A smooth payments process is key to keeping shoppers satisfied03-October-2018
To compete in e-commerce, online retailers need to create the seamless checkout experience customers have learned to expect from online giants such as Amazon.com.
Every year global e-commerce sales climb higher than the previous year. In 2017, online sales worldwide reached $2.3 trillion, and those revenues are projected to grow to $4.88 trillion in 2021, according to Statista. As consumers shift more of their shopping online, they increasingly expect to be able to easily complete their purchase wherever they are in the world.
“There are more opportunities than ever before for retailers to offer their products to customers all over the world,” says Ralph Dangelmaier, CEO of BlueSnap, a global payments company. “But before retailers do so, they need to ensure they can provide customers with the great online shopping experiences they have come to expect.”
For instance, retailers often forget that providing customers with an excellent shopping experience means making the payment process as smooth as possible—accepting the credit cards or online payment systems they prefer to use and taking those payments in their local currencies—he says. “Retailers often think of payments as just one more function they need to add to their e-commerce sites,” Dangelmaier says. “But they really need to think about payments strategically as another step in the customer’s journey.”
Seamless checkout experience
To compete in e-commerce, online retailers need to create the seamless checkout experience customers have learned to expect from online giants such as Amazon.com Inc. One way they can do so is by working with a payment platform provider that enables them to accept payments in various currencies.
For instance, software-as-a-service provider Autodesk in 2014 wanted to streamline its checkout flow and expand its reach outside of the U.S. At the same time, it sought to accept alternative payment types.
The situation led it to implement BlueSnap’s payment platform. The platform has made it easy for Autodesk to accept payments on its website with a custom checkout page for a personalized experience and allows the company to reach shoppers in 180 countries, increasing its international reach, says an Autodesk spokesman.
Since implementing the platform, Autodesk has seen a 20% increase in overall conversions. The company has also experienced a substantial increase in recurring revenue, and it has reached shoppers in more than 130 countries.
“Selling globally to consumers is a breeze,” the spokesman says. “The all-in-one payment platform supports local languages, payment types, and currencies.”
Fraud on the rise
As online sales rise on a global scale, so does the fraudulent activity associated with it. Online shopping fraud rose 30% from 2016 to 2017, and 63% of businesses acknowledged that they are experiencing the same or more fraud than the previous year, according to a recent Experian report.
“It’s important that retailers partner with a payments platform provider that also effectively helps them manage fraud,” Dangelmaier says. “Our platform includes sophisticated fraud detection technology developed by industry leader Kount that identifies and stops fraudulent orders and reduces false-positive rates.”
While payments processes may not be top-of-mind for retailers, it should be in this rapidly expanding e-commerce environment, he says. “Every step in the customer’s journey is important in today’s competitive online shopping landscape,” Dangelmaier says. “And payments are a part of that.”