User experience and budget control are changing online payment methods

The e-commerce sector continues to grow month after month and this results in an increasing number of online transactions, which becomes a daily challenge for stores. Only in Spain, lOnline sales reached a value of 72.4 billion euros in 2022, a value 25% higher than that of 2021, as detailed by the CNMC. At the European level there are already more than 1,347 million.

Presta Shopthe world’s leading e-commerce company, conducted a study to find out how European digital merchants manage their payments on a daily basis given the increase in online purchases observed post-pandemic.

Diversification of payment methods

The growth of online sales has been accompanied by a major change in payment methods, which are now more focused on responding to the new needs of online customers in terms of user experience and are also associated with the complicated situation. Efficiency in budget control.

According to PrestaShop research, the preferred payment method for online shoppers continues to be bank card (94%). It is also the first payment option offered by Spanish companies (91%); PayPal is second with 64.3%; followed by bank transfer with almost 59%; Bizum is in fourth place with 37.5%; and deferred payment methods follow at 35.7%.

As for the PrestaShop checkout solution, 60% of PrestaShop customers say they know it and clearly identify it as a solution developed jointly by PayPal and PrestaShop. “We chose PrestaShop Checkout to solve our problems with payment and currency conversion errors. We have managed to simplify the payment process, making it faster and easier with both credit cards and other options,” explains Carlos Reyero from Nest Dream.

Read Also:  Grayscale's Bitcoin ETF 'halving', just before BTC halving

Streamline and simplify management

Although managing payments is not a major difficulty for merchants (85% of respondents consider it easy), it is still a major problem and even a major source of stress (57%). Therefore, the main goal, as stated in PrestaShop’s own study, is to look for solutions that optimize the user experience and simplify the management of all the payment methods they want to offer.

Along with transaction security (92%), speed and user-friendliness are the most important criteria for online shoppers (91%). In addition, merchants also express the need for practical solutions for themselves and their teams that are easy to use (92%), simple and intuitive (89%), integrated into their e-commerce platform (91%) and compatible with a wide range are selection of local and international payment methods (91%).

Regarding the investment plans of the merchants surveyed for 2023, 77% are thinking about new payment methods and 86% of Spaniards would like support and advice in choosing.

Anti-fraud rules

Given the dynamics of the sector, the evolution of technologies, the increase in mobile purchases and the increase in cross-border sales, online payment remains a fundamental concern. Although merchants are satisfied with their current solutions, they remain convinced that they need to continue investing to offer their customers new payment methods that better meet their expectations, regardless of the destination country. If installment payments have already conquered almost 80% of Europeans; E-wallets and transfers are also booming.

Merchants are increasingly choosing solutions that are compatible with their e-commerce platform, simple and fast, in a secure environment with verified transactions and anti-fraud rules.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here