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GOLDEN RULE OF ECOMMERCE – CONVIENENCE

January 27th, 2016

Success of any retail business, whether its online or in physical store, depends on how easier and simpler the buying process is made by them, Customers love shopping only when they are provided a stress free and attractive environment which will enable then to increase their buying mentality and also the time spend on the store. This will also lead to positive word of mouth by recommending others to the store, good reviews on social Medias and online which in turn increase the credibility of the business and attract more and more good customers to the business. This will also lead to higher customer retention.

Researches points to the fact that easy and quick buying process is a key factor in Ecommerce world and this is directly connect to the uneasiness with many customers when it comes to online payment. The more easily and quick the checkout process be, the more happies the customers will be to pay online. Shopping cart abandonment is at an alarming rate of 68%, owing to the amount of time the customers spend filling out checkout and payment forms. Redirecting the payment to another site is also a major cause of concern to most of the online shoppers.

With the development of app that seamlessly integrate payment systems, that enables to recognize the card details once entered during the initial registration, have been a big success as all the future payments can be made with just one click.  Uber and JustEat are some of the examples of these kinds of apps. The success of these apps were mainly because the payment process is mainly hidden form the customer – the more visible the payment process is and the more steps that are involved, the customers are tend to become more uneasy  about the personal payment details security online. Website speed is yet another major factor that affects the customer and a delay of just one second will lead to a 7% drop in customer conversions rate. Researches shows that about $4 trillion worth of purchases will be left behind in overall online shopping carts and never would be completed over the next year. If the payment process is made easy and quick, the retailer could increase their business and save as much as 63% lost sales.