Analysis of Consumer and Business Buying Behavior Essay

Analysis of Consumer and Business Buying Behavior - Essay Example In that direction, RetailCo can adopt electronic payment systems like Electronic Funds Transfer (EFT), PayPal and Mobile Phone Payment. These payment systems were selected based on the fact that the target customers of RetailCo are largely upper-class, educated and receptive to online shopping, and so would be interested to buy RetailCo’s products through online mode by utilizing any one of the above mentioned payment systems. Then, importantly as the customers and even the staffs of RetailCo would like to have secure and easy to use payment systems, these options were selected. Apart from the already implemented card systems, RetailCo can first adopt the payment system of Electronic Funds Transfer (EFT), which involves the electronic transfer of money by the customers from their bank account to the account of RetailCo. If RetailCo includes the EFT option, the customers can click it, and it will lead to a list of banks with which RetailCo has a business arrangement. The customers can select their bank (or the bank in which they will have account), enter the account details with their personal password, and initiate the transaction. This payment option provides the customer an easier option to make the purchase, as they do not have to keep their cards with them all the time, and needing to input all the card details, because they can just remember their internet banking details. However, RetailCo has to include all or majority of the banks by making arrangements with them, otherwise, certain customers may find their banks missing in the list. The next key pa yment option that could be included is the PayPal option, where the customers can buy products by transferring their money electronically from their PayPal account. â€Å"Money would be exchanged via cyberspace - all users needed were an e-mail address, a credit card or bank account number and an Internet connection.† (â€Å"Electronic