How to Increase Revenue in E-commerce Financing with a Consumer Checkout Option

Ways to increase revenue

1. Free shipping and free returns

Free shipping has proven to be one of the most effective marketing tools in eCommerce financing. Customers are encouraged to pay a little more for a product than to spend the same item on shipping.

High shipping costs are one of the main reasons for low conversion rates. As we can see from the previous point, 49% of users abandon a transaction if they feel that the costs associated with a transaction, one of which is shipping (and possibly others), are too high.

So, offering free shipping and free returns (and making that clear to your audience) is one of the best ways to increase checkout conversions and keep your customers happy.

According to SmallBizTrends, 66% of consumers want free shipping on every purchase they make online, and more (80%) want free shipping over a certain amount in their online store.

2. View visitor progress during checkout.

Another way to increase checkout conversion rates is to show your visitors’ progress during checkout.

Especially for large eCommerce financing stores with thousands of categories and products, some customers may get lost on their website.

 To avoid this, consider having a progress bar to guide the user through the checkout process. This way, you can complete your purchase with ease, as you will know exactly where you are at every step of the buying process.

To further enhance the shopping experience, you can implement a timer that approximates the time remaining until the process is complete. This is especially true if you use multi-page checkout. Today, time is a valuable asset that our customers value very much.

Tip for advanced users: Prevent site navigation from displaying during the checkout process. This can hinder customer purchases and lead to abandonment.

3. Provide clear instructions

Another primary way to increase checkout conversions is to address potential issues that may arise during the checkout process.

For example, you can type descriptive text next to the CVV field to indicate the deal location for each card. The error message should be displayed and indicate the next step the customer should take.

Advanced tip: Don’t use multiple summon buttons at checkout. This can confuse customers and catch their attention during the buying process.

4. Offer a local payment experience

Providing a personalized local checkout experience is another great way to increase checkout conversions and provide an exceptional user experience.

Given today’s globalized economy and the rise of technology, businesses now have an incredible ability to expand internationally without investing in physical facilities in each country.

Increasing your online sales and being able to send your products to the rest of the world has recently become easier than in the past.

However, having a global platform to sell products does not mean that you should not adapt your payment infrastructure locally.

This can be easily accomplished by implementing an international payment gateway that secures and processes transactions in multiple currencies and offers multiple payment options.

MYMOID allows you to process credit card transactions in over 45 countries and 128 currencies, improving the payment experience for customers and facilitating international distribution by merchants.

5. Use of Subscription Payments

As mentioned earlier, not all customers are happy to create a required account in their online store, but creating an account improves the user experience in several ways, including storing payment data. , very beneficial.

Sites that offer subscriptions allow customers to securely store their credit card details and use them for future purchases without having to manually enter them each time.

Through a process called payment tokenization that converts credit card data into an indecipherable value called tokens, customers can enjoy a faster and more secure checkout experience when checking out.

One of the benefits of PCI-DSS compliance is tokenization. This way, you don’t have to re-enter your credit card details each time you pay. This allows repeaters to purchase in seconds.

6. Simplify the checkout process

Various studies have found that 11% of potential buyers abandoned their shopping cart because they felt the checkout process was too complicated.

Many sites require a lot of unnecessary information that has nothing to do with the purchase and often work on them.

As an e-commerce retailer, you need to make sure your visitors’ shopping experience is quick and easy. How can I do this? Here are a few tips.

Delete extra steps

The first step to streamlining the entire process to improve checkout conversions is to remove extra steps and personal data that are not needed for purchases.

Companies will need to assess this data internally and request more information to better understand their target audience, but this can directly impact conversion rates. Especially if the table is too long.

According to consumer financing, the average number of payment steps in 2021 is 5.2, and ideally, the number of fields on the form should be 8 or less.

Try the payment process

The structure of the payment process is also important for increasing online payment conversions.

You can check out one or more pages to see which company is right for you. There is no definitive conclusion as to which is optimal, as both have their pros and cons.

Leave payment options as a guest

As we have already seen in the graph above, 24% of users are unable to complete a transaction if they have to create an account. So, offering your guests a checkout option is one of the best ways to increase checkout conversions.

Signing up for customers is ideal for merchants who want to monitor their browsers’ behavior, and storing eCommerce financing payments data for future purchases will certainly benefit customers. TO DO.

Therefore, it is better to give them options and choose the one they prefer.

Another way to simplify the checkout process is to fill out forms quickly and easily. One way is to implement Google AutoComplete consumer financing.

This saves a lot of time and frustration for customers, improves user experience, and allows them to complete their purchases faster.