E-commerce is an ever-growing business field which had total online sales of over £29 billion last year. It is expected to reach a new level by the end of 2018. However, we believe that the conversion rates on e-commerce websites can still be improved upon…
Conversion rate is the percentage of any website visitors who completes a particular action. In the case of e-commerce websites, this means completing a purchase. Conversion rates are different for different industrial sectors.
It is believed that over three quarters of online shoppers discard their shopping carts before proceeding to make a payment. This gets us to the point where we highlight the need for e-commerce owners to find ways for decreasing their shopping cart discard rates and focus more on improving their conversion rates.
One way ecommerce websites can improve their conversion rate is by streamlining online payment processes.
Let us tell you how that can be done…
Ensure That Your Payment Process Is Simple and Seamless
Customers do not like lengthy and complex checkout processes which majorly account for increase in the shopping cart discard rates. Hence, to increase your website’s conversion rate, it is necessary that you offer a simple payment process to your customers. The easier the payment process will be the higher will be your conversion rate.
Here’s how you can implement Easy Payment Process for your ecommerce website.
- Implement One-Click Payments
Major Ecommerce websites (such as Amazon) have implemented one-click payments. In other words, users have to enter their payment details only once. Important and confidential data is stored with PCI certified Payment Service Provider (PSP). Additionally, PSP is also tokenised for its use on the website. This gives the customers secure, seamless and one-click payment process.
- A/B Test Your Payment Page
With A/B testing, ecommerce businesses get to determine which elements are highly effective. It also helps you to determine where exactly your ecommerce website is losing customers and which areas of your payment processes are effective or are contributing towards negative conversion rates.
Hence, when you present different versions of the same webpage to your customers, you get detailed information on which specific elements require changes, which of them are highly effective and should be integrated in the final version.
Optimise Your Security Standards for Better Identity Fraudulent Transactions
Secure payment gateways are the most vital components of any ecommerce website. But having high security can sometimes even result in payments being rejected. This eventually affects your website’s conversion rates and profits.
So, if you wish to optimise your security standards and avoid rejection of valid transactions, here’s what you can do.
- Use a PCI DSS secure payment service provider
For ecommerce websites that have PCI DSS standards implemented are highly secured against fraudulent transactions and have decreased amount of false positives.
PCI DSS providers will implement high authentication technologies that help provide utmost security and decrease the false positive transaction rejections. Most of the high security systems implemented make use of big data based transactions analysis to fight against fraudulent transactions.
They make use of historical data and patterns for optimising their fraudulent activity predictions.
Implement an Omni-Channel Payment Solution
Omni-channel is termed as a shopping experience where the online store and the brick-and-mortar shops balance one another. Consider this example, if an individual is shopping online and adds a dress to their shopping cart, but may decide to go to the brick-and-mortar shop nearest to them (as listed on the online shopping site they are going through), to try and feel the fabric of the dress before making a purchase. Depending on their experience of the visit, the individual will either purchase the dress from the brick-and-mortar location or from the online website.
According to Harvard Business Review, Omni-channel customers have major conversion rates. This is because on an average they spend 4 per cent more in brick-and-mortar shops and 10 per cent more at the online store.
So, if your ecommerce business wants to offer a complete Omni-channel experience to the customers, it is essential that you have simple and highly secured payment methods.
Your payment methods need to accept all the different types of payment methods that are currently available such as credit and debit cards, mobile payments and e-wallets.
Choose a payment service provider that offers all the above mentioned options and also provides extra benefits that help you improve customer satisfaction, customer retention and eventually conversions.
It also offers your customers the liberty to switch between channels and decide whether they wish to try out a product before making a purchase or pay for the product as soon as they see it in the store. Providing your customers with this flexibility will improve your customer experience rate and eventually increase the purchases and number of repeat customers.
Online shopping retailers can increase the conversion rates and decrease the shopping cart discard rates by enabling secure and seamless payment methods to their customer base.
PSP on the other hand offers all these requirements and also provides an option to create an Omni-channel payment method. Collectively, it will not only increase your customer experience but will also improve your conversion rates.