Do you know all it takes to be successful in e-commerce? While you might be right thinking e-commerce is the place to be, since it seems to only start catching stride, you should also take a few moments to consider that customers are also ever more pretentious on the services and products they want to spend on.
E-commerce is Increasingly Competitive
The latest data and statistics gathered in the past 5 to 10 years have shown steady growth in the adoption of online purchasing by consumers. And even when they don’t buy from your online store, most people use your online store and other general search features to do their product research and comparison.
You may also have heard that the Millennial generation, which is hyper-connected and practically lives online, is also steadily becoming the generation you want to market to. About 78% of Millennials reportedly browse for products online and prefer to purchase online. They only go to the physical store unless they can’t find a better option on the internet.
However, you have to take into consideration that almost every other marketer and wannabe-marketer is thinking the exact same thing. As if the industry wasn’t competitive enough, it’s about to become even more so. You’ll see it in the interactive infographic below – online shopping revenue is also about to become much bigger, as more and more consumers ease into the practice and start trusting online purchasing.
The catch is that you have placed your business among those e-commerce businesses that people will want to buy from.
Buyers are Scared Off by the Payment Process
As the infographic below points out, approximately 68% of carts that are abandoned, have been abandoned because the buyer felt the payment process was too long and complicated, or did not seem secure enough. This means that one of the top priorities of running an e-commerce store is making sure you have a secure payment system in place.
What is a secure payment system?
Well, besides having a strong risk management system in place, one that protects your customer’s money and data, you want it to provide several payment methods, such as the choice between credit card or services like PayPal. You also want to avoid adding any unexpected shipping costs, so be truthful and open about any costs the buyer might incur by ordering from your store.
Otherwise, you should also consider the fact that a great majority of online buyers declare that they’d rather pay more for an order as long as the payment process is simple and secure, if the customer service is helpful and friendly, or even if the company they purchase from redirects part of their profits to charity or some good cause.
To find out more, check out the infographic from Total Processing and get the data you need for your business to succeed!
When it comes to cart abandonment, one of the biggest things that will turn a would-be customer into a lost sale is a lack of confidence in your payment security. This phenomenon is a real threat to e-commerce conversion, and learning how to prevent it is your best bet in boosting you sales. Offering a secure payment can be the final step in getting a visitor to trust your site enough to purchase.
What are your best tips for using a secure payment solution? Tell us below or tweet us!