Have a functional payment system for your online store can be the difference between making a sale and customers leaving items in their cible shopping cart according to a new survey from Stripe .
The cabinet of payment processing partnered with management consulting firm Edgar, Dunn & Company to study 800 e-commerce companies in France, Germany, Italy, Netherlands, Poland, Spain, Sweden and UK. The e-commerce sites of these companies were then tested through 26 different criteria related to the design of the payment form, mobile optimization, localization.n and to the trust and safety of buyers.
According to the new " L ' state of European checkouts in 2021 ", 94% of the main European e-commerce companies had at least five basic errors in their checkout which added unnecessary friction for customers and probably led to a drop in sales. Some of the more common issues discovered by the report include poor formatting of card information and error handling, not offering the payment methods and do not allow cus users to save their payment information for future use.
Among European customers surveyed, almost 40% said they had doubled or more than doubled the amount of online shopping to be made within the past year. While increased demand can be a huge opportunity for online businesses, it also puts additional pressure on them to take advantage of it successfully.
Payment should be fast and intuitive
European customers expect a fast and intuitive payment experience and almost a quarter (21%) of respondents said they abandon a purchase if the payment took over a minute. However, 44% of those surveyed said it took more than three minutes to make an online purchase on average, and 17% of them blamed a long and complicated payment as the reason why they had abandoned products. orders over the past year.
Some interesting details from a precedent Our study commissioned by Stripe indicates that the AutoComplete offeringthat addresses can increase the conversion rate by as much as 0.8%, while using specific error messages can increase retry rates. For example, shoppers are less likely to try a new card after seeing a message saying "your card has been declined " while they are more likely to do so after seeing "your card has been declined ". Try a different card. ”
When it comes to top payment form errors, 42% of businesses made three or more mistakes when formatting payment information or viewing messages error, 61% did not support auto-complete, 10% of payments did not allow customers to use their billing address as the default shipping address, and 75% did not 'did not allow customers to save their payment information for future use.
As consumers do nowmore of their purchases on their smartphones , 58 100% of respondents said it was "very" or "extremely" important for an online store to be mobile-friendly. Customers are also more likely to abandon their cart if the checkout page doesn't automatically scale to the size of the device they're using. While more than 50% of e-commerce traffic now comes from smartphones, carts are abandoned twice as often on mobile than on desktop.
Whether you've just started your own online store or have been using one for some time now , make sure that your payment experience is the best possible and that an error free error will lead to more sales and customers.nts more satisfied.