online shopping have been gaining ground in recent years and have already positioned themselves as one of the top choices for consumers. The simple fact of buying a product and paying for it from anywhere and at any time has radically transformed the behavior and consumption habits of users.
According to the data from the latest barometer on electronic commerce presented by the portal CNMCDatathe e-commerce turnover in Spain during the third quarter of 2022 reached 18,900 million, a figure 28.8% higher than that of the same period of the previous year. In addition, the idealo.es portal details that 66% of Spaniards admit that they make purchases once a month, and 23% do so every week.
This immersion in online shopping is also due to the ease of processing transactions and the different types of payment offered by online stores. The implementation of digital purchases, and more so after the boom after the pandemic generated by COVID-19, has made many e-commerce rethink whether the different payment methods that they are offering to users are sufficient.
Recurring payment methods
Having several transaction methods in an online store is one of the aspects most valued by buyers. In addition, offering different modalities can also improve the ecommerce conversion rate. But which are the most used?
- payment through credit and debit card remains the top choice for most online shoppers. According to data from Statista referring to 2022, 65% of online shoppers said they chose the debit card as their first payment option, while the credit card was chosen by 24% of those surveyed. This method provides great reliability to the user, since its security is backed by the bank.
- The electronic wallets, like the well-known PayPal, are the second most chosen option by users. Specifically, and according to Statista, 55% decide to opt for carrying out their transactions online through this methodology. More and more online solutions of this type are emerging. In recent years, others such as Stripe, Square or Skrill have joined the already well-known Amazon Pay, Apple Pay or Google Pay.
- The installment purchases they are booming The so-called Buy Now, Pay Later or BNPL, according to the report ‘The global payments report’, represented 2.9% of the value of global ecommerce transactions in 2021. The same report details that it is expected that this figure will multiply in the coming years, reaching 13,351 million in 2028, with an average annual growth of 24.9%
- Other online payment methods that are much less used in our country, and that increasingly have less prominence, are Bank transfers waves payment direct debits. The latter are usually made when buying services, such as subscriptions or recurring payments.
Streamline digital payments with Checkout.com
Having a good flexible payment platform is key to offering the best service to customers. The main mission of checkout.com is to help businesses and their communities thrive in the digital economy. In this way, they offer innovative solutions adapted to the needs of each client, improve payment performance and help to face the complexity of a landscape as dynamic as that of payment gateways.
With its modular technology you can easily add different payment functions, manage risk and fraud and incorporate new payment methods that help businesses continue to grow in a multitude of new markets.
The ecommerce that have already implemented the Checkout.com platform in their online payment processes have already seen a considerable improvement in their conversions. Venca has managed to raise its acceptance rate to more than 96%, while the online cosmetics store Freshly Cosmetics has reached almost 100%. For his part, We are Knitters has managed to reduce its foreign exchange costs by 4 after betting on Checkout.com.