The annual losses due to abandoned carts are reaching exorbitant figures. According to the market research company Forrester Research, in 2023 this data has reached 18 trillion dollars worldwide. The same study ensures that 65% of these carts leave a total gap of practically 98% of conversions.
You have to know each e-commerce in depth to know what is stopping this conversion gap and the loss of new customers or recurring buyers. First of all, and as detailed by the Baymard Institute, shipping costs are to blame for this type of abandonment (48%)followed by the request for personal data to create an account in the online store (24%). After these reasons, in third place, we find that 17% of users abandon their online purchases due to complicated and fluid payment processing. 18% also detail that they renounce said purchase because they are not sure of providing their credit card information, while 9% affirm that they do so because they do not offer enough payment options.
The commitment to personalized payments
An e-commerce, according to the same Baymard Institute study, can increase its conversion rate by more than 35% by improving its payment experience. How can this process be optimized? Incorporating personalized payments.
Each online store has its target audience and, therefore, with different payment preferences. Having a modular technology solution with which you can easily add the functions you need, manage risk and fraud and incorporate new payment methods that help your business continue to grow in a multitude of new markets will be the ideal solution.
Checkout.com, the flexible payment platform advocates personalized payments and has global solutions according to all types of online businesses:
- International Acceptance Rates: Grow into new regions with local payment processing you can trust and increase performance by tailoring your solution to each market, with the help of local payment experts.
- Flexible authentication: Fighting fraud in online stores is the order of the day. Payment processes must comply with the latest SCA regulations and provide flexible 3D Secure authentication.
- Acceptances from anywhere: Achieve faster and more reliable payments with direct acquiring in all major markets and offer the leading local payment methods in each region.
- Unified payments: A unified payments API gives you immediate access to all the local payment methods, eWallets, and global card systems you need to build smarter regional strategies and happier customers.
Global payments are complex and constantly evolving, from checkout.com They have opted to develop the best technology and knowledge so that their customers can adapt and manage their payments as they wish, boosting the increase in their transactions and, therefore, their sales.