E-commerce and online shopping is the new trend that people are following these days. To keep a pulse on their stores, e-commerce store owners are responsible for a range of daily data. There’s no shortage of tasks for their website’s task list, whether it’s reviewing their average order value or optimising their site. It takes more than wishful thinking to convert traffic to online payments on your website.
It could be seeking allies, investigating other merchants, or analysing the channels where your customers are present. In any event, after viewing and trying various strategies, we will tell you about the 5 payment methods that can enhance your conversion rates. By giving your customers various payment methods that can help them and ease their shopping experience, you can save your website from cart abandonment up to high percentages.
5 Payment Methods That Increase Your Conversion Rates
The 5 payment methods that can increase your conversion rate and help you in getting more customers are:
- Buy Now Pay Later
- Multiple Payment Methods
- Online Payments Acceptance
- Provide the Most Popular Payment Methods for Each Country and Region
- Make Your Checkout Process Easier
Buy Now Pay Later
The instalment payment method can surely help your customers. Sometimes people abandon carts because the prices are too high and even though they need products but because of a tight budget they might not buy it. Therefore, giving them a solution that not every store provides can highly increase your traffic and conversion rates. People will actually buy from your website because of the ease in payment method you are providing them. The instalment method will surely increase the sale of your overall site.
Multiple Payment Methods
Another way to increase the conversion is by providing your customer’s with multiple ways to pay for their products. Buyers abandon their carts for a variety of reasons. According to a Baymard survey, 50% of customers quit their cart because the prices were too high including shipping fees and 28% abandoned it because they did not want to register an account.
Another 21% abandoned their shopping basket because the checkout process was too difficult. Therefore, providing the easiest shopping experience is very important. Sometimes people prefer online payment and sometimes they prefer cash on delivery; hence, your website must include all the options, so the customers can choose whatever they like.
Online Payment Acceptance
There are so many online payment methods such as credit cards, debit cards, e-checks, mobile payments etc. Try to accept all sorts of payments online because people nowadays prefer online payment more than ever. Since no one likes to carry a pile of money with himself anymore. These multiple online payment methods are frequently used by the customers and you can utilise them too for your store.
Provide the Most Popular Payment Methods for Each Country and Region
If a Chinese visitor visits a Spanish online store that accepts their local payment methods, such as WeChat Pay or Alipay, the transaction will very certainly convert. They will feel assured and at ease with the platform because you are expressing, “I care about you,” by providing local payment alternatives. Because of their simplicity of use, e-wallets have proven quite crucial in this regard.
Make Your Checkout Process Easier
As previously said, a lot of consumers abandon their cart because the checkout process is too difficult. Whatever payment option you use, buyers nowadays want a more seamless payment procedure or they will go. So, what can you do to make the process as simple as possible and convert the shopping cart into a full purchase?
- Improve your website: The payment process will be slowed if the website is slow. Shoppers expect speed, and statistics show that every second your site takes to load increases cart abandonment.
- Prepare to go mobile: Transactions are carried out via desktop, tablet, and mobile devices. However, mobile transactions are becoming more prevalent. Your website must be optimised for speed as well as mobile devices.
- Allow visitors to check out: Allowing guest checkout and providing numerous payment alternatives will help you overcome two significant barriers to cart abandonment. Customers prefer not to register a separate account because it prolongs and frustrates the checkout process.
- Make security obvious: Customers want to know that their transactions are secure, regardless of the payment method utilised. Customers want to see HTTP and HTTPS badges and information.
Turn Your Traffic into Customers
You can turn most of your traffic into your customers by simplifying the shopping experience for your customers. Shine among your competitors by knowing the needs of your customers.