How to Increase Online Payment Conversions

eMarketer predicts total online sales of $2.29 trillion in 2021. However, ecommerce conversion rates are still lacking.

The conversion rate is the percentage of website visitors who complete a desired action, such as making a purchase. On average, 77.24 percent of shoppers abandoned their carts without paying in 2019, adding to the challenges faced by ecommerce sites. Considering the above data, it is clear that most online retailers must reduce shopping cart abandonment and increase conversion rates.

Here are some simple ways to increase conversion rates:

Adopt an omnichannel payment system

Omnichannel retail refers to shopping experiences that combine online and offline shops. For example, a shopper may find a dress they like online. The shopper may add the dress to their online shopping cart, but choose to visit the store nearest them to try it on or feel the fabric. Depending on the outcome of this visit, the customer may purchase the dress in-store, online, or even via mobile device.

According to the Harvard Business Review, omni-channel customers spend 4% more in stores and 10% more online than single-channel customers.

To provide a complete omni-channel experience, you must allow simple and secure shopping via multiple payment channels, including in-store, online, and mobile. These channels should accept credit cards, mobile payments, and eWallets. A single payment service provider can provide all of the above, plus additional benefits that increase customer satisfaction, retention, and conversions. Among the perks are:

Ensure a smooth payment process

In the US, lengthy or complicated checkout processes account for nearly 39% of shopping cart abandonment. Payments should be simple to increase conversions. Payment processing ease increases conversion rates.

Pay with a single click

Amazon, for example, has adopted one-click payments. Customers only need to enter payment info once. Using a PCI certified Payment Service Provider (PSP), sensitive data is securely stored and tokenized. The customer benefits from secure one-click payments.

A/B testing payment pages

A/B testing will reveal the most effective elements. It shows you where you’re losing customers and which parts of the payment process are effective or ineffective. By presenting different versions of the same webpage to different customers, you can determine which elements need to be changed and which should be standard.

Use a PCI DSS compliant payment processor

PSPs that implement PCI DSS standards provide the highest level of fraud protection while reducing false positives. For example, these providers use advanced authentication technologies to reduce fraud and false positive transactions.

These PSPs also have advanced security systems that use big data to analyze transactions and detect fraud. These systems analyze historical data and trends to improve fraud detection.

Smooth customer service

Customers can switch between channels to try out products or pay for items quickly after seeing them in stores. This ease and flexibility will improve customer satisfaction and ultimately increase purchases.

Data from in-store and online transactions

Retailers can use data from a single PSP to analyze customer trends and improve marketing strategies to increase conversion rates.

Offering a secure and seamless payment process to customers can increase conversion rates and decrease shopping cart abandonment. In addition, PSPs can create an omnichannel payment process, which has been shown to increase customer spending across single brands.

Less work and more resources

Omnichannel retailing necessitates centralized inventory and workforce management. A single PSP allows for data collection and analysis of resource requirements for each channel. Better customer service will result from faster delivery times and more customer service representatives available online and in-store.

Leave a comment