Imagine this scenario; a customer takes the time through the sales funnel and finally takes action. Then at the point of purchase, there’s a difficulty with the payment that ends the customer’s journey.
Since the early days of e-commerce, this has been a head-scratcher. Shopping cart abandonment has continued to be a problem as merchants struggle to convert customers. In Africa, the situation is even direr for merchants, with Statista reporting a 90.88% online shopping cart abandonment rate in 2020.
To curb this, merchants have made several adjustments to retain customers by upgrading everything from the actual payment process page to the customer experience. Even with these improvements, there are still missing steps to ensure conversion, which has continued to hurt e-commerce businesses.
With so many options available for customers on the internet, it should be of utmost importance to merchants to make it hard for people to leave. Having more thoughtful payment options is one retention method. Not offering an optimised payment experience for customers could be detrimental to your business, lead to decreased sales and severe reputational damage to your company.
Making sure your customers have an optimised payment experience makes excellent business sense. The wait-time for customers will reduce drastically, making your company more attractive. With the ease of payment, customers are likely to convert faster and return to make purchases in the future.
Making payment easy for your customers, no matter their location and how they want to pay, has great benefits for your business.
These are five ways to optimise the payment experience for your business.