Avoid mistakes in e-commerce and tips to improve sales – Wired PR Lifestyle Story

The Wild Digital SEA 2021 conference has started online again, and we’ve had the privilege of learning how e-commerce vendors can improve their sales conversion rates. This panel is very important because it comes at a time when many businesses, small and large, operate online.

Sarita Singh, Head of Regional Growth, gave a 30-minute seminar Marra, shared opinions about the common but often overlooked mistakes that sellers make online.

These doubts are usually the direct cause for customers to stop paying for carts, which hinders businesses from claiming their share.

8 out of 10 sales are failing on the payment page

The e-commerce boom offers a huge opportunity for businesses in the midst of an online pandemic. But it also puts pressure on them to take advantage of that potential and provide the best customer experiences. This is mainly because the online world is becoming more competitive and crowded.

“Companies like yours spend so much time and money building brand awareness, promoting website traffic and optimizing product pages, all with the goal of getting people to make a purchase on your website,” Sarita said. As a result, APAC’s advertising spending is expected to reach $ 229 billion.

However, 8 out of 10 sales are failing on the payment page. So for many companies, most of that investment is smoked at the last minute due to poorly constructed boxes.

To identify these declines, Stripe and Edgar, Dunn & Company it was conducted to analyze the purchase flows of the 500 major e-commerce sites, using 26 different criteria.

They also surveyed 500 consumers in the region to learn about current purchasing behaviors and trends, payment preferences, and other factors that may affect payment experiences.

Their analysis showed that 95% of the payment pages contained at least 5 basic errors that lost unnecessary friction and sales, and that all of these errors can also be avoided.

In his seminar, he explained that optimizing a site’s payment flow can be explored in 3 key areas: payment form design, mobile optimization, and location.

1. Make the UX in a payment form as best you can

The design of a website’s payment form can take the customer to the point of sale or take them away. Nearly a quarter of Stripe’s research customers have discarded carts from long shopping forms.

Therefore, it is essential that the UX of the payment process is as frictionless as possible. Buyers want a quick click to pay to be the last step on the shopping trip and don’t want to go through the payment form over and over again to fix the basic mistakes.

Therefore, a real-time error message stating that the customer’s card was invalid or expired may again increase the test rate by 3.5% when the card number was entered. Even small changes are affected by the error message that says “Your card doesn’t have enough funds” or “Your card doesn’t have enough money, try another card”.

In addition, if you allow auto-completion for details such as a customer’s address, you can increase your conversion rate by 0.8%.

“And that’s more dollars for you and better customer satisfaction,” Sarita added.

He summarized this section with some good practices for e-commerce vendors to consider when designing high-performance payments:

• Highlight real-time payment errors using visual cues such as a green check mark or a red point of surprise;
• Use descriptive and specific error messages to clearly identify the error;
• Accept autofill information stored in browsers so that customers do not have to re-enter their details;
• Automatically display a card mark icon after entering the card number.

“These individual differences may seem relatively small, but they can add up fairly quickly, especially for e-commerce businesses with a high transaction volume or average order size,” encourages Sarita.

2. Fit on smaller screens

With more than 50% of e-commerce traffic coming from smartphones, a highly optimized mobile experience is of paramount importance.

“If your page isn’t adaptable to a smaller screen, there’s a greater chance that people who visit your site won’t be able to make purchases from people who visit your site,” Sarita warned.

One of the easiest ways to adapt your mobile shopping is to display a numeric keypad so that shoppers can add their card information from their phones.

Also, if you support global and regional e-wallets like GrabPay and Alipay, your overall mobile shopping experience can be enhanced.

The e-wallet allows companies to offer a fast, one-click payment experience, which is 3 times faster than forcing buyers to enter payment data manually, on average, Sarita said.

Before moving on to the final point, he once again listed the points to optimize the buyer’s mobile experience:

• Test a mobile version of your website on the most common devices in your target market;
• Offer e-wallet payments and guest payment experience;
• Display the numeric keypad.

3. Locate the viewing experience

Given the diversity of the APAC region, it is essential to provide a localized payment experience.

“At the very least, you should show the return payment page based on the buyer’s country, and you should show the items in local currency,” Sarita explained. Therefore, customers are left without the hassle of converting their numbers into currency, thus facilitating the shopping experience.

In addition, a deep understanding of customer preferences and local payment methods is particularly important in a region. This is because 46% of online payments are made with electronic wallets, compared to only 30% of those who use cards.

The award states that 13% of consumers surveyed by Stripe say they have left a purchase in the past year because their preferred payment method is not available. “So remember, preferred payment methods, especially out-of-card payment methods, vary depending on the country you’re selling to,” he points out.

For example, the most popular off-card payment method in Singapore is GrabPay and PayNow. While in a country like Australia, buy now, pay later (BNPL) options, such as Afterpay and Zip Pay, are in high demand. The non-emergence of these payment methods automatically may be a missed option for companies.

“In one study, we conducted a pilot to run the most popular payment method in the Netherlands, iDeal, for some Hong Kong businesses selling in the Netherlands. After enabling iDeal, these businesses increased their payment volumes by 79%, including minimal cannibalization of existing card volume.” said Sarita.

Once again, this section concludes with the main points of positioning the e-commerce platform by region of a customer:

• Identify in which countries you want to sell and make sure you have located the payment page by returning the page and showing the local currency;
• Dynamically surface the appropriate payment methods depending on where your customers are or are using the device;
• Change your payment fields to get the right information for each country.

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It’s no secret that there has been a rise in online commerce around the world, and it’s no different at APAC. The award states that by 2023, APAC network sales are expected to be higher than the rest of the world combined.

61% of APAC consumers have increased their online purchases over the past year, and have doubled by more than ⅓.

Thus, for online businesses to get a share of this pie, it would be worth investing in these small but effective repairs to further improve customer conversion rates.

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Notable Image Credit: Sarita Singh, Head of Strip Regional Growth