Providing a smooth checkout process in your online shop may have a significant effect on the purchase decay rate. Data shows that in average, 98% of all online shop visitors interrupt their buying process (i) and 38% of them do it during the checkout process (ii).
There are two basic aspect you should keep in mind at the moment of presenting your payment methods for your online shop in order to secure the users’ acceptance: Comfort and Trust (iii).
Adapted from Treibmaier et al. (2008)
A study from the Institute for Economic Policy Research supports their theory by showing what makes an internet payment method more attractive to users legal safeguards (82.7%), more information on questions of liability in case of damage (78.6%) and standardization/simplification of payment methods (72.2%).
But how can you achieve that desired level of comfort and trust for your customers?
Keeping the elements of the previous image in mind, there are a couple aspects that make a big difference at the moment of the checkout and can be applied to any online shop:
EASE OF USE
– Create a user-friendly check out page.
– Automatically save the users’ payment preferences for future orders.
– A mobile version of the checkout page should be available.
– Constantly check your sites performance and take action to fix any delays happening (Most users cancel a transaction after a 12 second wait).
– If registration is required for payment, only ask for the information that is necessary for you.
– Make sure your checkout process has the least steps possible from order until payment.
– If the user has to be redirected to a third party for the transaction, integrate this step into your own site and make the transition seamless.
– Guarantee your users the security of their provided data by acquiring internationally acknowledge seals of approval for online shops (i.e. Trusted Shops).
– Always let your user know what transaction they have just done. This can be done directly on the checkout page or via email.
– Allow your users to have an overview of their purchases and their respective status.
For more information in how to set up your checkout process and select the right payment method mix for your target customers, please contact me at email@example.com
i ECC Köln (2015)
ii ibi Research GmbH (2015)
iii Treibmaier et al. (2008)