More and more companies have been joining the betting industry, making it very competitive. In fact, Statista anticipates the market size to reach US$45.43bn in 2024 and grow to US$65.14bn by 2029. Part of the reasons companies are joining the industry is that games like rugby have become popular with many ways of supporting them, such as betting. With all these thousands upon thousands of platforms offering rugby betting, what can you do to ensure you stand out?
Apparently, customers today are more discerning, and they mostly know what kind of experiences to expect from a platform. And, sometimes, they can be pretty intolerant if they don’t find experiences that align with their preferences. For instance, when it comes to payment, more than 36% of customers became loyal just because they could control how they wanted to pay, shows Inmar Intelligence. This research proves you can stand out in this competitive industry by offering seamless payment methods. Read on to discover more.
Why Seamless Payment Solutions are Important
Perhaps the reason why shoppers today consider the experience they get at your platform is that they do most of their shopping online. 77% of them actually believe the experience is as important as the quality of your products. You can’t imagine visiting a platform, and all you experience is slow and complex checkout processes. According to the Baynard Institute, such experiences led to over 70% of consumers abandoning their orders even after they had added them to their carts.
It’s no wonder why comparison platforms like www.BetKiwi.co.nz use such metrics to rank top rugby betting sites. You definitely don’t have to wait for ages before your funds can be processed. Plus, fast payouts make your site look more attractive and can potentially draw more players, leading to better business performance. You can’t ignore how fans perceive you, so you want to always ensure that customers can sense that you value them and have their interests at heart.
It’s quite challenging to remain loyal to a company after a bad experience – even if it was just one. It even worsens if the experience is more than one, as about 80% of customers say they would shift to a competitor after more than one bad experience. Plus, by just being loyal to your brand, 86% of players can refer your company to their social cycles. Payments that are simple, easy to execute and scalable can really help a betting site improve its customers’ experience and thus boost loyalty levels.
How to Achieve Seamless Payment Experiences
As you can see, customer experience is everything when it comes to online businesses. And, good enough, betting sites can use technology to offer better experiences. This section offers insights into how you can take advantage of technology to stay ahead.
Integrating Multiple Payment Options
In the betting industry, customer preferences can vary. For instance, country-wise, about 95% of payments in the Netherlands were done through Mastercard and only 12% in Germany only a few years ago. Especially for rugby betting sites that operate internationally, such statistics show that offering multiple payment options is non-negotiable. If fans can’t complete payments the way they prefer, they may bounce off, which might hurt overall conversion rates.
When players notice that they can pay however they like, they are more likely to return to your platform. And this could only lead to stronger customer loyalty. With more companies entering the betting industry, nothing equals experiences that encourage customers to stay – acquiring new customers can be quite expensive.
Enhancing the Security of Payments
As you seek to cater to multiple preferences by offering multiple options, it’s important not to forget about ensuring the options are secure. From tokenization and encryption to two-factor authentication and biometric scans, there are numerous technologies for enhancing security.
Artificial intelligence and machine learning have also made it possible to identify unusual activities and prevent fraud. If you want to enhance the security between a payment terminal and a gateway, point-to-point encryption can be a great way to get started. It encrypts and secures all sensitive data from unauthorized access, reducing the chances of data breaches.
Seamless Checkouts
Convenience has become a crucial aspect of our contemporary betting industry. Customers now want to have experiences on the go that are similar to those they would have at home. You, therefore, must ensure that your checkout infrastructure works well on mobile phones and tablets. Plus, you don’t have to complicate the process by needing customers to fill out long forms with their details – this can stop them from completing transactions. Alternatively, betting sites are including guest checkout options where fans can transact without signing up for an account.
Extra costs can be a complete pain for companies wanting to stand out. One report actually showed that extra costs could lead to 60% cart abandonment. That’s why you have not stopped seeing the best betting sites allowing fans to use payment methods like Skrill without charging them.
It’s clear enough that for any betting site that aims to stand out, offering seamless payment experiences can be a great way to get you started. Fans today are pretty fast-paced, and they wouldn’t want to transact with businesses that have complex checkout processes. By offering multiple options, easy checkouts and mobile-friendly options, you can be sure to enhance your competitive advantage and retain most of your customers.
