After the announcement of the nationwide quarantines, many companies had to rethink their business models and shift to the e-commerce sector.
The fintech company 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. The company confirms 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 can already notice that 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,” comments ‘Paysera LT’ CEO Vytenis Morkūnas.
A third of these e-shops use payment collection plugins created by Paysera. 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 collection services at better conditions. For a while now we allow new e-shops to use our payment collection 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,” says Vytenis Morkūnas.
Paysera’s client support centre 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).
“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 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 and instead 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,” says Vytenis Morkūnas.