Home Business Improving the customer payment experience, the great challenge of electronic commerce

Improving the customer payment experience, the great challenge of electronic commerce

Improving the customer payment experience, the great challenge of electronic commerce

In the exciting world of e-commerce, where online shopping has become a mainstream trend, the customer experience at checkout has become crucial to the success of any platform. In a highly competitive and growing market, where in 2022 electronic commerce in our country exceeded 18,190 million euros in the second quarter (assuming a growth of 33% compared to the previous year), the ability to adapt to consumer needs and offer the best possible payment experience has become a key differentiating factor.

As consumers become more demanding, they expect a seamless online shopping experience. From increasingly intuitive navigation to faster website loading speeds, this is why eCommerce companies need to ensure their platforms are easy to use and optimized for all devices to deliver the best shopping experience for users.

Personalization plays a fundamental role

One of the key aspects that an online payment platform must offer is the ability to personalize. Each e-commerce has its own brand identity and it is essential that this is reflected in the payment experience. Personalization allows you to adapt the payment platform to the colors, logos and design of e-commerce, thus creating a cohesive experience for the customer. This not only reinforces the brand, but also builds trust and credibility during the buying process.

A good customer experience during the checkout process is not only essential to build trust and loyalty, but also to drive conversions and increase sales, since a personalization in the purchase process increases an average of 20% in the conversion rate. A smooth, intuitive and frictionless checkout process can make the difference between a successful transaction and a frustrated customer who abandons their purchase at the last moment.

In this context, since Commerce Global Payments The search to offer a personalized payment experience to consumers has become a priority to offer to our electronic businesses. These enhancements aim to completely remove barriers and difficulties that may arise during the checkout process, providing a seamless and seamless experience. One-Click Onboarding additional information in the purchase process represents a 12% increase in the abandonment rate of a buyer.

Adaptation to consumer payment methods

Another customization service that we offer from our payment gateway AddonPayments is the ability to provide alternative payment methods to the card. Currently, consumers expect to have various options when making their payments. In addition to traditional credit and debit cards, electronic businesses must be able to accept other forms of payment such as Bizum for an electronic business that sells in Spain, MultiBanco in Portugal or iDeal in the Netherlands. By offering a variety of payment options, barriers are removed and the buying process is made easier for customers, which in turn increases the chances of closing a sale.

In addition, experience is becoming more and more important. mobilegiven that 72% of ecommerce traffic enters from a mobile device to make online purchases, so it is essential that electronic businesses adapt to this trend. The ability to offer consumers payment systems such as Apple Pay or Google Pay allows customers to store their payment details securely on their mobile devices and make quick and convenient transactions with just a few taps. This not only streamlines the checkout process, but also provides an additional layer of security through biometrics for consumers and businesses. It is estimated that, in the next two years, half of the operations of an e-commerce will be carried out through wallets digital.

The role that AI can play

AI has shown its ability to revolutionize various sectors, and online payment methods are no exception. By analyzing large amounts of data, AI can offer more efficient and secure solutions. For example, facial and voice recognition systems enable faster and more accurate authentication, eliminating the need for passwords and increasing transaction security. Besides, machine learning algorithms can detect fraudulent behavior patterns and prevent fraud in real time. These innovations promise an unprecedented shopping experience, making online payments even more attractive to consumers.

Regulation plays a critical role in e-commerce, and its importance will only increase in the future. It is necessary to establish legal frameworks that address issues such as data privacy, consumer protection and fair competition between companies. The speed with which technology advances poses an additional challenge for regulators, who must keep up with and quickly adapt to changes.

Besides, the implementation of stricter regulations can also have an impact on innovation and the development of new payment methods. If the regulations are too restrictive, they could limit creativity and competition in the market, slowing down the progress and improvement of online payment methods. Therefore, finding the right balance between consumer protection and innovation promotion will be one of the most important challenges for regulators in the coming years.

The keys to success

In summary, a good customer experience at the time of payment in an e-commerce is essential for the success of the company and that is where Comercia Global Payments is supporting the growth of a sector that is growing at double-digit figures (confirmation of 17% growth is expected by the end of 2022). In the near future, we’ll see personalization, security, and simplification become key pillars in the evolution of this experience. Those e-businesses that manage to understand and adapt to the changing needs and expectations of consumers will be in a privileged position to lead the industry and reap the rewards of the exponential growth of e-commerce.

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