The payment process in online purchases
At this year’s eCOMExpo, Paloma Real, MasterCard Business Development Manager for Spain and Portugal, provided information about the online payment process that amazed many e-commerce and online businesses.
Even though we try to study user behavior, know what he or she wants and needs at each step of the process, and resolve questions and queries, sometimes we do not have a complete picture of all the problems that can result from an online payment process.
As we can see, the primary reasons for abandoning an online purchase have to do with the policies of the company itself, such as excessive shipping costs, too-long or inflexible delivery dates, and prices that are too high. These factors can be reviewed and corrected, even though we need a comparative study of the competition to see why our users are choosing not to buy from us. You have to keep in mind that in some cases, users are abandoning the purchase to do it on the competitor’s site, and others are simply choosing not to buy the product. Buyer indecision is also an important factor.
If we focus only on the payment process, we see that the two primary reasons for abandoning a purchase are the user’s preferred payment system is not included in the options offered and the user encounters unexpected charges and fees.
After that, the three reasons we find on the list are technical in nature: errors or malfunction during the payment process, technical problems, and slow or delayed process.
Concern for security is sixth on the list; users abandon the payment process if they perceive that the site is not very secure.
Complex processes or processes with too many steps, and requesting too much personal information are the other two reasons that cause users to abandon a purchase during the payment process.
In sum, we can see that users primarily value ease and flexibility of payment, transparency, good system functioning, security, and simplicity.
In this respect, online businesses that know how to adapt to new trends in disruptive technologies, facilitate purchase on different channels (omnichannel), create security, and offer a wide range of payment forms will have a clear advantage when it comes to customer recruitment and loyalty.