In the Corona years 2020/21, e-commerce grew, also due to the lack of alternatives. However, in normal times, high sales are not a sure thing, because competition in electronic shopping is stiff.
A seamless customer journey, all the way to checkout, helps you stand out from the competition. But a surprising number of online stores don’t know that. Or they pay a lot of money to integrate payment processors like Paypal or Klarna
The web shop is now an indispensable sales channel for large and small businesses. For pure eCommerce providers, it is even the only sales channel. But customers are also becoming more demanding when it comes to electronic purchases.
The customer journey must be simple and straightforward for sales and profits to increase. This starts with the virtual display of the products on the website or in the app and ends with a simple and fast checkout process.
Younger customers, in particular, are no longer willing to enter the cumbersome amount of data for a bank transfer or credit card payment when shopping online. You want to reach your goal quickly, safely and with just a few clicks.
However, the importance of this interface between the customer and the store is often underestimated by smaller e-commerce operators. According to a recent analysis, 60% of customers would abandon their purchase if they could not pay with their preferred payment method (Checkout.com, 2021).
Figures from a 2021 TrueLayer and YouGov study show that security concerns also have a massive impact on e-commerce buying behavior: According to this, 7 out of 10 potential buyers decided not to make a purchase due to security concerns.
There are always data leaks when it comes to transmitting the extensive information that customers have to enter when making traditional payments by bank transfer, direct debit or credit card.
If, on the other hand, payment methods such as PayPal, Klarna/SOFORT or Apple Pay are used, the risk of phishing and data leaks is lower.
But the costs increase: When paying with PayPal, 2.49 percent of the purchase price plus a basic fee of 0.35 euros are charged as transaction costs.
Especially with today’s rising prices, high checkout costs lead to painfully lost sales.
Quick and easy solution for online retailers