The Middle East’s second largest economy, UAE’s lifeline the SME’s and their triumph stories, is a global known phenomenon, as it builds up single largest majority (94%) of overall registered firms within the nation, and hence, acts as the most integral part of national overall triumph story. However, the relative global threats like the boundaries imposed off by the COVID-19 turmoil have confronted this progression.
As currency transactions softened away, the tussle to get online displayed the influence of technology as an enabler of trade. And so, to remain viable, SMEs now know that being well empowered in the digital space is vital.
Those that made the evolution effectively were able to swiftly position themselves to take an added advantage from mobile commerce (m-commerce), which is swiftly growing within the overall digital shopping arena.
Mobile checkout is decisive and it is no longer just about the web browser because m-commerce has extended across almost all accessible devices and channels today. However, an allied reality is that the big traders have significantly enhanced client experience with card on file checkouts, and the utilization of high security solutions, like tokenization that has set novel standards in the industry’s capability to mitigate and manage fraud related threats.
At Mastercard, we are serving SMEs to offer their clients a convenient yet protected checkout understanding to curb the cart rejection and upsurge sales conversions.
However, during 2021, clients’ requirements have been able to procure from within a click of a button and with an app in a better manner. Research displayed that the longer it takes to checkout, the additional likely the client is to abandon the spending cart. This hits SMEs tougher– not only is it a lost sale but the catastrophe to procurement leaves the clients less likely to return to the merchant itself.
The solution to attainment through the checkout with negligible friction has come via the alliances and partnerships between financial services providers, and Mastercard’s Click to Pay technology is a state-of-the-art illustration of just what can be achieved.
Click to Pay, a one-click checkout solution, entirely removing the requirement for a client to repetitively add their card details when they visit new websites or e-commerce platforms that offer Click to Pay. More prominently, SMEs can utilize it for m-commerce transactions. One notable gain of Click to Pay is that the cleints can opportunely pay with the same authorizations from multiple devices while using diverse operating systems.
It’s also fool proof and completely secured thanks to the one-time-password (OTP) solution. The clients no longer require to enter their card details, name, and address – instead, they log in to their Click to Pay account and receive an SMS with an OTP to do complete the procedure and authenticate the transaction. For SMEs, this is invaluable, predominantly those that trade via the platforms like Amazon that often have a high percentage of abandoned carts. However, it is still very vital to aid the SMEs comprehend how to gain an edge via a secured and a complete frictionless m-commerce knowledge for their clients and to be organized for constant modification as the digital e-commerce ecosystem evolves.
The Dubai Chamber of Commerce tossed Business Connect in April 2020 as a podium intended to support businesses in Dubai stunned by the economic aftermaths of the spread of the virus with news, financial and educational resources, and economic viewpoints connected to the existing trials and conducts to confront them.
Government initiatives like these are complemented by private sector solutions to set SMEs up for success. For an illustration, Mastercard’s ‘SME-in-a-Box’ solution was formed to benefit small business owners and micro-merchants develop their client base through digital platforms. It stretches SMEs tools that can be retrieved through smartphones which certify that industries can move online with ease and simplicity.
In the UAE, there are ongoing constant endeavours to ensure that no small business gets left behind in the complete transitioning towards a digital economy. The government is resolute to empower the aspirations of business proprietors by familiarizing regulations that nurture a culture of entrepreneurship and by equipping them with the tools and infrastructure to easily conduct their business in a digital-first ecosystem.
This comfort is precisely what is desirable as entrepreneurs look to nurture in 2021 and beyond. In light of the pandemic, clients are even more attuned to the digital commerce situation. The ease with which merchandizes can be browsed and the protection and safekeeping with which public can cooperate across diverse platforms, permits them to find the most competitive offers. So, when that deal is found, the checkout experience requirements to be easy, swiftest and -above all else-secured.
This latter requirement is even more decisive now since cybercrime has become progressively complex. SMEs and entrepreneurs who are new to e-commerce are essential to comprehend to the hazards and what they look like. In partnership with the Global Cyber Alliance, Mastercard offers a free online toolkit to advise and guide small businesses by installing its advanced patented tokenization technology that preserves transactions secure.
With this peace of mind and a highly pleasurable client journey, SMEs that have steered the new post-COVID-19 world of digital commerce can look forward to securing the rewards as our economies eventually commence growing again.
