The “four Ps of marketing” (product, price, promotion and placement) traditionally represent the most crucial elements for successfully bringing a new offering to market. But when it comes to e-commerce, and especially when bringing a product to a global marketplace, an effective marketing mix must include a fifth P: payments.
A merchant may have done everything right and covered each of the traditional four Ps. However, true success is only measured by the completed purchase. Most merchants still pay more attention to other aspects of conversion optimization than they pay to their payments program (the things that happen after the customer clicks “buy”). This failure to consider the fifth P of marketing is a missed opportunity that can affect short- and long-term business success.
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