5 tips to boost online marketplace sales with multiple payment options

By |Updated Date : Jun 19, 2023 | 1 Comments | 25 views | Jun 19, 2023
  • 5 tips to boost online marketplace sales with multiple payment options

No two customers are the same. Nor are their buying preferences on your online marketplace. Certainly, the e commerce payment system they opt for will also be diverse.

And the key to a successful business is an engaging marketplace website with a frictionless checkout flow.

Wonder how to achieve that?

Simple - add multiple payment options to literally personalize your checkouts, without actually putting in any added effort of personalization!

Want to experience how multiple payment options can help you become the market leader?

Sample some payment and buying trends of online shoppers:

  • 60% of e-commerce transactions done via digital or mobile wallets in 2020
  • 53% expected share of digital wallets in global e-commerce payment transactions by 2025
  • 19% expected share of credit cards in the global e-commerce transactions by 2025
  • 13% share of debit cards expected in the global e-commerce payment methods by 2025
  • 6% expected share of bank transfer in the global ecommerce payments by 2025
  • $612.1 billion is the estimated reach of the global market for ecommerce payments by 2030 from $206.7 billion in 2022
  • 24% of the global consumer spending to be accounted by ecommerce by 2026

Source: Statista, Yahoo Finance

The COD payment method in the global -commerce transactions is expected to fall from 3% in 2023 to 1% in 2025. It clearly reflects that the customers not only want digital payment options, but also look for flexibility in choosing their preferred payment mode. If your business fails to provide a frictionless payment process to your buyers, your brand might start losing your customers to the competition.

5 tips to boost online marketplace sales with multiple payment options

With more and more people resorting to online shopping and with even more marketplace websites to choose from, it is imperative to implement things that make your brand the first choice of your customers. And offering multiple secure payment options with a smooth checkout process certainly helps your brand build customer trust and loyalty.

Here are 5 tips to help you boost your marketplace sales with multiple payment options.

Minimize abandoned carts due to downtime

The one thing that can doom your online marketplace is payment failure. Any customer who faces payment downtime will hesitate to return and might hop on to competitor sites. You certainly don’t want this to happen to your brand, right?

The best way to minimize cart abandonment due to payment failure is to have alternative payment options for your customers to choose from. The more options you provide on your marketplace, the higher the chances of converting every potential sale. 

StoreHippo helps you eliminate payment downtime by offering multiple payment options to your customers. You can integrate various payment options on your marketplace website like mobile wallets, offline payment options, cheques, cash payment, COD, UPI, etc easily. You can choose from over 60 payment gateways with StoreHippo that make accepting payments simpler and safer using various channels. 

Convert impulse buying faster

Did you know that customers tend to shop more just to save more? Yes, you can convert the impulse buying habit of your buyers by offering them store wallets and loyalty rewards. When you give your customers the freedom to redeem their store wallet balance on their next purchase, you can nudge them into making that second purchase. You can also offer a quick and easy e commerce payment system that does not need to add complete account details, OTP, etc like store credits and cashback.

StoreHippo offers comprehensive store wallet solutions wherein your customers can store various loyalty rewards, cash backs, store credits from refunds or trade advances and redeem them later while placing an order. StoreHippo enables you to offer your customers a transparent view of their wallet transactions and balances. You can seamlessly track and manage all the wallet transactions done by your customers right from your admin panel.

Encourage domestic purchases with native payment solutions

Studies have shown that new-age buyers have at least “two” e-wallet apps installed on their phones. Domestic buyers are moving from cash/card payments towards a digital ecommerce payment system like UPI, Paytm etc. Meaning you can boost your marketplace sales by offering such native payment solutions to your customers. 

StoreHippo offers a full spectrum of digital payment solutions like PayTm, PayPal, Google Pay, UPI, etc so you can seamlessly integrate with these. And as you provide more than one payment solution to your customers, your chances of maximizing your sales and revenue get multiplied.

Boost international orders with multi-currency payment options

If your international marketplace is seeing a lot of abandoned carts, it needs your immediate attention. The one reason you have tons of incomplete orders is an inefficient e commerce payment system. Imagine one of your global clients trying to make a purchase but dropping out because they couldn’t understand the price. Wondering how to curb that? You can boost your international orders with multi currency payment options on your marketplace.

With StoreHippo, you can seamlessly boost your customer base by integrating 60+ domestic and international payment gateways. StoreHippo also enables you to offer location-based payment solutions to facilitate quick buying. You can also customize your checkouts to offer personalized payment options to different buyer groups with StoreHippo. 

Enhance brand value and customer loyalty

What do customers expect from their favourite brands? Apart from good products, they expect you to offer a seamless shopping experience with a frictionless e commerce payment system. Yes, as you expose your customers to multiple payment options, you enable them to complete their purchase process without any hassles. And as your customers love your brand, they start promoting it among their peer groups and friends.  

StoreHippo offers a wide spectrum of payment options. You can choose from 60+ pre-integrated payment options that make accepting payments simpler and safer using various channels. With StoreHippo you give your customers the most secure and smooth payment experience and seamlessly improved conversions.


With the fierce competition the ecommerce market is witnessing today, it is important to stay on top of the evolving buyer habits. And offering multiple payment options is one of the best ways to boost sales on your online marketplace. 

However, to keep your customers engaged and happy,  brands need enterprise ecommerce software that makes their brand future-proof by offering a comprehensive e commerce payment system. StoreHippo ecommerce solutions offer seamless integration with 60+ domestic and international payment gateways for quick conversions. It also offers wallet management features with an extremely easy set-up. Also, you can easily customize your checkouts to offer personalized payment options to different buyer groups.

Are you ready to boost sales on your marketplace website with StoreHippo? Explore the integrated global and domestic payment solutions by starting your 14-day free trial now. 

Leave A Comment

Your blog on multiple payment options is incredibly insightful. It's clear that these strategies can make a significant impact on online marketplace sales. Thanks for sharing!

By: Gautam Nair
Oct 13, 2023   Reply

Replies :
Hi Gautam, thanks for appreciating our blog on 5 tips to boost online marketplace sales with multiple payment options. If you need our help setting up your store, feel free to contact us. For more ecommerce related information, keep checking the StoreHippo blog! Team StoreHippo - Oct 12, 2023

Leave a Reply