The Indian eCommerce market is anticipated to reach US 111.40 billion dollars by the year 2025, which is more than double as compared to recent years. As per the NASSCOM studies, India’s eCommerce is constantly growing at 5% CAGR, despite the COVID-19 pandemic. Online shoppers were around 190 million in number for the year 2021, which indicates the varying choices of most Indians who are preferring online purchases over offline. This number is on an upward pose.
Parallel to online shopping trends, there is a vast number of declined payments due to poor payment performance of payment gateways on the merchants’ part. That’s the major reason why an online retailer should strive to offer better payment experiences to its customers to avoid payment rejection. This would also result in the reduction of the number of cart abandonment instances on eCommerce sites.
Just enabling an Ecommerce payment gateway is insufficient; providing the customer a user-friendly payment experience is also essential. Here in this article, we are going to discuss a few tips on how you can improve your payment performance and don’t lose to payments rejections.
Improving your Online Payment Performance
- Offer as many payment methods as you can– As per the research studies, more than half of the customers don’t proceed further with their purchase if they don’t find their preferred payment option. Enabling many options to your eCommerce payment gateway is a must in an online business. Zaakpay’s payment gateway lets your customers pay from 100+ available options such as UPI, net banking, eWallets, Debit/Credit Cards, QR codes, and many more. With these options, you can provide a variety of payment options to your customers so that they don’t leave without completing the transaction.
- Don’t offer a compulsory account creation until payment– A first-time visitor of your website doesn’t want to receive unnecessary sales pitches over emails and unwanted passwords to remember. It’s better not to disturb users’ security concerns and let them not share their info. Once the user has trust in your website and adds products to his cart, only then ask for account creation. Engaging traffic to the website is more important for a retailer to have a broader reach to the customers. Once it is done with the added promise of security, you can have access to their email numbers and pitch your sale.
- Don’t redirect the customer– If your payment gateway redirects your customers, they might feel they are interacting with a different company, and this loses their trust and interest in your website. As a result, they would leave the transaction incomplete. Hence, you should try to reduce redirection as much as possible. With no setup and maintenance fee and minimum payment gateway charges, Zaakpay’s payment products can be integrated in a day, and you can start accepting payments via different options of payment.
- Use the expertise of payment partners- Many of the retailers want to have a global market for their products. However, a global template is a must which comes in all local flexibility to succeed in global markets. Apart from this, payment data interpretation is both a science and an art, and that is why you should seek the help of your payment partner to explain and interpret the data. An international customer feels safer in transacting with local currencies. That’s why you should also offer a dynamic currency conversion or multi-currency solution for the customers once they checkout for payment. With the help and expertise of your payment partner, you can also reduce payment decline rates by an understanding of local market nuances.
- Keep the payment information secured as much as possible– A strong and encrypted connection needs to be provided to the users for secured payment information. For that, a gateway that complies with PCI DSS and SSL standards should be considered. If you advertise it on your website, it is more likely that users will order more once they know their data and information are secured.
- Keeping the requests minimal– Requesting for other than necessary information such as phone numbers may cast a doubt in the user’s head and can make them uncomfortable. If you try to limit the data requisites, you can experience reduced cart rejection rates. 11% of online shoppers deny the payment processing due to unrequired information the web pages ask. This adds to more steps towards the payment process. Hence, try to make the process simpler to maximize completion.
- Educate your customers– There is still a segment of consumers who are worried about security concerns while they make digital transactions. Once you educate your customers through your website, more users will get to know your product, and the chances are that they will feel comfortable at your online store. This can be done through email marketing social media marketing to let them know how digital payments are more secure than a traditional payment method.
- Offer more straightforward coupons and rewards– Many of the customers will switch their payment method if they come to know a particular way is offering rewards and coupons. However, a complex reward system can make a customer frustrated. To counter this, you should try to focus on providing a simple reward system that a customer can easily understand and proceed with at POS (Point of Sale) itself.
Accepting online payments opens a wide gate of opportunities to grow and earn more revenues. Customers are reluctant for payments that seem insecure. Once you start applying the above helpful tips, you can reduce your cart rejection rate. Not only will this increase your revenue, but it will also create a better experience for your customer, and they will come back to you more often.
Zaakpay’s payment products are easy to integrate, and support a variety of methods for your customers to choose from. With 0% per transaction in UPI and a variable rate per transaction on other methods, its payment gateway charges are economical and hence, many budding entrepreneurs in India have trusted it.