An important fact is that when the purchase is made in the local currency, purchases increase by 7%, since customers do not feel comfortable buying in a foreign currency.
On the other hand, deferred payments become a growth area that is estimated at 55% in 20212, especially those without interest in 3, 6 and 12 months. As well as, pay once the product is received, thanks to the “pay later” method. 54% of online customers abandon the purchase on the payment page of the eCommerce platform.
The reasons are diverse and among them are not being able to pay with your usual payment method, not doing it with the local currency, not having the bank card at hand, mistrust about the website or a non-responsive payment page or another. idiom.
Payment in the online purchasing process is a critical element conditioned by changes in the “customer journey” and habits, according to David Valero, Country Manager Global Sales & Verticals Iberia at Worldline, a European leader in payment methods and transactional services.
The goal is to reduce the churn rate that represents more than half of potential sales. For this, the company offers solutions that provide a total experience that avoids not completing purchases on the eCommerce payment page.
Post Covid19 consumer
The pandemic has defined a new consumer profile adapted to a scenario where teleworking emerges, impulse buying decreases, domestic tourism increases, the home is the center of activity, interest in a healthy lifestyle and leisure increases and entertainment is more digital. In the last year and a half, online sales have grown 41% 1, the number of online shoppers has increased and customers are looking for personalized shopping experiences.
It has also increased the value of the basket and lowered the frequency and density of the purchase. Regarding payment, there is a clear commitment to contactless payments, through mobile phones, Wallets and flexible payment methods such as deferred payment and “pay later” appear.
Today, 58% of consumers make their payments through mobile devices3 and new applications and Covid19 is accelerating new shopping and payment trends. Customers want to acquire products and services in an innovative way, with connected stores without staff, to be able to use biometrics in digital payment, authentication and payment by voice and self scanning that allows reducing waiting times at checkouts and direct interaction with the consumer.
In turn, they seek to be able to use various channels such as social selling that uses social media to interact and create branding, sales through market places and to be able to combine online and offline experiences providing a complete omnichannel experience.
Regarding payment, the payment methods already established such as contactless with card and Wallets are being added other less conventional payment methods such as the use of QR codes, Scan & Pay and Pay by Link.
Convert more at checkout
User satisfaction, flexible payment methods, data analytics and security are four key pillars for online retailers according to Worldline, whose solutions cover the entire online payment value chain, reducing the rate of customer abandonment, improving your user experience, promoting cross-selling and loyalty.
They allow a tested and optimized conversion, operate in 28 languages, offer a personalized Look & Feel and Copy, use a simple design and support 95% of the payment methods in a single integration.
“A very high percentage of buyers abandon at checkout if their preferred payment method is not available, 50% do not feel comfortable buying in a foreign currency and when they do it in the local currency they increase sales up to 7%”, explains David Valero, Country Manager Global Sales & Verticals Iberia at Worldline.
In addition, Worldline solutions can incorporate alternative payment methods such as Bizum, QR payment wallets and different payment methods such as PayPal, GooglePay, ApplePay, Huawei Pay, etc.User satisfaction, flexible payment methods, data analytics and security are four key pillars for online retailers according to Worldline, whose solutions cover the entire online payment value chain, reducing the rate of customer abandonment, improving your user experience, promoting cross-selling and loyalty.
They allow a tested and optimized conversion, operate in 28 languages, offer a personalized Look & Feel and Copy, use a simple design and support 95% of the payment methods in a single integration.
“A very high percentage of buyers abandon at checkout if their preferred payment method is not available, 50% do not feel comfortable buying in a foreign currency and when they do it in the local currency they increase sales up to 7%”, explains David Valero, Country Manager Global Sales & Verticals Iberia at Worldline.
In addition, Worldline solutions can incorporate alternative payment methods such as Bizum, QR payment wallets and different payment methods such as PayPal, GooglePay, ApplePay, Huawei Pay, etc.
Payment postponed
According to Worldline, purchases through deferred payment will grow in the medium term by 55% and the percentage of customers who will use them by 20%. The preferred interest-free purchase terms are 3.6 and 12 months to facilitate higher volume purchases2.
For its part, making the payment moment more flexible with “pay later” models will be key for many users, who prefer to pay for the purchase once they have received it and seen the product. “It is clear that eCommerce must be prepared for these new payment methods and Worldline offers them the solution,” says David Valero.
