It’s a common misconception that if you can get people to visit your eCommerce site, sales will always follow.(ecommerce payment solution)
No matter how much time and effort you put into your PPC or SEO strategy, increasing your sales is simply one half of the job. You must give your audience a cause to stay and become paying clients after they have arrived at your eCommerce business.
If you’re having trouble increasing your conversion rate, you might be the victim of a few eCommerce payment blunders. Do any of these ring a bell?
Checkout Registration Requirement(ecommerce payment solution)
When a customer reaches a barrier in the checkout process and is informed that they must create a complete account with your eCommerce store before continuing with the purchase, they may be immediately turned off.
Modern consumers want checkout procedures to be simple and quick, and if they anticipate a lengthy process, they’re more likely to abandon their purchase.
These days, data privacy is a hot topic, therefore it’s critical to understand what worries your potential consumers have. Many would rather just pay for their purchases than provide further information and create a permanent account on your system.
Your consumers should have the option to complete the transaction as a guest, providing their email just for order update purposes.
The Secret of Checkout Progress(ecommerce payment solution)
Online shopping can take a very long time from clicking “checkout” until the final confirmation of the transaction, and many customers will feel like it will never be over.
It takes a long time to create an account, enter card information, a billing address, a separate delivery address, add any additional messages for the packers or delivery drivers, and review the customer’s order. Field after field will wear on some consumers, who will start to wonder when it will end. They conclude the hassle is not worth it and leave your online store.
Put a progress indicator in place at the checkout to stop this problem in its tracks. Customers will be able to easily see how far they’ve progressed and how many steps remain, which will give them an extra push of desire to finish the transaction.
Insufficient Payment Options(ecommerce payment solution)
You might need to go above and beyond supporting a few of the more obvious, big credit and debit cards, depending on your product line and your target market.
Consumers now frequently use PayPal, Google Pay, and even obscure cryptocurrencies like Bitcoin in place of Visa, MasterCard, and Maestro.
Look into the preferred payment methods of your target market, and make sure your eCommerce store has the capacity to accept these more recent payment methods.
Unreported Delivery Fees(ecommerce payment solution)
Have you observed that a significant number of your potential customers leave your website just before they are prompted to make a payment when you keep an eye on your site analytics? Have you ever wondered what motivated them to act in this manner?
Unexpected delivery charges, in three words.(ecommerce payment solution)
When they get to the payment step of an online purchase and are unexpectedly hit with high shipping costs, many online customers get annoyed. In fact, shockingly, 70% of customers leave their baskets unfilled for this reason. They can feel little duped after being drawn in by a reduced cost but with a surprise catch.
Avoid this by using upfront, transparent pricing that takes shipping costs into account.
Customers will be more inclined to follow through with payment if there are no unpleasant surprises waiting for them at the end if they always know how much they’re being charged as they add products to their baskets.
Avoid These Mistakes!
All eCommerce business owners, no matter how big or little, are prone to committing some of these innocent-looking errors. Be honest with your prospective audience, and find out how you can best meet their needs and desires in terms of purchasing. This will increase conversion rates by increasing confidence and streamlining the payment process.
In the US, e-commerce rose 30% in 2020, the fastest rate since 2002, according to a new survey. Strong ecommerce growth was anticipated even before the epidemic, changing the retail environment.
Retailers are exploring and expanding their options for payment methods as they become more frictionless and safe as a result of the rise seen in the context of e-commerce trends.
Although card payments still dominate the market, contactless payments and digital wallet services like Apple Pay are gaining popularity.
Here are eight promising e-commerce payment trends that you need to be aware of in 2021 as e-commerce continues to gain popularity. They will assist you in maintaining awareness of the situation and keeping up with developments in the field of eCommerce payments.
Knowing and embracing current trends keeps your company competitive and contributes to a quick, secure checkout process, which your consumers will appreciate by making numerous repeat purchases. Therefore, since I know you’ll adore it, let’s get started:
1. There will be more mobile trade
The typical user logs on for about 6.5 hours every day. Their online information-seeking, content-consuming, and purchasing habits have evolved.
They favour making purchases via their mobile devices. In 2017, mobile devices accounted for 58.9% of all eCommerce sales. Due to the rise of mobile commerce, this will rise by 14% to 72.9% by 2021.
Another way to look at it is that the $2.095 billion increase in revenue between 2017 and 2021 that the 14% rise implies.
All consumer transactions that take place over an internet connection on mobile devices are collectively referred to as “mobile commerce” (m-commerce).
Use a mobile-responsive design to capitalise on this trend and provide customers a fantastic shopping experience when they visit your store.
The user experience and keeping visitors on your site depend heavily on how quickly your site loads. The percentage of visitors who leave without browsing also rises as loading speed increases.
Use mobile apps to give customers a seamless purchase experience to increase consumer engagement. Utilizing mobile apps, you may inform customers about new products and seasonal launches while delivering pertinent product promos.
Promotions for products, such percentage discounts or time-limited deals like free delivery, can work as potent inducements for purchases, boosting conversion rates and fostering client loyalty.
2. Expanding global opportunities
Consumers now more than ever rely on internet marketplaces to guide them in making wiser ecommerce payment choices.
The process of comparing exposes them to more alternative products from other merchants. This means that putting your goods up for sale on an online marketplace increases the possibility of passive customer exposure without boosting your marketing production.
And because Statista anticipates that by 2022, worldwide eCommerce retail sales will reach $6.54 trillion, you must capitalise on this trend by:
- Utilising international payment channels that recognise several currencies
- Geolocation is used to provide appropriate pricing on your store.
- Being in compliance with tax laws in the areas you serve.
- Ensuring a seamless checkout experience for customers by offering customer service that corresponds to their time zones
3. The growth of multi-channel eCommerce will continue.
Shoppers use a single channel to locate and purchase the goods they require has historically been a crucial component of the majority of e-commerce businesses.
However, customers are increasingly interacting with their favourite brands across a variety of channels, therefore you must modify your sales and purchasing model to account for this change.
Additionally, they anticipate a consistent shopping experience across all popular e-commerce payment methods from trending eCommerce brands. They like firms that anticipate and cater to their requirements since they are more inclined toward convenience.
You can meet your customers where they are by embracing the appropriate technology, particularly when it comes to offering safe and seamless checkout experiences across several channels.
For instance, we’ve already observed that consumers use many channels to evaluate a single product, which results in extra touch points during the buying process.
This indicates that, as a business owner, you have little influence over how a customer chooses to make a purchase.
Your blog could be the result of a Google search, after which people visit Amazon to compare products before making a purchase.
In order to adapt, you must let customers make purchases via whichever channel they choose to communicate with you on. And part of that entails optimising your landing pages to appear higher in search results for pertinent long-tail keywords and attract customers using branded search terms to locate you.
4. Social commerce will start boosting sales
Although there are more opportunities for consumers to purchase because to multi-channel interactions, social transactions enable them to do so while their purchase intent is still high.
28% of social media users, according to Statista, find brands through social media advertisements. The development of social transactions has been aided by the addition of Instagram checkout, which allows users to make purchases from brands without leaving the platform.
Convenience and personalised purchasing experiences are things that your customers cherish, which is something that most brands overlook.
Customer engagements that result in conversions are impacted by the implementation of such experiences through social transactions. Making sure that customers may make purchases without leaving these channels is beneficial because the majority of these users may be in any stage of the purchasing process.
Start interacting with your current and new consumers about their preferred topic. Make sure to use the purchasing methods offered by these social platforms while doing this, or use a trustworthy payment service to assist you.
To obtain hold of people who are ready to buy, focus on running ads that showcase your average order value products. Your existing customers love them, and that means you will have an easier time enticing new potential consumers to buy them through their favourite social media outlet.
5. Subscription models are catching up
Not every eCommerce product out there sells on a one-time buy. Different goods, including cosmetics and pet food, need to be replenished frequently.
Additionally, because customers’ appetite for a customised end-to-end purchasing experience is unquenchable, eCommerce companies have begun to tilt toward a subscription-based revenue model.
A tailored and simple way for customers to purchase what they need whenever they need it is provided by a subscription-based payment model.
Replenishment, curation, and access subscription models are the three different categories of subscription models. Customers receive more of their preferred product when it is almost out with a replenishment strategy (or once it runs out).
When they become accessible, a curation model offers clients a choice of the top products on the market. Get to know your customers better and supply products that suit their preferences rather than having them browse your collection to choose their favourites. Customers of ShoeDazzle take a questionnaire to receive monthly, individualised recommendations on shoes they should buy (for a modest price).
Source: ecommerce payment solution , ecommerce payment gateway