Ways to increase your payment conversion rates by over 20%
Businesses who sell products and services online often sell via a website known as an ecommerce website. These websites accept online payments from customers for items and services that they wish to purchase. If a potential customer is on the website, adds an item to the shopping cart, goes to the payment page and then doesn’t complete their order, this is an example of ‘checkout abandonment,’ which results in a reduction in sales orders.
To reduce the risk of checkout abandonment and to ensure that more customers complete their purchase on your website, we have listed below the main areas of consideration which could increase your conversion rates by over 20%. This leads to an increase in sale orders.
- Create a user-friendly experience - Make your website easy to navigate, especially for mobile use as more people are purchasing products and services online via mobile devices. Make sure your website is not only mobile friendly but also simple to use. This will also involve streamlining your website’s navigation. You may wish to avoid having too many product categories.
- Ensure you website speed is fast - There’s a 2 second rule. If your website takes longer than two seconds to load, it is likely that over 50% of your website visitors (potential customers) will lose interest. A delay of just one second can result in a 7% reduction in website sale conversions.
- Check for errors on your payment pages - If your payment page has errors on it your customers are going to find it hard to navigate and it may make them confused about the payment process, which could result in your prospective customers abandoning the shopping cart and leaving the website. It’s crucial to proofread your payment page(s) to make sure that they’re free from errors. It is also useful to test your payment page and do ‘test,’ orders to make sure the process goes smoothly and works well with no errors.
- What payment options are you offering? - Are you offering enough payment options to cater for the needs of your customers? Some customers from different countries may have different preferred payment options.
- Use Analytics – By using analytics you can gain insight into your customers website journey. Insightful data is valuable to help your business to make strategy decisions. With the right analytical tools, you can find out a lot about your customers. This data can also help you with your marketing targeting and ongoing strategy.
- Consider partnering with a payment and / or technology provider who can ensure that your e-commerce website is of a good standard for encouraging customers to complete the full payment process.
- Consider using a conversion recovery tool like the one we offer at Payfuture. Our conversion recovery tool will offer the customer on your website, an alternative local payment method if a transaction has declined for any reason. This also improves customer retention statistics. Coupled with our unique AI technology that predicts an approve or decline before it happens – this is one of the most powerful propositions available in the market.
- Our conversion recovery system can convert up to 20% of potentially failed transactions into approvals.
Find out more here - PayFuture