Shoppers vs. Buyers
Retailers need to pay special care to the factors that separate shoppers from buyers.
How many fields are shoppers required to fill out? How many pages are in the checkout experience? Which payment options are offered? And if returning customers can save their information, what fraud prevention measures are in place?
81% of retailers say investing in the online shopping cart is important to improving conversion rate, according to a Digital Commerce 360 survey of 75 online retailers in February 2023.
With that, retailers should pay close attention to what types of payment methods shoppers want to pay for goods. Because if the right option isn’t there, they will abandon their carts.
The Buying Experience is Important
Digital Commerce 360’s May Strategy Insights Report dives into three aspects of the checkout experience and includes the following in-depth articles from Digital Commerce 360 editors:
- “Is offering cryptocurrency at checkout worth the reward for retailers?” details why and how two online retailers accept cryptocurrency as payment — and why the risky and volatile nature of the payment method is worth it for them.
- “Will AI power all of fraud management?” explores how retailers balance using artificial intelligence and manual review for fraud prevention and if retailers should eliminate human review teams in favor of only AI to combat fraud in the future.
- In “BNPL is a low-risk option for attracting new customers,” three large merchants talk about the growth of buy now, pay later and the benefits of having the payment method. The article also addresses the growing concerns about the mounting debt this type of payment may foster.
- Plus, a chart details the popular payment methods from the 2023 Top 1000 online retailers, and how that compares to a few years ago.
Compliments of: Bloomreach, Melissa