E-Commerce Booming in the wake of COVID-19 pandemic

That our lives have been and will continue to be changed by advances in technology is inevitable. No one, however, could have predicted how the Covid-19 pandemic and the lockdown would accelerate that process and change so many lives forever. In South Africa, and worldwide, the older generation and baby boomers have now joined the millennials and Gen-Z in embracing the digital world.

Though intended as a convenience, the now partially open shopping malls are still seen as danger zones where social distancing is a life-saving need. Online shopping offers a highly practical means to secure our daily bread, not to mention toilet rolls, masks and hand sanitizer. For many, this will remain the preferred option.

People who would once have only used the internet to make a Skype call to their grandchildren overseas are now ordering goods and services and paying their bills online.

This trend has seen a 700% increase in online traffic by local food retailers alone, while 37% of established internet shoppers admit to doing so more often. That said, many remain uncomfortable with the idea of making payments online.

Traditional EFT often presents Obstacles

Credit and debit cards once offered shoppers a convenient way to pay at a checkout as well as to shop online. These cashless payments allowed shoppers to avoid the frequent queues and occasional dangers when drawing money from an ATM.

However, Although 49 MILLION South Africans have a bank account, only around 8 MILLION have a credit card. Of those without, most will have no choice but to use their bank’s strictly manual and overly complicated EFT facility. Not only does this expose them to card security risks and the chance of human errors, but it frequently causes delays in order processing because suppliers wait days and sometimes weeks before receiving proof of payment. All too often, hassles with online payments lead to abandoned shopping carts, which is really bad news for merchants.

Instant EFT improves the Shopping Experience for both Buyers and Sellers

Elsewhere, the world’s online shoppers have been demanding a payment platform that can be trusted, is simple to use and will ensure that their orders are processed immediately. Merchants and developers have listened to them, responding with the likes of Paypal, Stripe and Square. Locally, there remains a vast and diverse population eager to enjoy those same benefits, and its members may soon have no option but to make their purchases and pay their bills online. For them, Ozow now offers a safe and simple means to make those essential digital payments. Trusted by all 8 of the country’s major banks, Ozow’s automated, instant EFT technology has opened up e-commerce to every South African with a bank account.

When purchasing online, customers need only to log in to their bank, as usual, choose an account, and, after a brief security check, complete the payment with a click – all IN LESS THAN A MINUTE. Yes, it’s really that straightforward. The outdated hassle of typing in every last detail of the transaction manually is handled by Ozow’s automated technology. This means Ozow shoppers can enjoy their online experiences anxiety-free and will be far less likely to abandon their shopping carts. 

Financial technology is constantly changing. Can your company afford to be left behind?  To learn more about how you can benefit from this Ozow easy, Ozow fast, and Ozow trusted payment solution, visit Ozow.com.

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