How can merchants reduce instances of abandoned shopping carts and failed transactions? They need to get to know their customers better. Worldpay has conducted studies in three different countries – America, Mexico, and mainland Australia – that gained valuable insights into what customers want from the eCommerce experience.
Abandoned shopping carts and failed transactions might be every merchant’s woe, but in many cases, little is known about the consumer psyche – which can make or break a transaction.
From missing payment authentication logos to checkout windows requiring too much information, a new research on the online payment journey by Worldpay provides insight into the thought driving shopping behavior among American, Mexican and Australian shoppers.
There exists a plethora of factors that decide the faith of an online transaction, but the fate of a shopping cart is actually decided even before anything is put into it. According to Worldpay’s research, more than 51 percent of shoppers in the U.S. feel more confident about buying from a website that displays payment authentication and digital certificate logos on the homepage.
Analyzing the effect of first impressions on consumer behavior, the research discovered that in the past 12 months, 17 percent of Australian shoppers dropped out of a purchase because they had reservations about Web security.
While entailing user accounts on a merchant website might be considered a plausible way to reaffirm shopper’s safety, data security emerged as one of the other primary concerns of consumers when saving their details. About 55 percent of Australian shoppers said that while they wouldn’t mind creating an online account, they would be apprehensive to store their payment information.
Mexican shoppers, on the other hand, were found to have a preference for quicker checkout and brand loyalty. About 40 percent stated, however, that they would not like a website to store their personal information like address or payment details. Concise information on data security seems to positively influence confidence in that segment, though, with 64 percent of Mexican shoppers saying they would reconsider giving out personal information.
Moving northward, the consumer behavior tilts to a higher preference for brand loyalty – with about 60 percent of American shoppers having an online account. According to the research, nearly half of the shoppers view online accounts as a convenience for faster checkout.
In today’s fast-moving eCommerce world, the research revealed, as it becomes commonplace for consumers in one part of the world to be shopping on international commerce channels, there exists a growing expectation among consumers for an option to see retail prices in their local currencies. More than half of the respondents in Australia, for example, prefer to see prices in Australian dollar as well as the local currency of retailer.
Tracing the path of a consumer’s shopping experience, the research discovered a high number of shoppers in all countries worried about their payment security – particularly when websites redirected them to different pages for completing the transaction. For instance, 28 percent of American shoppers said they would abandon their shopping carts for security reasons if they were to be redirected to another site without previous notice.
Errors in payment processing were found to have a distinct effect on the success of a transaction. The research widely observed that shoppers were more likely to abandon the transaction if they had to re-enter the details more than once. However, providing information to users explaining the reasons behind the error was found to an important factor, which could possibly stop a consumer from leaving the transaction.
The research also weighed in the effects and importance of transaction confirmation emails on the overall consumer satisfaction. A staggering number of shoppers in all three countries said it was very important for them to get a confirmation of the payment.
In a perfectly normal world, transactions fail and problems occur, and shoppers are presented with a range of options for help – from contact forms to email support and phone service to chat support. Though some of the support methods emerged as a strong preference for consumers, the research discovered a general affinity for payment support FAQ sections among buyers in all three countries. Weighing the statistics, the research also highlighted solutions for retailers to provide the best optimized support method for shoppers in the three countries.
Though behavioral differences influenced by the surrounding choices come off as distinct factors that affect the psyche of Mexican, American and Australian shoppers, the research highlights solutions and provides an in-depth analysis to overcome the problems.
Click the download button to view the full Worldpay report details for the following locations:
– Australia: Optimizing the Online Payment Journey for Shoppers
– United States: Insights to Help Drive Your Retail Payment Strategy
– Mexico: Optimizing the Online Payment Journey for Shoppers
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