How Behavioral Analytics Leads to Satisfied Shoppers

Online Shopping

Every customer is different, which is why there are a host of different issues that can keep them from wanting to complete a purchase.

But one of the most common reasons potential customers abandon a purchase before checkout is the lack of their preferred payment method, as 60% of customers say they have gone to another merchant if their preferred method was not available.

But 88% of customers said they were more likely to complete purchases with merchants displaying a security logo at the checkout page, while almost 86% said having the ability to opt-in to marketing communications would help convince them to complete the purchase.

Another factor that could boost customer satisfaction: the ability to autofill shipping addresses with billing addresses, something close to 90% of shoppers say enhanced their most recent online buying experiences.

Meanwhile, PYMNTS’ Checkout Conversion Index finds that checkout frictions have increased in he past few months, with the average checkout time rising from 145 seconds in Q4 2020 to 179 seconds in Q2 2021.

One reason these checkout times have gone up — even as merchants take steps to improve features — is that even though businesses may have industry-wide understanding of what drives customers, they lack detailed information about their customers.

One crucial tool for closing this knowledge gap is behavioral analytics, allowing merchants to cater to their customers instead of just hoping for the best.

Leveraging Behavioral Analytics 

Behavioral analytics can nail down the exact times and methods used when customers fill out various forms, including forms they never completed thanks to unsatisfactory experiences.

For example, a customer who fills out every field except the payment information section suggests that this is where things broke down. The company can then work on ways to streamline the payment process instead of blindly spending money on improving areas where the customer was satisfied.

These improvements can be something as simple as adding a credit card autofill option or removing the need to re-enter passwords after the user logs in.

For more on this topic, download your copy of the Monetizing Digital Intent Tracker, a PYMNTS and Neuro-ID collaboration.