3 Tips to Improve Ecommerce Payment Experience
In today’s global economy, the introduction of ecommerce payment demonstrates a turning point in history. Customers and cash flows can come from anywhere, which opens new opportunities to established industry players and emerging online payment services.
With e-commerce payment, benefits like speeding up the purchase process and lowering the shopping cart abandonment rate are noteworthy factors that businesses have noticed. The consumer and business sides, particularly, receive significant benefits from these streamlined payment services, as indicated by their improved sales and cash flows.
At the same time, integrating ecommerce payment for your business means that competing against other companies is more intense. This can put your company at a slight disadvantage as some companies can achieve better conversion rates and brand perception.
So this begs the question, as a business owner, how can you make your company stands out in an already saturated market? Let’s dive into the 5 tips that can help bolster your ecommerce payment service and makes your business shines.
Provide Flexible Ecommerce Payment Options
A Cyber Source Corp research found a strong connection between conversion rates and payment methods. Specifically, websites that provide 4 or more payment options other than credit cards had a sales conversion rate 12% higher than those offering one payment option.
However, that is not the only reason. Recent trends show that online payment gateways like PayPal, AfterPay, etc., are more favored by demographics such as Generation Z and Millenials. These platforms integrate friendly user experience features that make the checking-out experience more enjoyable. According to a Roy Morgan report, 10.6% of Gen Z and 10.4% of Millennials in Australia are the greatest users of cashless ecommerce payment services. This illustrates the need to research the target audience and determine which payment methods are preferred among the majority and only implement them in your business.
In sum, diversifying your business online gateways is one method to make consumers more engaged with your services when checking out.
Ecommerce Payment Guest Checkout
Having to share personal information during checkout is one of many reasons that lead to customers abandoning their shopping carts on ecommerce sites.
Consumers react poorly when their personal information is used to generate a recommendation or an advertisement that makes them feel intrusive or inappropriate. With this in mind, business owners should be aware of the factors that throw customers when finalizing their purchases.
One solution is to enable guest checkout so visitors can find comfort when checking out. A study by Invesp reveals that 64% of the top 200 ecommerce websites permit anonymous checkout as their ecommerce payment process. Therefore, try being more open to online visitors is one strategy to make your business more valuable.
Tips to improve the ecommerce payment experience
Give Security Promises
For many online shoppers, security is one of the pivotal concerns. They take a serious attitude to companies’ promises to keep their private information safe from hackers, especially sensitive data like bank details or email addresses.
A survey from Software Advice shows that 51% of Australians who shop online at least once a month are reluctant to share their personal data with companies as there are concerns about how it will be used, stored, and managed.
In response, your business could alleviate these problems by making the ecommerce payment process associated with reputational security standards. For instance, the PCI Security Standards Council (PCI SSC) is a great guideline that sets the requirements for organisations and merchants to safely deliver their services and protect users’ data from being compromised.
Do you want other tips to enhance the effectiveness of your business’s ecommerce payment process? Contact us here!