They say that time waits for no one, but technology can be even less gracious. Groundbreaking innovations hit the market at a regular pace, changing the face of business every few years. Over the past few years, consumers have started to abandon physical stores in favour of online retailers that offer greater choice and convenience. Now, those virtual shops are facing their own form of upheaval.
Cart abandonment has become a serious issue for e-commerce organizations. With so many choices available, consumers can leave a site midway through a purchase, confident that they’ll find a better price or a more advantageous experience somewhere else. High cart abandonment rates can put a serious dent in a company’s sales. Retailers need to make the most of new technologies if they want to combat this problem.
Thankfully, the right e-commerce solution can help. Adaptability is key in an online marketplace. Alternative payment methods ensure that you’ll be ready for whatever comes your way.
Read on to find out how these services can help you cater to your customers’ needs in a more efficient manner.
Not All Consumers Want to Pay on Credit
Credit card information is valuable, and that’s why cybercriminals go to great lengths to steal it. Not even major chains like Target are safe from serious breaches, which is troubling for consumers. After all, why would you risk your entire financial well-being on one purchase?
This doesn’t mean online retailers can’t still reach these consumers, but they have to think differently about e-commerce payment methods. Offering credit card alternatives such as online currencies, gift cards and other methods puts greater distance between the point of purchase and a shopper’s credit card information. Online shopping is all about giving consumers more choices, so you can’t rely on limited payment options.
Pay Later Options Attract More Customers
Many shoppers live paycheck to paycheck, and this affects their buying habits. A product may catch their eye, but they’ll probably wait to buy until their credit and debit conditions are more favourable. Unfortunately, this gives them more time to change their minds, which could put a dent in your sales opportunities.
Don’t let these shoppers slip away. If you institute a pay-later approach to e-commerce, you’re more likely to reach undecided customers. This method only requires a consumer’s email address and mobile phone number at checkout, allowing them to pay at any time within 14 days. Why miss easy sales opportunities when you could simply make your shopping experience better?
You Get Excellent Protection
Cynical readers may have the same reaction to pay-later solutions. “If customers don’t have to enter their credit cards at purchase, what’s to stop them from skipping out on their bill,” they might have asked. Thankfully, processors offer protection guarantees on these e-commerce payment plans. If a consumer won’t reimburse you for the amount they owe, the processor will. This ensures accountability on all sides while boosting your sales.
It Makes Your Checkout Process Faster
The beautiful thing about online shopping is that it eliminates wait times. Sure, customers still have to tolerate a delay while a company sends their product, but these shoppers don’t have to wait to actually purchase that item. This is a great advantage for online retailers, but many e-commerce payment portals work against it. They use confusing checkout paths and ask for too much information, which ruins sales.
Alternative solutions simplify this process. When shoppers don’t have to enter credit card information, their time at an online checkout page flies by. Both alternative payment services and pay-later options require less information, removing barriers between your shoppers and their desired products.