Recent industry reports put shopping cart abandonment rates at an average of 67%, that’s almost 7 out of 10 shoppers falling off before purchase. Reasons for abandonment are numerous, and not always indicative of poor checkout experience, but unnecessary barriers, confusing clutter, slow loading times and crucially, security concerns are key considerations when analyzing and optimising your ecommerce site.
Mistrust is rife in the online world, so assuring your customers that their payment details are safe with you will make an enormous difference to conversion rates, and ensure you’re not missing out on valuable revenue.
Here are 4 strategies to make sure your online checkout experience is not off-putting to potential customers, delivering the assurance they need to stay the course.
1. Clear policies and company information
You should be providing clear links to your privacy policy, shipping and returns policies, FAQs and company information. You cannot be transparent enough when it comes to helping customers understand who you are, where you are, and what your credentials as a business are.
It is especially important for new online merchants without a well-established brand to introduce themselves and help their customers understand who they are doing business with.
2. Security certificate
In order to accept credit cards and debit cards online you’ll need to ensure your third party providers that have access to cardholder information are PCI DSS compliant (Payment Card Industry Data Security Standard). You will need to certify that your site meets these requirements.
3. Recommendations & testimonials
Consider employing a product review system on your site. Customers want assurance from their peers, and social recommendation (word of mouth) is a powerful persuader. According to a recent report by PricewaterhouseCoopers, 80% of Internet users conduct product research online before making purchases. By allowing customers to provide not only product reviews but also testimonials on their experience with your company, you can go some way to providing peace of mind and comfort to even the most cautious customers.
Of course, not all reviews are glowing, and you should be confident that your business is ready, your fulfillment process is solid, and your checkout is smooth. One silver lining to unfavourable reviews however, is the chance to use the insight, address the issue and deliver a better service for your customers.
4. Payment processing
Help your customers understand how their payments are processed by providing clear information on what happens to their details and information during, and after the transaction.
Make it clear which third parties your site is working with to process payments, and detail any security measures that are in place (provided by your ecommerce payment gateway provider). Third party service providers will meet international standards for data handling and privacy, which will reassure your customers of the safety of your site. Most even provide their logo for you to include on your site.
In the world of online retail, nothing separates the successes from the failures more than the checkout. With competition for new and existing customers intensifying every year, online retailers need to optimise their checkout processes through conversion rate optimisation to ensure they are doing everything they can to reduce checkout abandonment, and convert shoppers into loyal customers. Getting the assurance piece right is a critical component in achieving your ecommerce goals in 2014.
Source: http://www.transactionage.com/2014/02/05/4-ways-to-build-trust-in-ecommerce/#sthash.bV6YaBTR.dpuf
Please visit http://www.transactionage.com/ for more news
For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing Please visit Alto Global Processing
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