He Wild Digital SEA 2021 Conference has started online again and we have had the privilege of learning how ecommerce marketers can improve their sales conversion rates. This panel is extremely relevant, as it comes at a time when many businesses, small and large, operate online.
In a seminar of approximately 30 minutes by Sarita Singh, responsible for the regional growth of scratch, shared his ideas on some common but often overlooked mistakes that online marketers make.
These inconveniences are usually a direct cause of customers leaving their carts in the box, making it difficult for companies to claim their share.
8 out of 10 sales fail on the pay page
The e-commerce boom amid the pandemic presents a great opportunity for businesses within the online space. But it also puts pressure on them to take advantage of this potential and offer the best experiences to customers. This is especially so because the online world is only becoming more competitive and full of people.
“Companies like yours spend a lot of time and money creating brand awareness, driving website traffic and optimizing product pages, all with the goal of getting people to make a purchase on your site.” , said Sarita. As a result, spending on advertising at APAC is expected to grow to $ 229 billion.
However, 8 out of 10 sales are failing on the checkout page. Therefore, for many companies, most of this investment is exhausted at the last minute due to poorly constructed boxes.
To identify these oversights, Stripe i research Edgar, Dunn & Company was conducted to analyze the payment flows of the top 500 e-commerce sites, selected according to 26 different criteria.
They also surveyed 500 consumers in the region to find out about current buying behaviors and trends, payment preferences, and other factors that could affect payment experiences.
His analysis showed that 95% of pay-per-click pages had at least 5 basic errors that caused unnecessary friction and sales losses, and all of these errors can also be avoided.
In his seminar, he explained that the optimization of the payment flow of a site can be analyzed in 3 key areas: design of payment forms, optimization for mobile and location.
1. Make the UX of a payment form as fluid as possible
Designing a website’s payment form can take customers to the point of sale or drive them away. Nearly a quarter of Stripe’s research customers have abandoned their carts on long payment forms.
Therefore, it is crucial that the UX of the purchasing process is as free as possible. Buyers want a quick click to pay to be the final step on their shopping trip and don’t want to go through a payment form repeatedly to correct basic mistakes.
Therefore, displaying a real-time error message that a customer’s card was invalid or expired when the card number was entered could increase retry rates by up to 3.5%. Even small changes like the error message itself that says “Your card doesn’t have enough funds” or “Your card doesn’t have enough funds, try another card,” make all the difference.
Also, if they support autofill for details such as a customer’s address, conversion rates can increase by 0.8%.
“And that translates into more dollars for you and better customer satisfaction,” Sarita added.
He summarized this section with some best practices for e-commerce marketers to keep in mind when designing high-performing payments:
- Highlight real-time payment errors using visual cues such as a green check mark or a red exclamation mark;
- Use descriptive and specific error messages to clearly identify what the error is;
- Accept autofill information stored in browsers so that customers do not have to re-enter their data;
- Automatically displays an icon for the card mark after entering the card number.
“These individual differences may seem quite small, but they can add up very quickly, especially for e-commerce companies with high transaction volumes or medium order sizes,” Sarita encouraged.
2. Fit it into smaller screens
With more than 50% of e-commerce traffic coming from smartphones, the need for a perfectly optimized mobile experience is of the utmost importance.
“If your page doesn’t fit on a smaller screen, chances are that people visiting your site from the phones visiting your site won’t make a purchase from you,” Sarita warned.
One way to accommodate mobile shopping in a perfect way is to display a numeric keypad so that shoppers can add their card information from their phones.
In addition, supporting global and regional e-wallets such as GrabPay and Alipay can enhance the overall mobile shopping experience.
Electronic wallets offer companies the opportunity to offer a quick one-click payment experience, which on average is 3 times faster than forcing buyers to manually enter their payment details, Sarita said.
Before moving on to his end point, he re-listed the points to optimize a mobile buyer’s experience:
- Try a mobile version of your site on the most common devices in your target market;
- Offer electronic wallet payments and guest payment experience;
- Displays a numeric keypad.
3. Locate the viewing experience
Given the diversity of the APAC region, it is essential to offer a localized payment experience.
“At a minimum, you should display a payment page translated by the buyer’s country and you should also display the items in their local currency,” Sarita explained. As such, customers avoid the hassle of converting the numbers into their own currencies, thus facilitating the shopping experience.
In addition, having a deep understanding of customer preferences and local payment methods is especially important in a region. This is because 46% of online payments are made with electronic wallets, compared to only 30% with cards.
Sarita noted that 13% of consumers surveyed on Stripe said they had abandoned a purchase last year because their preferred payment method was not available. “So remember, your preferred payment methods, especially cardless payment methods, vary depending on the country you come from,” he stressed.
For example, the popular cardless payment method in Singapore is GrabPay and PayNow. While in a country like Australia, buy now and pay later (BNPL) options, such as Afterpay and Zip Pay, are in high demand. Failure to automatically display these payment methods can be a missed opportunity for businesses.
“In one study, we conducted a pilot to run the most popular Dutch payment method, iDeal, for several Hong Kong companies coming to the Netherlands. After enabling iDeal, these companies saw a 79% increase in payment volumes, including minimal cannibalization of existing card volume, ”Sarita said.
Once again, he concluded this section with the main points to take on the location of an e-commerce platform according to a customer’s region:
- Identify the countries in which you want to sell and be sure to locate the payment page by translating the page and displaying your local currency;
- Dynamically deploy appropriate payment methods based on where your customers are or the device they use;
- Change the payment fields to capture the appropriate information for each country.
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It’s no secret that online commerce around the world has been booming, and it’s no different than APAC. Sarita stated that by 2023, online sales at APAC are expected to be higher than the rest of the world combined.
61% of APAC consumers have increased their online purchases over the past year, with more than ⅓ at least doubling them.
Therefore, for online businesses to get a piece of this pie, it would be worth investing in these small but impactful solutions to further improve customer conversion rates.
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Featured Image Credit: Sarita Singh, Stripe’s regional growth leader