Online shopping is preferred among a vast cross-section of our society, partly for convenience and partly because of the Covid-19 pandemic protocols. As a result, stores and platforms have installed an elaborate checkout ecosystem for a fast, accurate, and secure experience, regardless of their business model. Thus, your online payment solution assumes criticality despite its complexity, far beyond deciding which card to accept.
Why do you need an online payment strategy?
Specialized payment processing solutions ensure a seamless customer experience and earn their trust. Engage a merchant services provider for a payment strategy prioritizing customer experience while working on the online transaction risks and economy. Your informed choice of the service provider can maximize customer conversions, assigning a pivotal online payment gateway for transaction processing. For example, Zaakpay integrates its tailored products to hoist a robust online payment strategy.
Factors to Consider an Online Payment Strategy
Every business model must adapt online payment solutions due to established customer preference for cashless transactions. Thus, the payment strategy’s criticality increases manifold in the emerging trend backed by cutting-edge technology. Let us learn the significant factors to consider while formulating the online payment gateway strategy to drive business growth.
- Customer Experience:
Online shoppers are more discerning about online payment solutions and quickly abandon if the method of their choice is absent. Thus, the checkout ecosystem is vital to ensure a seamless customer experience more than any other feature in the online store. Look for Zaakpay India payment gateway as an option to integrate your business model.
- Economic Factors:
While credit card payment in online stores is costlier than brick-and-mortar stores, the incidence of a chargeback is an added concern. The onus is on the merchant rather than the issuing bank to impact the brand value. Integrating other digital payment solutions in the system complicates the economics further. Thus, adapt your overall channel strategy accordingly to mitigate its impact.
- Unique Scope:
The burgeoning global eCommerce space is driving the strategies for online payment solutions. You can build a robust customer relationship through a seamless online payment strategy regardless of the economic opportunity. In addition, you can position your brand for financial success, taking proactive risk-prone challenges and rising above market disruptions.
Devising an Online Payment Strategy
The key to delivering a rewarding checkout experience is about increasing conversion. Of course, you can achieve the aspired outcome by reducing the abandonment rate. But analyzing the reason for abandonment is crucial in devising a suitable strategy to ease the impact and ensure revenue growth and win customer trust. So, let us first learn what prompts the customer to abandon payment while checking out.
- Added Cost: Inflated payment amount incorporating taxes and shipping charges compels second-guessing the purchase.
- Complex Process: Convenience and ease is the name of the game for high conversion, and complexity reverses the trend.
- Security Concerns: Lacking security badges on the checkout pages aggravates the customer’s security concerns.
- Inadequate Payment Options: When a customer-preferred option is not available at checkout encourages abandonment.
- Performance Errors: Consistent performance glitches are sure to prompt abandonment as customers expect a seamless experience.
Ways to Optimize Online Payment Strategy
The checkout design based on a transparent process and user experience flow is the first strategy to adopt. The design varies on the brand product to perfect an integrated online payment gateway strategy to drive more conversions and revenue. Let us compile the best indicative practices to optimize online payment strategy for a digital payment system like Zaakpay.
- Mobile Friendliness: A paradigm shift in devices from the desktop and laptop to mobile phone must adapt to deliver customer comfort. A mobile responsive layout is perfect.
- Guest Checkout: Though registered customers drive the business and the system fosters retention, leaving out casual customers is a business loss. Allow guest checkout to broaden the audience base.
- Avoid Unnecessary Information: Most customers prefer a streamlined page seeking relevant information. On the contrary, additional inputs are time-consuming, while the customer expects a simple, quick, and accurate checkout page.
- Minimalistic Design: The checkout page’s theme should encourage conversion as the only outcome rather than distractions. The design should funnel every effort to lead the customer towards a successful conversion before exiting the page.
- Eclectic Payment Methods: The more the payment method options on the India payment gateway checkout page, the more the customer comfort is. While expanding the choice is ideal, the cost is inhibiting. Thus, prioritize the preferred methods for a high conversion rate and customer satisfaction.
- Remove Surprise Costs: A clean and plain payment slate attracts the customer to convert the purchase closing the payment loop. In contrast, the surprise cost added to the payment page prompts a rethink and leads to abandonment.
- Form Validation: Real-time form field verification increases customer comfort in transparent transactions. The lucid error messages must prompt the user to rectify and complete the checkout process. It also helps data collation for analysis.
- Connect with Customer Support: The customer support system comes to the rescue at the right time to prevent the sale from abandonment. It is essential to keep the checkout process on track.
- Progress Indicator: Whatever the checkout platform, an integrated progress indicator encourages the process completion seamlessly. In addition, the customer can keep track of the checkout status, how far they have come, and the steps yet to come.
- Enable Alternative Login: Allowing alternative login routes, especially using social media credentials, helps customers not lose time when the registered password is not working. But, on the contrary, it also lures purchasers unwilling to share personal information.
- Auto-save Abandoned Carts: Saving the abandoned carts leaves room for resumption later, while an empty cart does not attract a second glimpse. In addition, it saves time if the customer returns to finish the purchase.
- Discount and Promo Codes: Additional discounts and promo codes must be transparently used with ease.
- Post-payment Order Confirmation: The post-purchase confirmation mail personalizes the relationship. The thank-you note goes beyond purchase to cement the trust paying dividends in the long run.
All thought out online payment strategies help high conversion rates translating to higher revenues. However, you must keep track of the emerging trends and technology advances for upgrades to further customer comfort. It ensures business growth and makes your brand identity relevant and competitive.