Why Chief Market Officers should prioritise their payment strategy Part III

21 / 09 / 2022

If your payment strategy isn’t a top priority, you could be leaving money on the table. In this series, we explore some of the key benefits businesses could enjoy by examining the role of payments in their customer experience framework.

69% of online shopping carts are abandoned

Part III - Getting the most out of your eCommerce platforms

Accelerated by the pandemic, brands are increasingly going online to create customer experiences, engage with their target markets and make sales. In fact, an Australian Government report noted that during the first three weeks of the pandemic alone, a third of Australian businesses expanded their online presence.

Consumers similarly are shopping online – with 9.2 million households in Australia shopping online in 2021 according to Australia Post's 2022 eCommerce Industry Report. What’s more, in the same report from Australia Post, 93% of survey respondents said they’ll maintain or increase their online shopping activity.

Reducing cart abandonment

Despite an increase in brands selling online and consumers’ overwhelming uptake in buying online, whopping 69% of shopping carts are abandoned, according to the Baymard Institute, representing an enormous opportunity for online retailers to maximise their takings. And according to Hubspot, 59% of consumers will not proceed with their purchase if they can’t pay the way they want.

Choosing the right shopping cart and payment gateway may help reduce cart abandonment and close the gap on lost sales. Some things to consider when designing your online checkout and choosing a payment gateway include:

Is you checkout page as clean as possible? Consider whether you want to remove unnecessary information and images.

Does you checkout link to any other pages?  This could present an opportunity for the customer to navigate away from the purchase.

Does your shopping cart allow for in-cart updates? This allows customers to stay in the cart instead of navigating away to adjust QTYs or remove items.

Could you implement autofill forms? This reduces the amount of information customers need to key in.

Can your online checkout auto-recognise card types (for example, Visa, Mastercard, AMEX, etc)? This enables one less click that your customer has to make when filling out their billing details.

Are you offering too many payment options? Too many options for how to pay can be overwhelming to customers. Research your customers’ most preferred methods and make it easy for them to pay that way.

Do you utilise scheme tokenisation for returning customers so their card information is remembered the next time they shop? Scheme tokenisation may also automatically update the card’s expiry details once a card expires. Requesting updated card details could potentially trigger your customers to reassess their business with you, and ultimately leave for another provider. Eliminating the trigger by automatically updating details via the scheme will not only result in better customer experience, but may also increase customer retention.

Do you employ EMV 3DS? EMV 3DS offers a more secure checkout experience to your customers, and may potentially protect you from chargeback liability. During the checkout process, EMV 3DS will show scheme security logos for Visa and Mastercard, giving added confidence to your customers that their details are secure.

Read the rest of our series “Why Chief Market Officers should prioritise their payment strategy” below:

Part I - Repositioning the role of payments in your sales cycle

Part II – Redesign your instore experience by taking payments to the customer

Part IV – Omnichannel and the rise of live social selling

ANZ Worldline Payment Solutions provides payment technologies that can benefit Australian businesses.

To find out more about how we can help bring your customer payment experience to life, get in touch today

ANZ Worldline Payment Solutions means Worldline Australia Pty Ltd ACN 645 073 034 (“Worldline”), a provider of merchant solutions. Worldline is not an authorised deposit taking institution (ADI) and entry into any agreement with Worldline is neither a deposit nor liability of Australia and New Zealand Banking Group Limited ACN 005 357 522 (“ANZ”) or any of its related bodies corporate (together “ANZ Group”). Neither ANZ nor any other member of the ANZ Group stands behind or guarantees Worldline.