Out of every retailer who has an eCommerce store, less than 40% put online payment optimization at the top of their online strategic needs list. That means most eCommerce business executives do not even consider optimizing their eCommerce payment methods to improve their brand online.
However, who can blame them? It’s hard to believe that the choice of payment methods you allow on your eCommerce platform could greatly impact your overall customer perception. That’s the thing about the online consumer: it’s the small details that either hook them in as loyal customers or deter them from buying your products.
Simple things like not having their preferred online payment option or not ensuring the page look (yes, looks) like the rest of your website can make your platform seem unsafe and unreliable.
The best way to prevent sales from slipping through your hands due to the above is by intentionally optimising it to suit your customers.
Getting ahead through your eCommerce payment methods
Online buyers have specific payment methods they consider to be convenient for their lifestyle. We wouldn’t expect a 19-year-old student to have the exact same preferred payment method as a 45-year-old Charted Accountant.
So, how do you make online payment-related choices that will grow your revenues and customer retention? You start off by clearly profiling your online target audience, and then you study them. By better understanding customers’ needs, behaviours, preferences, and ideal buying process, you can improve your online payment process to deliver on all these touchpoints. In other words: research and customer data are your best friends when optimising your eCommerce platform.
Tips to optimise your eCommerce payments
1. Prioritise customers’ preferences
If your online store only accepts debit card payments, what happens to the EFT/credit card/consumers who want to purchase your products? They will just search for another eCommerce store that accepts their preferred choice of payment. What’s worse is the fact that 56% of consumers will have no interest to return to the online store again if they experience this. It can be tricky deciding on the best payment methods to offer, but by doing a little research, you can choose based on the most popular/used methods of payment where you do business. Go one step further and offer numerous payment options so you can cater for more customers than you could with one payment option.
2. Offer accurate authorization methods
What can make your face blush red with embarrassment like having your payment get declined while checking out? Now imagine this happens while you are completing your online purchase, only to find out that it was a false decline due to ineffective authorisation methods. Ineffective authorisation can also cause the incorrect rejection of online transactions and further expose your customers to potential online threats. This will cost you many customers and damage the public’s faith in your brand. Ensure you implement tested and trusted authorisation methods for your eCommerce transactions, such as CAPCHA.
3. Simplify payments
A seamless customer experience of any kind needs to feel smooth, enjoyable, and easy for the customer. This means putting in place specific features and options that gives the customer less time to complete frustrating processes and more time to shop on your platform. One way you can do this is by configuring a function/solution to automatically pre-populate customers’ information that is already in your database when they make a payment. Make sure you also customise your payment page to be relevant to your target audience. For instance, ensure your page uses the correct language(s) and currencies your customers use.
4. Use data to guide how you manage payments
Data is immensely powerful and when used correctly, can help you achieve incredible things through your business. With data on customers’ payment behaviour, you can make informed decisions that can improve your pricing strategies, payment policies, and your online security management style. This also gives you a clearer view on the payment methods that are most relevant to your specific customers, allowing you to get rid of the unused methods and decrease costs.
For an eCommerce solution that supports payment optimisation, go for Digitrade. It’s highly customisable and integrable, but what you will enjoy the most is their team of experts who will tailor the eCommerce platform to fit your brand. Guess what: they also can assist you will payment gateway solutions, check them out here.
Why not connect with their experts now to learn ways your online business can be improved? Just click here to book a demo, and let’s chat about how Digitrade can boost your business.