To define the most effective checkout conversion tips, we’ve conducted extensive research in user experience. The following actions can come in handy especially since online cart abandonment rates are at a staggering 69% globally. Overcoming obstacles in the conversion funnel - especially at the payment stage - is crucial for online merchants if they want to maximise their potential revenue.
In the past few years, innovation, speed and agility have increasingly become the watchwords for merchants. During this time they have seen consumers’ purchasing behaviour change as the lines between in-store, online and mobile shopping have blurred. And at the same time they have gone through their own digital transformation, upgrading the front office to enable these new customer experiences and also updating the back office, to manage inventory, accounting and other business services on a daily basis.
While the QR code was invented more than 25 years ago, it is only recently that it has become more and more present in our daily lives. In its early days, it was just a tool for Japanese car manufacturers to track their inventory around their factories. From now on, it is everywhere, from the ticket office to advertising and soon also in our wallets.
During the COVID-19 pandemic, the demand for digital goods and services has exploded as businesses have been forced online and customers have been shopping safely from home. Most of us experienced a much higher number of video calls that replaced face to face interaction, even birthday parties and weddings ceremonies were done via video these days. The digital conference tool Zoom experienced a huge spike in use on a single day in April, with 300 million people using its services.
Consequently, digital businesses are now reaching a critical mass, with demand coming in from new demographics and geographies, while payments are playing a critical role, enabling them to open up new markets and optimize the potential from existing customers.
So, in this blog I’ll explain the key areas for digital companies to consider, and how to reach what we call ‘peak payments conversion’.
The EU Second Payment Services Directive (PSD2) is more than just a piece of regulation. It’s an opportunity for eCommerce companies to innovate, remove friction from the customer experience and better control the data that drives their businesses.