Doing business online matters. The growth in digital retail has helped countless businesses survive the decline in traditional in-store shopping over the last few years. It isn’t slowing down either. Largely thanks to technological innovation, South African eCommerce is expected to continue to grow at a rate of 55% over the next five years.
A contributor of this growth is subscription services being offered by online retailers. Whether a streaming service, SaaS product (subscription as a service), or even products being delivered to customers every month, subscription commerce is growing at an accelerated rate.
For businesses entering the subscription commerce market, creating a frictionless end-to-end experience is critical. More importantly, people want the freedom to pay using any method of their choice and expect businesses to accept a wide range of payment methods.
This is where the partnership between Ozow and Revio comes in.
Revio powers subscription and recurring payment solutions for businesses in Africa. Ozow provides an easier, quicker, and more convenient way for customers to make those payments.
Unlike traditional payment options, Revio’s merchants will now be able to offer their customers the option to make instant payments directly from their bank accounts. These can be done anywhere, any time, and without the hassle of having to wait for money to clear.
When they receive their invoice, customers simply need to select Ozow as their payment option. They will be prompted to enter their bank login details and create a four-digit PIN to select the bank account they want to pay from. To ensure this is secure, they will be required to approve the payment on their banking app. It’s that simple.
Not only do customers win by having a simple and secure payment option. But so do Revio’s merchants.
Businesses that cater to their customers’ preferences by accepting a greater number of payment methods grow revenue and their subscriber base faster, reduce their churn rate, and collect payments more effectively.
We’re pretty excited about the partnership. It fits in with our goal of creating greater financial access and choice for people.
To find out more about Revio, and the growth of subscription services and recurring payments in eCommerce, be sure to visit their website: www.revio.co.za