International payment system Stripe in collaboration with Dunn & Company analysed over 1000+ websites and surveyed 1600 consumers about their online shopping experience. The study revealed 5 main mistakes that frustrate customers and reduce business profitability.
No one-click payments
In the US, only 40% of websites support this feature. At the same time, 75% of consumers admitted that they are more likely to make a purchase if they are offered “no extra steps and no data entry”.
2. It takes more than 2 minutes to place an order
60% of respondents say they are ready to abandon a purchase if the checkout process takes more than two minutes. At the same time, the average time spent by customers on the analysed websites is 3.3 minutes. How many potential buyers have these businesses lost by not wanting to simplify and speed up the application and payment process?
3. The website offers few payment options
85% of respondents will leave a website that does not allow them to pay in a convenient way. This refers not only to the range of payment systems, but also to such payment methods as: “take it now – pay later”.
In addition, many e-commerce entrepreneurs deliberately ignore local payment systems, thereby depriving themselves of customers. Sometimes this is very stupid:
In France, 20% of websites do not offer customers the option of paying with Carte Bleue, the country’s most popular payment system.
4. Do not use security logos
Numerous data breaches and increased awareness of cybersecurity issues are forcing shoppers to think twice: “Should I enter my payment card details on this website?”
Use security logos to increase trust and dispel doubts. For example, “Verified by Visa” or “Mastercard SecureCode”.
5. Do not use simple marketing techniques
- 83% of the analysed stores did not contact customers who abandoned their shopping carts.
- 88% did not offer the customer to add other products or services to the basket to ensure a higher conversion rate.
- 51% did not recommend products or services related to the contents of the basket (i.e. did not use cross-selling methods).