What Payment Options Do Consumers Want for eCommerce?
Consumers expect quick, easy, and transparent payment options when it comes to electronic payment options at an eCommerce store. However, PayPal research reveals that a majority of small businesses continue to ignore their payment methods despite the rising popularity of eCommerce payment options, including contactless, cashless payments, digital wallets, and mobile payments. No doubt, this is a missed sales opportunity for them.
With the proliferation of mobile technology, a sales opportunity lost amounts to losing out a big deal for small businesses. Of the overall online spending, mobile shopping is expected to grow at a rapid pace. Dedicated mobile payment technology is an excellent way to streamline customer service for online retailers. The mobile technology helps customers place orders and make payments online a breeze. Your must understand and accept that Mobile Payments Help Your Business Grow.
Consumers value convenience – both in terms of shopping and making payments. A majority of small businesses do not have a mobile responsive website, which means they are easily losing out to the competition. As a result, this section of mobile consumers is less likely to do business with such eCommerce stores.
Reasons Behind Abandoned Baskets
While convenience is one of the most critical factors in online purchase, consumers are more likely to abandon the shopping cart for lack of payment options. The inability of retailers to provide online payment options is one of the key reasons why consumers choose to abandon carts.
Other factors that contribute to cart abandonment include hidden delivery charges and long-winded forms.
Consumers also look for convenience of eCommerce payment options, wherein they do not need to waste time locating or entering card details. They want it done quickly. When they can save bank details or access a real-time payment method, making purchases is just a couple of clicks away.
Adding to the convenience factor can help businesses attract consumers. This includes offering them the chance to add card details once and save the same for future purchases. Form filling is no less than a pain, and if consumers are required to fill forms every time they wish to make a purchase, they are about to feel harassed.
Give them multiple options to make payment and they would love to explore your eCommerce store in the future. While one bad experience could turn customers away, a great user experience goes a long way in their retention.
Harness the Power of Technology
Leverage the power of technology to make user experience even better. Mobile payment service Zapp allows consumers to use their bank’s mobile banking app to make a purchase, eliminating the need for a digital wallet.
Some consumers won’t mind the option to view their bank account information at the point of purchase. But it could turn off those that do not want to see money leaving their bank accounts.
All in all, it is crucial for retailers not to underestimate the need for eCommerce payment options. With technological evolution, consumer expectations are likely to rise. So it is certainly food for thought for retailers of all sizes to take appropriate steps accordingly that make use experience more convenient.
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