, Shopify aims to help the brick-and-mortar merchant fully integrate into e-commerce.
However, Shopify can currently only accept credit/debit card payments without a third party payment provider integration. For customization of checkout flows; merchants will need more personal developer support that not all third party providers will offer.
Total Processing leads with a people first ethos, ensuring that every client is maximising their business to their full potential with 24/7 support from our developers and payment engineers.
**WooCommerce:**
WooCommerce as an e-commerce platform, is facilitated by merchants in its usage as a wordpress plugin. Used by 4.9% of all websites – powering over 30% of all online stores; WooCommerce is the most popular plugin on the internet with a 68% usage distribution.
With over 3.3million live sites using the plugin, and 22% of the top 1 million e-commerce sites utilizing it; WooCommerce dominates 93% of the wordpress e-commerce space.
Incredibly customisable, nearly 1000 versions of the plugin exist today. With the motto, ‘your store, your way’, WooCommerce has been downloaded over 74,000,000 times and is regulated by security leader, Sucuri.
With wordpress itself a known leader in thematic and easily customisable websites for merchants and non-merchants alike, WooCommerce is a no-brainer solution for those looking to get into the e-commerce space.
However, with a remote support team based across 58 countries, the integrated support of Total Processing’s development and customer service team, is an added addition to the expansive services of our payment gateway with over 198 payment methods available for your customers.
**Magento:**
Accounting for 12% of all e-commerce sites, Magento powers 1.2% of the internet.
With the adoption of the platform doubling between 2017 and 2018, statistics relating to this e-commerce site are only set to increase, in addition to the impressive polling that reveals that merchants already using the service have grown 3 times faster on average when compared to users of other e-commerce platforms.
With 315,000 active sites using Magento and 11,000 of those using the more recent Magento 2, this platform is a promising option for merchants looking to grow quickly.
Owned by industry leader Adobe; making up part of their experience cloud, Magento forms part of the company’s movement to consolidate Adobe’s marketing resources into one cloud-based place – offering automation and a seamless experience to its users.
With the credibility of Adobe backing the platform, smaller stats aren’t as big of an issue here. Noted as the leading commerce platform to the internet retailer top 1000 in 2017, Magento is already well established with big name retailers and brands in both B2C and B2B e-commerce industries; handling over $100bn in gross merchandise volume each year.
With over 300,000 developers behind the project, Magento has a vast multitude of extensions for merchants to utilize in their business for flexibility and uniqueness.
Considered the most open and customisable platform of the 3, Magento has pre-integrated models to easily optimize the checkout and shipping process into your site – as well as the partnerships to do more. With multiple-site and language support, the geo-graphically diverse origins of their site hostings across the world, are a sign of Magento’s capabilities.
Our integration into just these 3 of many e-commerce platforms not only tells of our versatility as development and payment engineers, but speaks of our open-to-all ethos that we uphold to help all merchants that apply with us, for our services and payment solutions. Whether you’re starting out or are long-established, we’re here to help – whether your business is big or small.
With our developer services, we offer same-day integration* and full support through the process of setting up and managing your e-commerce site.
With mobile commerce accounting for 65% of retail site visits in the 3rd quarter of 2018 and desktop browsing falling behind at 30%, the e-commerce space is diversifying at a rapid pace. However, orders via mobile sites still stood at 45% compared to 61% via desktop - calling for the facilitation of more payment options and a focus on increasing cross-channel and cross-border e-commerce conversions.
Our industry focused expertise and payment solutions can guide you through this process.
Apply for a quote today to learn more.
**Sources:**
https://hostingtribunal.com/blog/magento-statistics/
https://www.shopifyandyou.com/blogs/news/statistics-about-shopify
https://sleeknote.com/blog/e-commerce-statistics
* We offer same-day integration for our Shopify Merchants and offer full guided support to help our other merchants integrate with other e-commerce platforms. Requested integration services are available at an added cost.*
