Online Payment Trends 2017
Do you know what is the average shopping cart abandonment rate? In 2017, it was almost 70%. That’s 7 out of 10 sales lost. That is just one of the few payment trends that emerged in the past couple of years.
The reason why this occurrence is frustrating to retailers is quite simple – the users who change their mind on the checkout page are obviously interested in the product, but something kept them from completing that purchase anyway.
The price of the product/service is rarely the main reason. If someone is looking for a bargain, they won’t even reach the shopping cart section but browse other websites instead. Presuming that you are keeping your prices transparent and present on the website, users are probably well aware of the cost of their purchase when they reach this section. Or at least, they should be.
And still, 7 out of 10 of them choose to abandon their purchase right there.
Buyers intent is still a grey area for many online retailers, and if you are also struggling to increase sales on your website, the following three reasons might help you comprehend what it takes for you to improve your web shop performance.
We’re all on mobile
A few years ago, it wasn’t an uncommon trend when you witness high traffic coming to your website from mobile devices, but the majority of purchases are still completed via desktop. The reason behind this occurrence is quite logical.
Although users prefer to browse for product and services from their cellphones, they still feel a lot safer when they shop on a desktop device. The environment is much more familiar.
However, only last year we witnessed an increase in mobile conversions. More than 51% of U.S. users reported that they’ve used their mobile device to complete a purchase.
So, is your check-out page mobile friendly? With so many competitors on the global market, the advantage of having a mobile optimized website won’t be an advantage for much longer.
Platforms like Magento and WordPress already have AMP offered as a plugin, and it’s just a matter of moment when your competitors will come across the same idea and invest more in their mobile presence.
Cyber security will continue to present a challenge to online vendors, same as for pretty much everybody else. As you are trying to make your checkout process as simple as possible, you are making it simple for fraudsters to hack that same system as well.
Data breaches are almost inevitable, and this is one of the main reasons why users still tend to use desktop devices instead of mobile when they make transactions.
So how are you taking care of your online security? One in three online shoppers hesitate to finish their purchase because they don’t feel safe giving out their information to your checkout page. Staying in touch with the latest security systems should be a priority of all online vendors and retailers.
Making it personal
Last but not least – a lot of retailers tend to forget that we are living in an era of smart-shoppers. Your regular user isn’t just someone who happened to stumble upon your website, and now they are considering to make a purchase. Chances are – they’ve visited your website before, they like your offer and now they are comparing your deal with other online deals available.
The question of whether they will opt out now is the matter of details.
In order to reach more customers, personalization has become one of the most efficient tactics used by marketers. By offering products, services and any type of value to users through a personalized approach, we are able to reach more users, and engage them with our brand.
But how can you translate this model to your payment methods?
The solution is quite simple actually. Alternative Payments can help you to personalize and customize your checkout page, to an extent where you are able to present your prices in the local currencies of your visitors.
That’s right – our solutions read their location, show the translated version of a checkout page to your users, and it even helps them by providing them with their preferred, local method of payment.
And all of this is available through a simple integration that won’t take you longer than 15 minutes to finish.