The world of ecommerce has been growing rapidly over the past few years, and it’s showing no signs of slowing down. To remain competitive, online business owners must open their sales to any and all that wish to make a purchase.
With so many new people purchasing goods online every day, merchants need to be prepared for this influx of new customers by accepting more payment methods than ever before.
Luckily for merchants looking to expand their reach into international markets like Mainland China, there are now ways they can do so with ease – through Alipay cross-border payments.
What Is Alipay
Alipay is a leading online payment platform that allows consumers to make purchases on global ecommerce platforms. It offers similar services to Venmo and PayPal in the U.S. and Europe but for Mainland China.
The app, owned by Alibaba (China’s largest ecommerce company), makes it easy for consumers to pay for goods and services with just one click or touch. This convenience has helped make Alipay a preferred method of payment among merchants and customers alike.
How Alipay Works
The rise of Alipay’s popularity has been attributed mainly to its easy-to-use features, which make it an ideal choice for consumers.
On the surface, Alipay operates similarly to PayPal, allowing you to pay for goods and services using your mobile phone number and bank account information. But unlike PayPal, Alipay does not have a credit card feature.
This is why so many Chinese merchants still prefer Alipay over other payment methods: because this means that they don’t need another account to accept payments from customers outside China who may be wary of giving out their credit card details online.
In addition to its ease of use, Alipay also provides merchants with useful analytics reports that help businesses understand how well their products sell on platforms like Taobao Marketplace or Tmall Global Marketplaces.
Benefits of Alipay for eCommerce Businesses
Alipay is the most popular payment method in China. Chinese consumers prefer it as their preferred payment method, and so do Chinese tourists when they travel abroad.
Alipay has been integrated into many ecommerce platforms, like Shopify, Bigcommerce, WooCommerce, and Magento.
Integrating Alipay cross-border payment helps ecommerce businesses grow faster by expanding their market reach to more potential customers worldwide. Seeing how more than 1.4 billion people reside in Mainland China, it makes sense to offer a payment method specific to their needs.
The Importance of Global Markets in Ecommerce
The world is becoming increasingly connected to one another, and this technology is changing the way we do business.
In 2018, global e-commerce sales reached $2.3 trillion (USD). By 2022, that number will rise to $4.5 trillion (USD). With such a vast market available for merchants around the globe, there’s no reason why your business shouldn’t be part of it.
The after-effects of the global pandemic proved the need for more robust international sales. People from around the globe purchased hobbies, much-needed consumer goods, and fun play items they could use to pass the time while in lockdown.
Now that the world is back open for business, the demand for online goods and services has only remained strong, with clear signs it will continue to grow into the future.
Offering More Payment Methods Improves Sales and Engagement
In a study by Forrester, it was found that offering a variety of payment methods increased sales by 10%. It also found that 90% of consumers would abandon their shopping cart if they could not pay using their preferred method.
In addition, offering multiple payment options may reduce your risk of fraud as well as your chances of getting chargebacks from dissatisfied customers who were unhappy with their experience.
Working with Mainland China
Integrating Alipay cross-border payments into your ecommerce business can open up a world of possibilities for you. You’ll be able to expand your market and sell more appealing products to Chinese consumers while still maintaining the convenience of shopping online.
At this point, it’s not just a matter of convenience—it’s a matter of survival. If you’re an ecommerce business that doesn’t yet accept preferred payment methods like Alipay, you’re missing out on opportunities.
The Chinese market is enormous and growing quickly. If you aren’t offering your customers an easy way to pay with their preferred method (Alipay), they’ll find another place to spend their money.
Conclusion
For ecommerce merchants, Alipay is an excellent way to improve sales and engagement. That is why our professional developers at OPMC have created an Alipay Cross-Border Payment for WooCommerce plugin.
This simplifies your payment methods and ensures you will get access to a vast consumer base in Mainland China – no matter the size of your ecommerce business.
The world has become far smaller since the advent of online commerce. Now is the time to expand your growth opportunities and integrate a powerful payment method like Alipay cross-border plugins.
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