After the announcement of the nationwide quarantines, many companies had to shift to the e-commerce sector. We want to believe that this creates some great opportunities that will help the companies and economies in the long run.
đź“… March, 2020
E-shop numbers jump amid the national quarantinesÂ
After the announcement of the nationwide quarantines, many companies had to rethink their business models and shift to the e-commerce sector. It surely poses quite a few challenges for many entrepreneurs but we also want to believe that it creates some great opportunities that will help the companies and economies in the long run.
More e-shops and growing sales
Paysera enables around 90 per cent of Lithuanian e-shops to collect payments online and is an emerging financial services provider in other countries such as Latvia, Estonia, Bulgaria, and Romania.  We can already see that the first weeks of the quarantine not only boosted sales of existing e-shops but also encouraged many new businesses to start selling online.
“We are opening around 30 per cent more e-shops than we normally did in the same period. And the sales of existing shops lately grew around 1.5 times. We are also receiving more and more calls asking about our Paysera Checkout services - this indicates changes in the e-commerce market due to the current situation in the world,” says Paysera LT CEO Vytenis MorkĹ«nas.Â
An easier and cheaper way to accept payments
A third of these e-shops use payment processing plugins created by Paysera itself. Such IT solutions can save time, don’t require any additional programming resources, and allow e-shops to start collecting payments online without any delay, in a day or two.
“I am glad that our services are useful to clients and are needed in the market. Growth of online sales also enables us as a company to offer payment processing services at better conditions. For a while now we allow new e-shops to use our payment gateway service for a much lower price for the first 3 months. We hope that such discounts will encourage more people to start e-commerce businesses and will help new shops during this difficult time,” adds Vytenis Morkūnas.
New shops, new hopes
We noticed a trend lately that new e-shops focus on selling hygiene products and delivery services (delivering food and even drinks to people’s homes).Â
And although the situation in the country and the world in general is rather complicated at the moment, we hope that after everything is over, businesses will maintain their online existence, optimise their shops, and this will help the economy to get back on its feet.
Adapting your business to the online market is a skill for life. As a fintech, we feel inspired seeing so many entrepreneurs not giving up, quickly adapting to the market, and being as creative as ever in these times of uncertainty. We believe that their efforts will pay dividends in no time and we will always be here to help!
