Online Businesses Using Diverse Payment Options to Engage Customers
Besides helping buyers complete their purchases, multiple payment options help reduce the chances of cart abandonment.
With customer expectations rapidly evolving, offering faster, simpler, and more seamless payment solutions can be a game changer in e-commerce. Customers who encounter flawless checkouts will likely be more loyal.
Besides helping buyers complete their purchases, multiple payment options help reduce the chances of cart abandonment. A BigCommerce survey showed that 67% of millennials and 56% of Gen X prefer online shopping, so diversifying payment methods can be a significant competitive edge.
Appeal to a Broader Demographic
Reportedly, up to 9% of buyers will abandon those business carts that don't offer sufficient payment methods. Many businesses, including iGaming, are now turning to multiple payment options to appeal to a broader audience. For instance, in the casino industry, best paying online casinos offer high payout percentages and a wide selection of withdrawal and deposit options for the convenience of such shoppers. These may include card payments, e-wallets, mobile payments, bank transfers, and cryptocurrencies, among others.
For Gen Zers and millennials, in-app purchasing and mobile wallets might be convenient. Studies have revealed that up to 15% of shoppers prefer using at least three payment methods, creating a significant market opportunity for businesses with diverse payments.
Expectation and Convenience
A further BigCommerce study showed the shopping cart abandonment rate to be around 70%. This was attributed to various factors, including intense checkout processes. Moreover, 73% of users will leave a poorly designed website in favour of one that streamlines the purchase process. Faster and more efficient checkout processes will attract many shoppers, resulting in more profits. Tackling issues related to cart abandonment allows you to show shoppers that you care for them.
International businesses also stand a great chance to benefit from diversifying payments. Customers from different regions may prefer specific payment methods that are more popular or widely accepted in their countries. Accepting various payment options, including those commonly used globally, helps businesses attract and retain international clientele, fostering a more inclusive and customer-centric approach.
Building Brand Trust
With customers becoming more discerning, brand trust has become crucial to brand success. An Adobe report showed that 71% of shoppers prefer using a trusted brand. The report added that Gen Zers had the highest need of trust, with 79% preferring to purchase from a brand they trust. Increasing your brand trust appeals to many shoppers and can translate to higher conversions and retentions.
When customers have little to no friction at the checkout, their faith in the brand is boosted. More satisfied customers can bring more referrals, increasing revenues. This means that diverse payment options can translate to chain reactions that not only mean repeat businesses but also an inflow of a new stream of fresh customers.
In summary, diversifying payments offers shoppers better experiences online and reduces cart abandonment rates. Multiple payment methods increase brand trust and customer convenience and appeal to a broader audience. These options result in a chain reaction where customers refer your business to their friends and family, increasing conversion rates.
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