What is the key to continued economic success for retailers? To put the wishes and needs of the customers at the center of all business activities. For companies, this also means that they must constantly evolve and adapt to changing trends and customer expectations. This leitmotif has paid off for Nicole Hansen since she opened her fashion and concept store Frau Hansen in Hamburg-Eimsbüttel and a short time later the associated online shop. Nicole Hansen ensures that she is always up to date when it comes to payment processing and that she can meet the wishes of her customers in terms of flexible payment options and popular payment methods PayPal checkout.
The dreams of the customers always in view
Nicole had long dreamed of running her own business and creating a place with her concept store where customers immediately feel comfortable. At Ms. Hansen there are lovingly selected accessories for the home, special pieces of furniture and stylish fashion – all selected by the founder Nicole, who made her dream come true by opening her shop in 2014 and now in turn fulfills customers’ dreams – everything perfectly summarized under the motto “Where beautiful things live”. But good taste alone is no longer enough to run a successful business. The be-all and end-all for long-term success is quick adaptation to changing consumer requirements. This applies in particular to online trading. Consumers today expect to be offered a wide range of payment methods when shopping online, even from small and medium-sized companies. They also want financial flexibility. That proves PayPal Ecommerce Index 2022: Almost a quarter of consumers in Germany are already making use of “pay later” options.
Online trade as a growth engine – with PayPal Checkout
Nicole Hansen has also recognized the increasing desire for flexible payment options: “One trend that we have noticed when making payments since the opening of the online shop in 2015 is ‘pay later’ options.” With PayPal Checkout, retailers can easily ” Integrate the “Pay later” button and thus make customers aware of the “Payment after 30 days” and PayPal installment payments at an early stage. Dynamic banners also help retailers to point out flexible payment methods on their product pages – they can also place dynamic banners in the shopping cart and at the checkout of the order process. A case study by PayPal shows that merchants were able to triple their installment sales in this way. While customers are free to decide how and when they want to pay, merchants receive the purchase amount immediately, even with “Pay Later” options. Payment processing with consumers is handled by PayPal.
PayPal Checkout can thus give the online shops of small and medium-sized enterprises (SMEs) important momentum. After the challenges posed by the corona pandemic, supply chain problems and rising inflation are making conditions more difficult. The online shop has helped Nicole Hansen to create an important sales and growth engine for the entire company with increasing online sales. Since the start of online sales around seven years ago, PayPal has been a strong partner right from the start, ensuring uncomplicated payment. With PayPal Checkout, Nicole is now using the new complete solution to meet the changing expectations of customers for more flexibility and a variety of payment methods when shopping online.
Scaling the online business across national borders
PayPal Checkout not only offers more flexibility for end customers, but also the opportunity to strengthen online business through international sales. In addition to payment via PayPal, direct debit, credit and debit card and invoice, PayPal Checkout enables more than ten other local payment methods. Customers can choose freely and do not necessarily need a PayPal account for payment. The more than ten other local payment methods offer owners of small and medium-sized shops the opportunity to make their online shop even more attractive in Germany and abroad. A clear advantage for Ms. Hansen. “So far we’ve really only focused on the German-speaking region because we don’t have an English-speaking option on our website or an English-speaking customer service. Nevertheless, thanks to PayPal Checkout, we are noticing an increase in international customers from all over Europe, for example from the Netherlands or Great Britain,” reports Nicole.
PayPal Checkout not only helps merchants to increase the chances of higher conversion rates, but also enables SMEs to scale their online business across national borders. According to PayPal’s 2022 E-Commerce Index, the economic impact of the pandemic and a sharp wave of inflation are helping cross-border shopping to increase – with international shoppers having access to better prices and products not available locally :inside are mentioned as the main reasons for shopping abroad. The research shows that 82 percent shop internationally today and more than a third (38 percent) of online purchases by consumers are made from retailers outside of their own country. As a trustworthy payment service provider, PayPal can help to increase sales opportunities – in Germany alone 32 million active customers trust PayPal, worldwide there are even more than 430 million customers. It is advantageous for retailers to work with a payment service provider that increases trust in their own online shop.
Crisis-proof and resilient thanks to security and trust
However, flexibility and variety of payment methods are only one key to success. With PayPal Checkout, Nicole also relies on fast transactions and security in the event of potential payment defaults. “Nothing can go wrong during checkout and payment, otherwise the customers will be gone,” says Nicole. “As a small provider, we don’t have the great leap of faith that the really big platforms have. If something seems strange to us, the customers jump off. PayPal Checkout helps us build trust and provide a fast, secure, and convenient service.”
In fact, security concerns or trust issues at the online checkout are the top reasons for abandoning a purchase for 51 percent of shoppers. This is the result of PayPal’s E-Commerce Index 2022. 82 percent of consumers also say that they trust PayPal, their payments are safe and protected by PayPal. Businesses should work with providers that offer choice and convenience while maintaining security and fraud protection.
The perfect cut for fashion retailers
Anyone who wants to make their online shop future-proof and resilient in order to react to the latest trends and increase the chances of higher conversion rates and sales not only in Germany but also across national borders relies on PayPal Checkout. PayPal’s E-Commerce Index 2022 shows how important it is to be up to date when it comes to payment processing. On the one hand, consumers want financial flexibility and, on the other hand, they are continuously expanding their search for the best products and services that meet their needs, including across national borders. The new complete solution PayPal Checkout offers SMEs the tools they need to keep up with the big brands and platforms in the highly competitive e-commerce market. Ms. Hansen also uses this opportunity. With her good taste and the use of the latest technology, she ensures that her business will continue to look good in the future and that she fulfills the wishes of her customers – from the range of goods to ordering to delivery and Pay.