Neuromarketing Strategies For Your eCommerce Business

Neuromarketing is the science that studies the origin of customer behaviour. We show you how it can help you to better understand what they need and to provide it with state-of-the-art tools and services.

An e-commerce website is much more than an opportunity to increase your business’ sales: it is just about the only way to get your business to thrive in the years to come. We know this may sound a bit drastic, but the statistics confirm the statement. Naturally, the COVID pandemic changed commerce forever, and a strong online presence is more crucial than ever, even for physical stores that didn't have this perspective previously.

In 2021 e-commerce growth reached 17.1%, with 2022 turning down the heat a bit to 9.7%. E-Commerce retail sales are forecasted to reach 24% by 2026 (source: Oberlo).

 Companies are no longer satisfied with an online presence: selling on the internet has become the norm. It is not surprising that those who have best withstood the closure of physical shops are those who have had their online shop best equipped. Because, in fact, there are specialised tools to help you manage your sales portal and, in short, help you sell more and have more regular customers.

Financial payment technology can help you meet your KPIs

In today's post, we bring you some ideas about neuromarketing to help you better identify your customer's needs. Yes, you’re reading it right. Neuromarketing and fintech as definitive tools to increase the sales of your ecommerce portal (in the short and long term). If you have read any of our previous posts, you will know that at PayXpert we are committed to solid, future-oriented sales strategies. Not only do we want to help you sell more, we want those customers to have a good experience and come back. We want to help you build loyalty.

Neuromarketing in ecommerce: how your customer makes (or does not make) the decision to buy from you

According to Roger Dooley, (author of "Brainfluence") , one of the main factors behind the purchase decision is the confidence that the ecommerce portal inspires in the visitor. In other words: trust as one of the main causes of the conversion of a lead into a buyer. Does your website inspire enough confidence? Do you have a secure payment gateway in which your customers are willing to enter their personal data? Let us examine what lies behind a trusting relationship between shop and customer.

 Strategies to sell more online: payment tools to provide the best user experience

According to the Business School of Innovation and Entrepreneurship, it takes our brain 2.5 seconds to decide if your online shop is trustworthy or not, and that 95% of purchase decisions are unconscious . Yes, you may not be very clear about what all this means. Basically, the design of your website must be as intuitive as possible, and you have little time to show your lead (potential customer) the reasons to make him see that your ecommerce portal is reliable.

Some examples of how to optimise your resources to generate more lead conversions are:

• Keep the shopping cart in a visible place: most often it is in the upper right corner. This way, you speed up the interaction of the user and optimise their visiting time.
• Call to action: short and concise. Remember: your client's visiting time is limited, as is the attention they will devote to you. No long, convoluted texts nor texts with complicated calligraphies. You want your web design to be as clean and light as possible.
• Make the reviews stand out: this is one of the sections that give your online business the most credibility. Testimonials from real customers about their experience on your website. Keep an eye on them regularly to make sure you solve any kind of incident.

But it's not just about design. The user experience is hidden behind every little detail. Neuromarketing also teaches us to identify our customers' pain points in order to achieve the best user experience in the purchase process of our online business.

Frictionless payments: help your customer sell more

Identify the pain points of your website visitors

It turns out that no matter how much your customer is determined to buy a product or service, there are still elements of the purchasing process that are more uncomfortable and unpleasant for them. These are called pain points. Through a process of emotional transference, our brain feels pain when we have to spend our hard-earned money. Therefore, offering a payment gateway as versatile, fast and comfortable as possible is key to making the moment of payment a pleasant experience.

As payment gateway experts, we know how the right payment gateway will help you sell more online

• Easy to access: Again, the time it takes for the future customer to find the payment gateway is key to providing the best user experience. Remember that payment is a mere formality for the customer, so avoid wasting their time.
• Omnichannel payments: it is about offering the customer different methods in which he can make the purchase. From Interactive Voice Response to a direct link to the payment method. The aim is to adapt as much as possible to the wishes and payment habits of the buyer.
• Positive friction: yes, there is a good type of friction. It is those stops in the payment process to offer your customer products they have shown interest in previously or any kind of complementary information that offers a more personalised shopping experience: payment in instalments, a customer card, discounts for subscribing to the newsletter... Any type of offer or alternative that "eases" the burden of payment. With our data management tool you will be able to obtain information about your customers' interests and purchasing habits. Making personalised offers has never been so easy.

Here are some ideas about how neuromarketing and financial technology can help you develop a strategy to sell more online. Is this not enough for you? If you want to know more services and tools to optimise your business, do not hesitate to get in touch and discover why it is worth having a financial partner.