When it comes to online shopping, the behavior of the shopper really comes down to some critical elements:
- Desire – whether or not the user needs or wants the item that's being sold online.
- Price – whether or not the item's cost is overcome by that desire.
- Product – whether or not the product is as advertised, with reviews often aiding in the decision.
- Trust – whether or not the vendor you're buying from can be trusted… from payment, to delivery, to returns, etc.
The fear of online shopping has been overcome in the last few years, even from mobile devices. However, the average cart abandonment rate is 68.63%, providing a lot more opportunity for ecommerce vendors to optimize and improve their online experience. The average UK shopper spent an average of £1247.12 (over $1,550 US) in 2015 and that total is continuing to increase!
Of course, not every visitor that places a product in the cart should be assumed to be a buyer. I often go out to a shopping site to add a list of items just to see what the total with taxes and shipping will be… then I'll come back when the budget is there and make the actual purchase. But within that abandonment rate, many left only because they didn't find the site trustworthy.
Consumers want a secure, quick and simple payment process, as outlined in the animated infographic below. Avoid concerns about payment security and long and confusing checkouts, and ultimately choose a strong payment gateway for your online business that will help result in happy shoppers! Check out Total Processing's infographic below, The Online Shopper's Saga: In Search of a Secure Payment Solution.
At its root is your payment processing. If a consumer begins to check out on a new site and doesn't feel it's trustworthy or is too complicated, they're not going to risk entering their credit card information. In fact, concerns about payment security result in 15% of the shopping cart abandonment on ecommerce sites. They'll abandon and find the product on another site. Your competitor's site may even be more expensive… but if they're more comfortable, they won't mind paying a few extra dollars.
Total Processing points out 4 key features that make a strong payment gateway
- The payment gateway provides customers with a wide array of payment options.
- The payment gateway provides the merchant with an array of transaction enhancing tools to expand offerings.
- The payment gateway has strong risk management and fraud containment as a foundation of its platform.
- The payment gateway continues to release new offerings that keep up with changing online transactions.