E-commerce industry continues to grow every year as more and more businesses are adopting the online medium for sale of their products or services. However, the rate of conversion on e-commerce sites is still much lower than what online businesses desire.
According to the most recent survey, the abandonment rate of shopping cart is about 77 percent; meaning that more than three quarters of online shoppers cancel their purchase before making a payment. These statistics present a challenge to e-commerce sites and majority of online retailers now must find ways to decrease the abandonment rates of their shopping cards to improve their rate of conversion.
In this post, we’ll show a few ways in which you can increase your e-commerce site’s conversation rate.
Ensure a Seamless Payment Process
About 39 percent shopping carts in the U.S. are abandoned because of complicated or lengthy checkout process. Therefore, if you wish to increase conversions on your e-commerce site, you must implement a simple process for payments. The easier it is for customers to make the payment, the higher your conversion rate will be. To implement a simple process of payment, we recommend:
One-click payments have become popular and industry giants like Amazon have implemented it to ensure simple payment process. With these systems, customers are only required to enter their details once. Sensitive data of the customer is stored with the payment service provider who is PCI compliant. The customer can thus enjoy secure and simple one-click payments.
Security is extremely important in the payment system. However, if security is too tight, even legitimate payments can be declined, which in turn will affect the conversion rate. To ensure a secure system that doesn’t decline valid transactions, we recommend:
Using a PCI Compliant Service Provider
Payment service providers that implement PCI DSS standards provide online retailers optimum security and stops fraudulent transactions while ensuring that valid transactions are not declined. For instance, PCI compliant payment providers implement advanced technologies for authentication that decrease fraudulent activities.
PCI compliant payment service providers like Empire NAB also integrate sophisticated security systems, which are based on big data transaction analysis to deny fraudulent transactions. In these systems, trends and historical data are analyzed to increase the predictive capabilities and optimize identification of fraudulent activity.
Pay with Multiple Credit Cards
In order to increase conversion rate of your e-commerce site, you must also enable payment with more than one credit card. Users will then be able to split their order amongst different credit cards and complete the purchase more easily.
In a nutshell, online retailers can decrease the abandonment of shopping cards and increase their conversation rates by offering a seamless and secure payment process. Payment service providers like Empire NAB offer these capabilities as well as the option to accept multiple credit cards.
It’s time you implement a safe and seamless payment process to improve your conversion rate and increase your profits. To get started with setting up a secure and seamless payment process, contact Empire NAB or visit our website www.merchantaccountsaver.com.