Diversify mobile payment methods: Increase eCommerce conversions

The mobile checkout experience is the first-place retailers should look to for increased conversions. This is according to leading eCommerce platform provider Kooomo, which says that eCommerce sites and optimisation are synonymous with each other and if a CX isn’t up to scratch, retailers stand to lose out to competitors. 

Completing an order can be the most difficult part of the customer journey in general but with mobile, customers are dealing with a much smaller screen, are likely to be on the move and trust is also an issue.  

Ciaran Bollard, CEO of Kooomo, explains: “The checkout is the make-or-break moment, where the cart abandonment rate stands at 86% worldwide. Consumers often abandon their shopping cart if the payment process requires them to fumble around for cards and numbers. Instantaneous processes are the key to preventing that abandonment. Consumers have become accustomed to instantaneous processes – therefore requests such as “fill in your credit card details” on a small touch screen are felt like too much of a demand”. 

In light of this, retailers need to facilitate a shopping experience that reduces bounce rates and increases conversions. Ciaran offers the following tips to help them return to the right path:

1.Encouraging the use of digital wallets

Simply accepting credit and debit cards is not enough to make you a competitive player in terms of CX - we recently ran a poll on our social channels which indicated 55% of respondents chose digital wallets when online shopping. Therefore, at the very least, you need to be encouraging the use of digital wallets on your site. Retailers need to remove these friction points to create a fluid motion through the checkout. eCommerce sites can increase their mobile conversion rate by over 300% when encouraging payments through digital wallets.


Approximately 20% of customers abandon their carts due to the concerns over the safety of their information on mobile. Credibility and familiarity are key - and Apple Pay, PayPal, and Google Pay have all cultivated reputable names for themselves. These payment methods not only simplify the checkout process but also ease the security concerns of shoppers who are growing more accustomed to eCommerce. Digital wallets significantly improve the overall mobile CX whilst adding an extra layer of security to online transactions. The smaller the screen, the more effort that is required to complete transactions, so it’s best practice to simplify that process. 

2.Native in-app user experience

Switching between applications and web pages can be a great cause of frustration for mobile shoppers. Therefore there is a need for specific payment solutions that deliver a convenient and seamless in-app payment process, such as a native in-app UX. Gaps in the CX chain can lead to abandonment, particularly on mobile. Consumers prefer the ease and simplicity of a “1-click” solution, where they enter their payment details once, typically, during sign up. 

This information is then stored securely within the app, and for subsequent purchases, they simply click “pay now” to complete the transaction. This allows consumers to focus on the shopping process rather than on the checkout itself. Developing a native mobile app is a great way to guarantee your users reliable data protection. 

3.Finding what works for you - A/B testing

Testing your website is a process that can go under the radar.  Often retailers will overlook the idea of using their own website themselves. It might sound redundant but in actual fact, is a great way to get to know your user journey and uncover areas that need improving. In 2020, 92% of merchants consider A/B testing the second most important tool for conversion rate optimization, behind web analytics. Providing diverse payment options are essential to the CX, but A/B testing will reveal whether maintaining several payment options is worth development time and resources. 


A/B testing will help to determine what sections of the payment process are either helping or hindering conversion. By presenting different versions of the same webpage to different customers, retailers will be able to identify what works best for their mobile audiences - even if they differ to that of your desktop site. 


Ciaran concludes, “Your mobile checkout is a completely separate realm to that of your desktop site. While many retailers struggle to decrease cart abandonments, retailers who take an independent approach to optimising their mobile checkouts are more likely to see conversion rates soar. Digital wallets and Native In-App experiences should be tried and tested to achieve eCommerce success.”


If you are interested in finding out more about diversified payment methods, join Kooomo’s latest webinar, eMmerced on Wednesday, Jun 30th at 11 am. You can sign up for free here: https://info.kooomo.com/emmerced-kooomo-x-adyen-diverse-payments. 

ENDS

About Kooomo:

Kooomo is Europe’s leading eCommerce platform for expanding businesses. With over two decades of eCommerce experience, Kooomo delivers solutions to medium and large enterprise customers that are quick to market, affordable and international, helping clients achieve maximum global digital sales while powering their online stores from end to end.

Headquartered in Dublin, and with offices across Europe, Kooomo simplifies online retail by connecting sales channels, including online, in-store and via marketplaces to create the best possible experience for both its clients and their customers. This, combined with a powerful built-in CMS that connects content and commerce, means that retailers and brands can provide customers with a dynamic, personalised shopping experience. Driven by merchant demand, the Kooomo platform delivers a 360-degree digital commerce solution which is integrated with an eco-system of over 200 partners. 

Kooomo is trusted by world-renowned brands such as Morrisons, Umbro, SMEG, Kraft Heinz, Blauer USA, MotoGP, Avoca, Butlers chocolates amongst many others. For further information, visit: www.kooomo.com