There has been lots of talk this year about how e-commerce is booming as a result of Covid-19 and lockdown but having an online store is not a guarantee that you’ll keep making money. A focus on customer experience is needed and in particular online retailers are still falling short when it comes to the final stage of the online customer journey.

In recent findings by PPRO, 44% of UK consumers stop a purchase if their favourite payment method isn’t available. 58% of respondents agree they would stop a purchase if the checkout process is too complicated and 37% of UK consumers avoid using merchants that require repeat entry of payment credentials.

These report findings highlight the increasing and immediate need for online retailers to adapt to consumers’ payment preferences.

Here are some of the key insights from the research:

• Millennials we’re the least tolerant of complicated checkout processes, with 67% agreeing they would be quick to abandon their purchases.

• 51% of Generation Z respondents agreed they would avoid using retailers that require entering payment credentials every time.

• 30% of Baby Boomers and 25% of the Silent Generation expressed a preference to use merchants that offer one-click payments.

Although the older preferences seem to have more tolerance, it does not remove the need to seriously look at the payment methods and process that your online store is offering. You need to make sure it is quick, seamless and incredibly convenient.

Having said that and while convenience is clearly essential to consumers; retailers also need to accommodate the growing consumer awareness of information security. 59% of shoppers view the security of their data and money as most important when choosing a payment method.

When considering trust, 30% of UK consumers asked as part of the research admitted that they rarely adopt new payment methods and prefer to stay with the payment methods they know.

This is a considerable amount of UK consumers that aren’t prepared to veer away from their preferred payment methods when shopping online. As a retailer, you need to realise the importance of allowing your customers to make a purchase with their preferred payment methods.

If you’re not thinking about this now you run the risk of not only missing out on that single transaction but also losing a potentially loyal customer.

“With over 450 significant local payment methods in use across the globe, it can be a challenge for retailers to understand which ones to offer their customers. However, this research shows how crucial it is to offer the payment methods the customer prefers. It proves that the payment methods you offer can make a break or a sale. Currently, 91% of UK consumers have used debit and credit cards for online purchases. 89% also confidently use PayPal or have used it in the past. 31% are confident in using mobile wallets, such as Apple Pay and Google Pay, and the use of bank transfers has doubled in the last 3 years. There’s a surprising range merchants must consider at the payment page to improve conversion rates,” comments James Booth, VP Head of Partnerships, EMEA at PPRO.

“Retailers need to be aware that a slick user experience must extend to the point of purchase. A shop may have a personalised and easy-to-navigate website, but a shopper who isn’t satisfied with the payment methods available at the final stage will quickly move on to a competitor,” he added.

 

So, What Can You Do?

The first thing you need to do is talk to the experts. Those in the industry will have insights that can help you make the right decision. You might have your own customer feedback that gives you an idea of the types of payment options that are missing, but the experts will have access to information that can make the process easier.

It might seem like the best idea to just jump onto all the latest payment options available but understanding the cost of implementation, ownership and the potential use by your customers will give you an idea of ROI.

Striking the balance between offering preferred payment options for your customers and offering everything because you’re trying to cover all the bases is not as easy to figure out as you might think.

 

How Eclipse Can Help.

At Eclipse we’ve been building sites for and working with some of the biggest retailers in the UK for years. Our experts in customer experience work alongside businesses to enhance and optimise all the elements that customers come into contact with including the checkout process.

We can work with you to make sure your checkout process is performing seamlessly and designed to optimise conversion and then advise and potentially implement the payment options you need to be offering.

And as a partner of Adyen, the payment platform built for growth, we’re best placed to connect you with the right people in the industry.

Come talk to us and together we can help you optimise your checkout, offer the right payment options for your customers and get you access to that 44% of customers you might be losing.