How to reduce the abandonment rate of my store's digital payments

Too many shopping cart abandonments? How to identify the pain points of the final consumer? Look at the digital payments you are offering in your online store.

Year after year, more and more businesses decide to sell their products through eCommerce. And the payment process is, without a doubt, a decisive and critical moment that businesses must take care of to maximise their sales and reduce the abandonment rate. When deciding which payment methods you're going to offer your consumers, you must not only be familiar with them, but you should think strategically. You want to be efficient and generate sales, right? And that requires security, reliability, and something more.

Join us in this post and find out how to reduce the abandonment rate of your online store’s digital payments.

7 pain points that affect conversion in Commerce

What is going wrong in the buying process of consumers in your business? Why are they abandoning their shopping carts?

Finding the answer to these questions is the first step in identifying process errors and correcting them to reduce the abandonment rate. Pain points are the real or perceived indicators that consumers experience with your brand. They can range from not having received the product they paid for in the online store to being directed to an external page at the checkout, spending too long waiting for your website to load, finding unaffordable prices, or lack of satisfactory service.

We have compiled the main pain points that affect the sales process of online stores today:

• Website navigation

A website that takes too long to load at checkout affects the conversion rate. It should be straightforward, without crossroads in the shopping journey. That's why it's important to make sure you include a search bar that makes the process easier and enhances the user experience.

• Go to an external page.

The lack of a unified login and a common interface results in consumers being directed to a page outside the store to complete the purchase. This generates distrust in users and directly influences cart abandonment.

• Confusing pricing

Having a pricing strategy is key to the online store's success since it is a key element when deciding to make a purchase. If the user does not have enough information or it is unclear, they are more likely to abandon the purchase and look for other suppliers of the same product. They research and buy from places that offer an easy, convenient, and secure experience. And that could be you.

• Unexpected costs

Be clear on conditions and policies on shipping costs and prices. Unexpected costs that break customer expectations increase customer distrust and abandonment rates.

• Few alternatives in digital payments

It's important to know your potential customers because depending on their location and preferences. They are likely to require different payment methods. Local payments that are familiar to them will always be more trustworthy. For example: imagine you receive regular purchases from Chinese users. By offering WeChat Pay or Alipay as your payment methods, you increase the likelihood of a purchase and trust in the business. Or better yet, there's a high chance that they will repeat their experience with your eCommerce.

• Product availability

Consumers need to know when your product inventory is low to avoid long waits to receive an item.

• Multi-channel shopping

If you offer your customers the possibility to shop through different channels — websites, online marketplaces, social media — make sure they are all interconnected. Omnicanality is not an alternative to multicanality but the progress of multicanality.

How do you leverage this valuable information for your business? Keep reading this post. You are one step away from finding the answers you are looking for.

How to solve these problems in your digital payments?

Remember this. If the user is not familiar with the payment method you offer, they will likely abandon the shopping cart. Hence the importance of trust, clarity, and simplicity in any payment option. The key is to convince your consumers that their money is safe naturally.

Correcting the weaknesses that affect the conversion rate in your business is up to you. You need to take care of digital payments and optimise purchase flows.

You don't need to choose many separate payment methods. Now, it is possible to optimise your sales process with a gateway that integrates different methods tailored to your customers in a connected way. As a result:

• You boost your sales.
• You reduce chargebacks or returns. (Watch this video to understand what it's all about).
• You will offer alternative standard payments adapted to the needs of the business.
• You add security.
• You cover risks with anti-fraud tools.
• You control your business.
• It is a universal system used all over the world.
• It is compatible with other alternative payment methods.
• And most importantly, you improve your users’ experience!

It is the method that generates more trust in the user when buying online. Once you correct your pain points automatically with the integration of a gateway, you will optimise rejected transactions, control your customers’ payment, better understand their behaviour and manage your online store in a single click with the most advanced technologies in digital payments.

Why offer a few separate payment methods when you can integrate them all into a single processor? What is wrong with your business? Did you know that a satisfied customer is one who finds the payment method that best suits their needs?

Let us know your questions. At PayXpert, we are waiting for you.