What is the importance of payment methods in Ecommerce?

Throughout this post we are going to analyse which is the importance of payment methods in Ecommerce. Numerous case studies have established the relevance of offering more than one modality for the processing of purchase payments.

In fact, one of the main reasons why an online sale may not be completed is because of the absence of various payment methods. The e-commerce sector can be very lucrative due to high demand, but it faces certain challenges.

And one of the main challenges is precisely the high level of competition in this niche. Those businesses that do not keep up with the constant evolution could slow down their growth considerably.

A few years ago, the payment methods available in online shops were focused on debit and credit cards. But, Is this enough to exceed customer expectations? We'll tell you the details below.

Is it important to have several payment methods in an Ecommerce?

Time goes by and brings with it important innovations, and in the face of these innovations it is important to reinvent oneself. The emergence of digital wallets was a major issue in the management of e-commerce.

Y Some of these wallets continue to increase their positioning.The new technology is becoming part of the interests and behaviour of consumers. A clear example of this is PayPal, closely followed by Google Play.

We know that the options for integrating more than one payment method are there for the taking. But why go to the trouble of implementing them? Well, this obviously requires planning, management and investment.

What is happening is that the new Ecommerce marketing trends have reflected the importance of addressing any limitations that a potential customer may present. Providing more than one method of payment plays an important role in this.

If you want to reduce abandonment or cancellation rates, it is important to reduce the factors that cause the customer to abandon the purchase. Otherwise, you could decrease your conversion rate and even your business image could be affected.

Study on consumers' perspective on payment methods

At eXprimeNet we have conducted research on retail return costs, causes of returns and perspectives on payment methods in Ecommerce. And the results have shared relevant information about the expectations of the average consumer.

Did you know that at least 60% of users make it part of their purchase decision to have access to multiple payment methods? It is possible that more than half of your visitors are interested in having multiple payment methods.

The same study found that at least 30% of consumers believe that having multiple payment options is the best way to pay for their purchases. facilitates the provision of more practical credit.

While 29% of consumers who shop frequently on Ecommerce felt that this makes it easier to advance purchases. The latter is related to not having to wait for an advance payment to make a purchase.

Relevant facts about payment facilities in online shops

The following table shows the reasons given by potential customers for accessing various payment options. It also allows us to rank the importance of the reasons given, in order to get a glimpse of expectations.

importance of payment methods

Benefits of offering multiple payment methods in e-commerce

An Ecommerce must be prepared to meet the needs of potential buyers, especially in order to exceed their expectations.

If a potential customer wants to purchase a product and is limited in the method of payment they expected, they will not only cancel the purchase, but may be disappointed.

So, this situation could be discouraging to the point of decrease customer loyalty levels. Below, I will share with you some benefits that demonstrate the importance of payment methods in Ecommerce.

1. Increased conversion rates

Understanding the reasons why a customer buys is the key to enhancing marketing strategies. However, knowing the real reasons why a customer decides not to buy is also fundamental.

By resolving the absence of multiple payment methods or solve Ecommerce navigation problemsIf you are not able to see the conversion rate increase, the increase in conversion rate can be evident. Keeping an eye on metrics and making decisions about them is a benefit.

2. Increases in customer satisfaction

A satisfied customer may decide to make more than one purchase, and targeting marketing strategies to achieve repurchase is essential. When a user has several options at their disposal, they are treated much more closely and in line with their expectations.

This is often important in order to increase the level of consumer satisfaction. In addition to positively influencing customer loyaltycan help to attract potential customers from referrals.

3. It enhances the credibility of the brand

Nowadays there is more than one way to get started in e-commerce, and there are methodologies that allow you to sell without having physical access to the products. But in any case, it is essential to work on brand positioning.

And both the work of visibility and the ability to maintain trust in the brand can increase sales. This is above all indispensable in the most competitive nichessuch as the household appliances or clothing sector.

4. Facility to increase repurchase

A customer who has been able to make a successful purchase, and who also knows that he can do so by having access to more than one payment method, can increase interest in the shop.

So, part of the importance of payment methods in Ecommerce has to do with facilitating the repurchase process. And this can also be improved through initiatives such as email marketing campaigns or SEM positioning strategies.