Benefits of Multiple Payment Option for your E-commerce
Let’s create a hypothetical situation together. You have an excellent product. Presented and marketed beautifully on all online platforms with a well-designed website. You spent quite some time perfecting your pitch and online presentation, but your sales are still low. Sound too familiar?
Today’s customers are very demanding when it comes to their needs. The highly competitive market makes it difficult for small retailers to compete. Without knowing the ins and outs of their customers’ experience journey, e-commerces are left without customers. So how do you raise your brand profile and decrease card abandonment while increasing your sales?
Appealing to a wider demographic
Every generation has its specific way of shopping. With it, of course, every generation has a clear preference for payment methods, almost exclusively preferring to pay with alternative payment methods. On the other hand, Gen X and older generations prefer to still use bank-related payments. So when you add alternative payment methods, you are catering to both, a younger and older generation of shoppers. By accommodating their shopping experience, you are creating a trusting and reliable relationship.
Additionally, local payment solutions apart from trust, create a sense of familiarity when it comes to finalizing purchases. A wide international demographic translates into more potential customers.
Improving conversion rates
By offering at least one of the top payment methods such as SEPA, which is very popular across Europe, your store’s conversion rate can increase up to 30%. Multiple payment options add to a better shopping experience, thus decreasing the rate of users abandoning their shopping carts and creating customer loyalty. This makes potential customers repeat customers. The people who’ve had a satisfying user experience the first time they shopped in your store are likely to come back again and ensure more sales. To make it simple, a better user experience converts a person into a buying customer.
Decreasing cart abandonment
In the perfect world, the customer would be just one click away from purchasing your product. But in real life, this is definitely not the case. Studies show that one of the reasons why customers quit halfway through is because they are faced with obstacles such as a lack of an eligible payment method. A slow checkout process ranks up the average global shopping cart abandonment rate to retail is 73%.
Enhancing user experience
15% of customers say they abandon websites at checkout because they didn’t trust the website with their credit card details. By ensuring a familiar payment method is available, you are showing your customers that you care about their experience and safety. A small gesture can go a long way as the customers can easily click right through your website in a familiar way!
Providing multiple different payment methods makes checkout easy for your customers. You are ensuring that all of their dreams come true in a few clicks instead of postponing it further. A purchase without hassle and security worries makes the customer experience better and encourages them to become regular customers. This ultimately means more sales for your e-commerce.
We can help
Last but not least, multiple payment options serve as each other’s backup as well. If one payment method fails for a customer, they can always try another one. Similarly, if there is a technical problem with one type of payment, the customer is not forced to give up on the purchase.
Sites with multiple options secure more purchases than sites with single payment options. They also have a higher rate of repeat customers. So, choose your payment options wisely, and let us help you to find the best combinations for your target customer. We are always available for a free consultation.