Tips to Increase Conversion for Retail Merchants

Increasing conversion, despite checkout abandonment, is a never-ending challenge for eCommerce retailers. Here are 4 tips that can help retailers overcome this obstacle and strengthen the payment experience for customers that adds revenue to a merchant’s bottom line.

1. Offer a Diverse Range of Payments – By understanding customers’ preferences and providing trusted and recognized payment methods, merchants can naturally reduce cart abandonment and develop loyalty across their audiences. Doing this increases the likelihood that customers will complete the checkout process.
2. Mimic Gold Standard Payment Experiences – Build trust through familiarity by providing payment experiences that have minimum user friction. Using tried-and-tested templates and best practices like autofill, transparent delivery costs, and cohesive designs all help nurture customers through checkout. These practices also mimic familiar brands like Amazon and Uber.
3. Test Different Payment Options – Instead of trying to provide every payment option for all customer types, try testing to help better understand the target audience. Customer demographics impact payment choices and one size does not fit all. Try A/B payment testing to find out who prefers options like buy now, pay later or which device type most buyers are using to purchase goods. These discovers will allow a merchant to better serve their customers.
4. Focus Spend on Payment Improvements – Merchant should focus on the areas of their business that help maximize conversions. If the budget allows, merchants should invest in both front and back-end portions of their business. For many small businesses, budgets are not as robust and if that means focusing on the front end and not necessarily having the most efficient back-end reconciliation process as a result, that’s still better than having an efficient reconciliation process but no sales to actually reconcile.

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