Taking payments and managing orders.
A company joining the e-commerce world has to decide on how they are going to accept the payments online.
Let's say a grocery e-commerce startup that sells in a small town.
Strategy1: Use Payment company sites.
Showcase your products on online and customer cart groceries and also proceed further for payments, the company with payments button take a customer to a third party website like PayPal.
The advantage of this strategy is a startup need not think about infrastructure, security, and receipts.
Strategy 2: Digital wallets
In this strategy, a customer loads cash into the e wallet of a company through his bank accounts and pay from it to purchase merchandise.
Strategy 3: Cash on delivery- Cash payments.
Unlike western world, India is not open to digital payments. Thus, a startup may ask customer to order online and pay cash at the time of delivery.
Strategy 4 : Cash on delivery - digital payments.
In this strategy, a customer orders a product online pay using debit card, or credit card or unified payments system( Google pay)
Strategy 5: Pay in the integrated payments platform using digital payments
A customer orders online and pays in the company e-commerce site using netbanking, credit card, debit card, and third party UPI like Google pay.
Strategy 6: use bitcoin payments.
The advent of block chain and bitcoins Encouraging a customer to pay through digital currencies.
Order management
In this strategy 1, a company focuses on a transaction and don't have control over customer payments. There may be issues of improper financial transactions.
However, when start up have complete e-commerce platform, apart from payments, it asks customers to create accounts and load personal details. This will aid a company to customize their sales promotion.
The integrated platform gets customer shipping addresses, can get permission for their contact sharing, and track orders for better customer satisfaction. Further, it can do market basket analysis and provide products recommendations.
