My local bank called me in to upgrade my LYNX debit card to their new VISA debit card. When I received it, I could not help but notice the traditional magnetic stripe and new embedded microchip feature. This little card also came with a world of new possibilities for local and international shopping.
The VISA and MASTER CARD logos are seen world wide as the first choice of paperless payments. As the popular slogan goes, “for everything else there’s Master Card”. This payment choice is number one for most online shoppers as well; in fact, most modern South American/Caribbean shoppers use Credit Card payments and prefer shopping online compared to shopping in store. Online shopping is seen as a mean to shop securely and offers a variety of options that are difficult to see in stores. Did I mention that it saves on time for those of us with a busy schedule?
In this new era of shopping, we must consider:
- Is my business ready for this new era of customers?
- Do I accept online payments for products and services?
- Do I have a website where people locally and internationally could see my goods and services?
If your answer is no to any of the above questions your business might be in danger.
Let’s look at the stats…
- The average young adult in the Caribbean owns or has access to a credit card.
- Amazon surpassed Microsoft as the largest company by market value in 2019. They became the biggest shopping mall with an online store- not a physical one.
- People prefer the comfort and safety of shopping from their computer or mobile device. The global online shopping market size is predicted to hit 4 trillion in 2020.
- More people now search online for local services.
- Based on your online presence, customers assume the quality of your business.
- It is easier to find and remember your business at a .com than a physical address.
- Messaging and Emailing are more popular than making phone calls.
- Online banking is in high demand- Scotiabank, Republic Bank and First Citizens are just some banks offering online banking in Trinidad and Tobago.
- You do not need United States Currency to run an online business.
- Unlike social media, you can control the crowd on your website.
Next Steps? If you need assistance setting up an online business in Trinidad & Tobago, the Caribbean or anywhere in the world, visit our website at tehillamedia.com. We also update and maintain existing online businesses.