Conducting business online has become the norm for consumers and businesses alike. Similarly, digital payments has become normalized both in-store and via ecommerce sales. Alternative payment methods, those beyond traditional credit cards and cash, such as PayPal and Stripe are becoming mainstream but also many in the world are talking Bitcoin and various cryptocurrency payments.
With online sales growth year over year reaching 24% annually and with 2 billion people looking to spend money on line, it pays for you to accept whatever payment method your customers want to use.
Despite this significant increase in consumers buying online, most are abandoning their shopping cart at checkout – at nearly a 70% clip of abandonment. A large portion of abandonment is “window shoppers” not ready to buy, but many are due to fixable issues:
- 18% of online shoppers experienced a long and complicated checkout process
- 17% didn’t trust the site with their card information
- 7% said the company didn’t offer enough payment methods
You can greatly increase your chances of converting consumers from browsers to buyers–and increase ecommerce sales—with these simple payment optimization strategies.
Accept a variety of payment methods and currencies
Methods of payment are diversifying and your customers are using them all. Credit and debit cards are still popular, but alternative payment methods like PayPal and Stripe are on the rise. But so is Bitcoin and cryptocurrency. 30% of US households hold cryptocurrency and it is proven that Bitcoin holders are especially loyal to stores that accept Bitcoin as payment. Further, Bitcoin is accepted as payment and legal tender in many countries around the world today. Don’t forget about gift cards and loyalty points as payment options as well. BTCRetailX provides various payment methods in both the BTCRetaiLX point of sale and WooCommerce shopping cart.
Streamline the checkout process
Have you ever had to fill out both the ship-to and billing address fields, even when they are the exact same? Businesses that can auto-fill these fields or, even better, provide a one-click checkout process create an optimized shopping experience, increasing the likelihood of repeat business. Having this payment convenience, often called card storage, makes it easier for consumers to come back again for a checkout experience that is fast and easy. The result? Increased revenue potential and a great customer experience. BTCRetailX provides this function via Account Management in the Woocommerce shopping cart.
Deliver a seamless, branded experience
It’s proven that the less friction you have in your checkout process, the better your checkout conversion rate will be. BTCRetailX has the functionality in place to make a seamless experience possible from the brick and mortar point of sale to the ecommerce shopping cart.
Analyze to optimize ecommerce sales
All of these front-end payment strategies can lead to improved customer experiences and more revenue for your business. But don’t forget about the wealth of valuable information you have at your fingertips on the back-end. Reporting tools provide important insights to help you optimize checkout conversion. Imagine knowing the reasons behind declined transactions, chargebacks, and disputes. You can use this intelligence to optimize your business. You can also analyze sales trends to better plan for any number of situations like seasonal boosts. Data is power to help you manage and grow your business.
With these tips, you’re bound to lower your online shopping cart abandonment rate, increase ecommerce sales, and create a scalable online payments strategy this year and beyond. Ask your rep at BTCRetailX for details on this process.