At the recent Card-Not-Present Expo, the best conversion strategies for mobile and online payments were discussed. Today, the issue ofhow to reduce checkout abandonment and maximize conversion on eCommerce platforms is among the major problems concerning merchants.
The CNP Expo attendees were interested in issues concerning shopping cart abandonment. The latter is associated with a customer shopping around, trying to find the best price, and ensuring he/she wants to buy a particular merchant’s product. This is the case when a customer has decided on a specific purchase, starts to pay, and then suddenly walks away because of this or that reason.
According to Scott Fitzgerald, senior vice president of marketing at BlueSnap, checkout abandonment can be caused by the so-called “false negatives,friction, and confidence issues.”
As Rob Marriott, international payment consultant at IngenicoePayments, notes up to 57% of customers will abandon checkout if they find out their preferred payment method cannot be accepted.On the other hand, customer frustration can also be caused by erased data during the checkout process.This is based on the research done by IngenicoePayments.
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Another interesting remark was made by Colin Luce, head of sales andbusiness development atKlarna, a Swedish eCommerce company. It turns out dopamine reaches its culmination at the moment of deciding to make a purchase. Then, it fades as the consumer actually pays for a product. Also,if the customer has to submit his/her card number to physically complete the purchase on a mobile device, it can be rather difficult.Luce further notes that any opportunity to minimize keystrokes will lead to increased conversion.
According to Fitzgerald, merchants should spend as much time and finances building and testing their checkout page as invest in creating their home page, which will eventually reducefriction.Additionally, Joe Walent, panel moderator, and senior analyst at Mercator Advisory Group, recommends merchants to use their checkout page as a means to reinforce brand experience.