In today’s fiercely competitive digital landscape, one of the most significant challenges facing e-commerce is getting users to complete their online purchases. According to data from the Baymard Institute, global cart abandonment rates stand at a staggering 70%, which translates to estimated losses of €250 billion annually. The situation in Spain is even more dire, with cart abandonment rates reaching as high as 75%, highlighting the need for optimizing the online shopping experience.
When the checkout process is too complicated or involves too many steps, it can be frustrating for customers. Among the top reasons users don’t complete their online purchases are the requirement to create an account (26%), lack of trust in the website for entering card details (25%), and lengthy or complicated payment processes (22%).
“The Spanish market has unique payment habits that differ from those in other regions. Understanding these nuances is key to gaining consumer trust and driving sales. Adapting payment solutions to these preferences can significantly enhance the user experience and foster long-term customer loyalty,” notes Jorge Sorial, Country Manager of Craftgate for Spain. “Implementing tailored strategies, such as payment orchestration, presents a major opportunity for Spanish businesses to reduce cart abandonment and secure a competitive edge in the digital market, driving sustainable growth and higher revenues.”
In this context, designing innovative payment strategies is becoming increasingly indispensable for transforming conversion rates and boosting revenue growth. According to Statista, the sector’s revenue is projected to reach €37.911 billion by 2025, with an annual growth rate of 8.33% that forecasts a market volume of €52.196 billion by 2029. Moreover, user penetration continues to rise: in 2024, over 25 million people made online purchases in Spain, and this figure is expected to reach 58% of the population by 2029.
Convenience and Efficiency: Key Drivers of Online Purchases
Convenience remains the primary driver of online shopping in Spain, as indicated by 38% of buyers surveyed in 2024, according to Statista. This factor underscores the importance of creating an efficient and straightforward payment experience to increase conversion rates and ensure revenue. In terms of preferred payment methods, debit cards and online payment services like PayPal, Google Pay, or Klarna lead consumer preferences in Spain, aligning with the same study.
In line with this, an analysis by Craftgate, a “One-Stop Shop” payment orchestration platform, on the Spanish e-commerce market confirms that consumers are increasingly inclined towards debit cards over credit cards, while Bizum solidifies its position as the most popular solution for instant mobile payments. Furthermore, fintech innovations and digital payment methods are rapidly gaining ground, with a significant increase in the use of Buy Now, Pay Later (BNPL) solutions like Klarna and Scalapay. Meanwhile, PayPal remains a standout option thanks to its robust buyer protection policies, reinforcing user trust in digital transactions.
“Spanish businesses can secure a competitive edge by focusing on an easy-to-use payment experience and adapting payment options to local preferences, incorporating innovative solutions like BNPL and localized payment methods to maintain growth and ensure long-term success in the digital market,” Sorial emphasizes. “Perfecting the online payment process is essential for improving conversion rates. With that goal in mind, Craftgate continues to pave the way for reimagining digital payment strategies, setting a new standard for success in an increasingly competitive global market.”