A person sees the perfect gift on an internet site, it has an excellent price and what will finally lead him to make his purchase is the clarity, agility and speed to make the payment and thus have a more satisfactory shopping experience.
Despite the fact that we live in a time where eCommerce is so successful, almost 4 out of 5 online consumers do not complete the purchase process and cart abandonment is a common problem for digital businesses, (1) in addition, It is estimated that due to abandoned carts, 18 billion dollars are lost, per year, in online sales. (two)
Frequently, cart abandonment occurs due to inconveniences in payment systems: 55% of consumers who do not finish their purchase do so because of unexpected commissions, and 21% do so due to long and complicated payment processes. (3)
An efficient checkout process would drive a 35% increase in conversions. (4) By optimizing the checkout process and improving the conversion rate, you can convert casual visitors to your page into buyers.
How to achieve this? PayPal, the international payment platform, in its eBook , in Chapter 6 Optimize your conversion rate with your payment system , exposes 5 tips that will help you boost your online sales.
1. Get to the point when paying.
Reducing clicks can increase conversions by up to 60%, (5) so it’s best to eliminate unnecessary steps; Having a single page registration format improves the browsing experience of your customers, which could increase the conversion rate by up to 45%. (6)
You know that people, especially in cities, have a rhythm of life in which time is money and require the greatest speed and effectiveness when carrying out their transactions.
2. Make your customers feel safe when paying.
In eCommerce, losing trust means losing customers. 17% of people who abandon their cart do so due to lack of trust (7) or fear that their financial data will be stolen. Despite fraud attempts, 1 in 4 merchants has not yet implemented security solutions for their online payments (8) .
Faced with this situation, PayPal has integrated a more secure smart payment platform when making transactions and has Buyer Protection, which will allow your customers to buy with peace of mind and confidence.
3. Be transparent with your customers
Make it clear what the prices, delivery times, shipping methods and return policy are for the products you sell online. More than 85% of customers look for these factors before making a purchase on the internet. (9)
4. There are bad ways to pay
One of the main reasons consumers don’t complete their purchases online is because some sites don’t have their preferred payment method. This is why you should consider payments with: credit and debit cards, digital wallets such as PayPal, monthly interest-free schemes and alternative payment methods such as payment at a convenience store.
So that customers do not get confused, it is best to have a platform that has all these options, PayPal Checkout offers everything, including the option of paying monthly without interest, using subscription plans and accepting local and international payments.
5. Do not exclude anyone when retargeting
There are people who may have visited your site and not bought, but at some point they could buy a product, so it is advisable not to miss out on retargeting because it can be a powerful tool to boost conversions by up to 150%, reduce abandonment of the cart by 6.5% (10) and increase online sales by almost 20%. (eleven)
How to retarget? Through emails, use advertising using a “pixel” or JavaScript tag to track visitors who didn’t buy, or you can also provide incentives like free shipping, free returns, offers and more. This will attract more potential customers.
Now you know, you can implement these strategies to facilitate online transactions and offer a comprehensive shopping experience on your company’s website, but so you don’t lose any details, go to the PayPal page and download the eBook .
REFERENCES
- Statista, Online shopping cart abandonment rate in selected industries in March 2021, 20 de diciembre de 2021.
- Dynamic Yield, Shopping Cart Abandonment: An $18 Billion Opportunity, noviembre de 2021.
- Dynamic Yield, The average shopping cart abandonment rate globally is 70.42%, noviembre de 2021.
- Baymard Institute, 46 Cart Abandonment Rate Statistics, 19 de noviembre de 2021.
- Bolt, Checkout Plugin vs. CheckoutOS, 2021.
- Dynamic Yield, The average shopping cart abandonment rate globally is 70.42%, noviembre de 2021.
- Dynamic Yield, The average shopping cart abandonment rate globally is 70.42%, noviembre de 2021.
- Payments Dive, Merchants say they’re losing revenue to online fraud, FIS report finds, 12 de julio de 2021.
- Small Business Trends, More Consumers Demand Shipping Transparency from Retail Businesses, 10 de agosto de 2021.
- OutRight Store, Hidden Benefits of Retargeting to achieve a variety of goals, 7 de octubre de 2020.
- Siteefy, 2021 Retargeting Statistics Proving It’s Still Going Strong, 18 de agosto de 2021.
