What matters most to online shoppers? According to a new survey by online payments provider 2Checkout.com Inc., shoppers across the globe value privacy and security. The same study also found that many shoppers abandon a shopping cart simply because they’ve changed their mind about buying the product.
While factors like delivery times or non-acceptance of preferred payment methods are also reasons, they are not at the top of the list. Change of mind about the product is the most frequent cause at 39 percent, unexpected fees at checkout at 37 percent is a close second, and “insufficient product details” ranks third at 31 percent.
Unfortunately, there is little you can do as an online business owner to prevent consumers from changing their mind. But you can manage the other factors. After its survey, in which 1,000 consumers across 130 countries were canvassed, 2Checkout gave some advice. “According to respondents, cart abandonment can be curbed by offering discounts (preferred by 38 percent) or by simply sending reminders (effective for 34 percent).”
To run a successful online business, it is also critical to place keeping customers’ information safe as a top priority. This survey shines a spotlight on this importance, sharing that data security and privacy rank highest among factors (76%) that consumers consider when deciding to buy from an online merchant. Reputation and clear policies register at over 70 percent and acceptance of “my preferred payment method” at a close 69 percent.
How to Establish Trust
So, how can you establish and build trust in your business and payment processing? Here are three ways you can improve the customer experience
- Choose the right payment processor for your business type and industry. High risk processors, like eMerchantbroker for example, specialize in working with business types and industries that experience challenges such as these. They offer a variety of high-risk payment processing options (e.g. high risk credit card processing), so you can provide the “preferred payment methods” your customers expect. Their services will also help you safeguard your customers’ private information.
- Include progress indicators. To decrease the rate of cart abandonment, you can also try including progress indicators on checkout pages. By showing customers where they are in the checkout progress, you can eliminate the potential worry that the checkout process is going to take more time than the customer is willing to commit.
- Make navigation between cart and store effortless. It’s important to make navigation between cart and store effortless; the more you streamline the experience, the more likely the customer will stick with it and actually checkout.
- Incorporate strong calls to action on checkout pages. Some businesses assume strong calls to action are unnecessary on checkout pages. On the contrary, checkout pages are the best place to put strong, clear calls to action. Their presence will actually strengthen the resolve of the prospect to complete their purchase.
The key to protecting information, building trust and creating loyal customers is to always seek new ways of safeguarding their information and improving the customer experience. Start by making sure you provide multiple payment options and update your site regularly for ease of use.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high-risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.