Optimizing Online Payments In China

China is a rapidly growing emerging market, especially when it comes to e-commerce. But 49 percent of Chinese shoppers consider security to be a primary concern when buying online. Retailers selling or looking to sell in China therefore need to deploy the right security measures, starting with their homepage. In a new whitepaper, Worldpay offers an inside look at the profile of a Chinese shopper, and breaks down key stats to help retailers build trust and security throughout the entire Chinese e-commerce journey.

China is a rapidly growing, emerging market, especially when it comes to eCommerce. But 49 percent of Chinese shoppers consider security to be a primary concern when buying online. Retailers selling or looking to sell in China therefore need to deploy the right security measures, starting with their homepage. In a new whitepaper, Worldpay offers an inside look at the profile of a Chinese shopper, and breaks down key stats to help retailers build trust and security throughout the entire Chinese eCommerce journey.

 

THE PROFILE OF THE CHINESE SHOPPER

What makes Chinese shoppers unique? To start, 42 percent have asked payment-related questions in the last year, compared to the global average of 29 percent. Concerned with online risk, they “are hungry for information they can access quickly and easily,” says Worldpay. The solution? There needs to be quality, interactive support offered by merchants.

Forty percent of online shoppers do not have user profiles due to security concerns. But speed and efficiency are also important – shoppers are apt to drop out of purchases if the process takes too long or if issues arise before payment is completed. Fifty-two percent of them would therefore consider creating an online account “just to make shopping quicker the next time.”

Furthermore, says Worldpay, 58 percent of Chinese shoppers want to see prices in the currency of the local retailer and in Chinese yuan. Having both currencies there reassures them that their branded products are not counterfeit goods.

Graphic_Worldpay_1

STARTING WITH THE HOMEPAGE

Retailers can start to build trust and convey security on their homepage. For shoppers in China, according to the whitepaper, that means being able to see the payment logos on the retailer’s homepage (making a quarter of shoppers more likely to make a purchase). Sixty-one percent of shoppers also said they would feel more secure if they could easily find clear information on the homepage on the payment methods accepted.

 

THE SHOPPING BASKET AND USER PROFILE

Once they reach the shopping basket, Chinese shoppers want to see prices in yuan and the currency of the retailer – 58 percent of those surveyed, in fact, would prefer to see both at that point in time.

If currency conversion options are available, over 75 percent of respondents said they’d be happy to continue with their order. If they are not available, 93 percent said they would potentially abandon their purchase.

Another way retailers can help shoppers in China feel more secure is by asking them to create a user profile. Fewer shoppers in China than in any other country have opted to take that route, or have actively used an online account in the last 12 months.

But if the process makes ordering quicker the next time, a quarter of shoppers said they’d be happy to store their personal details online. “Retailers can benefit from this shopper mentality to help drive brand loyalty,” says Worldpay.

But the right security measures must be taken to ensure shoppers’ trust, and prevent their details from being misused or stolen.

 

THE PAYMENT PAGE

Shoppers in China also expect continuity – they want to see consistent and visible payment logos from the homepage through the checkout page. According to Worldpay, one in four shoppers surveyed said they would not buy from a website if the payment methods displayed visually were not consistent with those displayed on the homepage.

At the checkout, shoppers are at times re-directed to a third-party page to make the payment. Some retailers inform shoppers throughout this process – 82 percent of shoppers said that this information is very important to them. The message? Clear, consistent information from retailers is vital.

 

ERROR HANDLING

When shoppers in China enter incorrect payment details, they want to know about it. If there’s a payment error like an incorrect card number or lack of funds, 67 percent of those surveyed said they want to see a clear explanation from the retailer. But, says Worldpay, 86 percent of the retailers surveyed in China did not indicate this information.

After the error is made, if shoppers are forced to re-enter information, 29 percent said they’d abandon the payment altogether. Therefore, the more detailed the error messages are and the less amount of data entry required, the better the experience is for both the customer and the retailer.

 

CONFIRMATION AND SUPPORT

In the final stages of the shopping process, Chinese shoppers indicated that they want to receive email confirmation post-purchase. In fact, 49 percent said this was a “very important” step, and 38 percent said it was “quite important.” Most respondents said this was so that they could keep record of their transaction.

And when it comes to customer support post-purchase, Chinese shippers prefer direct interaction.

 

For more key stats and information on how retailers can optimize the online payments process in China, download the full whitepaper below.

Download_Here