Retailers spend time and money to develop engaging e-commerce sites, but they could still miss out on revenue if the customer drops out of the purchase because of disappointment with the payment process. George Allardice, head of strategy, Barclaycard Payment Solutions, commented: “Today’s customers are increasingly time-poor and expect the online shopping experience to be as hassle-free as possible. The research shows, however, that many vendors are missing the data or insights they need to increase conversion: six in ten retailers (59 per cent) are unaware of the average buyer drop-out rate on their website and just 27 per cent analyse the browsing behaviour of shoppers who abandon their baskets. These insights can help merchants identify the best strategies for re-engaging shoppers who have abandoned a purchase. Barclaycard Smartpay helps to boost sales and customer loyalty by enabling features such as one-click ordering, and provides merchants with rich data and insight into customer behaviour across all sales channels. Barclaycard’s Smartpay gateway – a service merchants can use to capture e-commerce payments – offers retailers an easy-to-integrate solution that makes the payment process fast and secure for customers and merchants alike. Meeting expectations for a quick and easy payment experience will be crucial if merchants are to meet their ambition to increase online sales over the next year.
Almost all (96 per cent) say this has enhanced the online experience for their customers, and 64 per cent say payment processing is faster. Meanwhile, retailers who buck the trend and have introduced new payment technology to their website – for example, a new payment gateway, which provides a secure online link between a merchant and a bank – are reaping the rewards. One in five (22 per cent) consumers also say they would like to see more retailers incorporate faster payments technology into their websites to speed up the check-out process. Barclaycard research also shows that 15 per cent of shoppers have chosen to abort an online purchase because they couldn’t pay using methods such as ‘one-click’ ordering, while 16 per cent highlight long checkout processes as their biggest frustration when buying online. This comes as the study shows that retailers could be missing out on £18 billion in sales each year, as consumers abandon online baskets worth almost £30 a month. Keeping payment technology up-to-date helps retailers provide shoppers with a fast and easy experience at the online point of sale and could help drive revenue by reducing online abandonment. While 86 per cent of retailers say they are looking to increase online transactions over the next 12 months, the study suggests that many aren’t providing the best possible e-commerce experience for their customers. New research from Barclaycard reveals that more than seven in ten retailers (72 per cent) haven’t introduced any new payment technology to their websites over the last two years*, despite consumer demand for a quick and convenient check-out process.
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