You get a hit on your e-commerce store, they browse around your site and find an item they like.
They have filled their online shopping cart and are ready to purchase.
They get ready to pay… and find no PayPal or AMEX.
They get frustrated and leave.
Does this sound familiar?
It’s the story of “cart abandonment”. Two words that every e-commerce retailer hates and sees over $159.6 billion of global online sales at risk from the modern customer not finding exactly what they want and leaving – most likely to competitors. In the digital age where attention span is a valuable commodity, e-commerce retailers and merchants who invest in reducing checkout friction win big.
From a study conducted by YouGov, a UK-based international market research firm, it was found that:
“40% of participants said they would feel more comfortable buying from a merchant that offers multiple payment methods” – YouGov
Digital wallet options are on the rise with 67.6% of top online merchants offering PayPal and global non-cash transactions increasing 8% year on year. So many merchants are confused on how to keep up and are turning to payment platforms like Paydock to help them trial and adopt new payment methods and gateways quickly and easily.
Imagine what a 1% increase in conversion could do to your bottom line.
Paydock is a payments platform built to help merchants and e-commerce retailers increase their conversions and reduce internal process management. It enables merchants to connect multiple payment gateways like PayPal, Stripe, Braintree and Westpac PayWay in seconds and keeps your business on your toes with emerging payment methods. Contact Paydock here to speak to a payments expert.