Ecommpay advises on optimising festive checkout processes

Ecommpay is advising e-commerce merchants on optimising their checkout and payment processes to capitalise on the busy festive shopping period.

The company, known for its inclusive global payments platform, has highlighted key areas where many online retailers experience customer drop-offs. According to recent research by Ecommpay in collaboration with IMRG, the average conversion rate for e-commerce merchants is approximately 58%, with the typical customer exiting the purchase after completing 90% of the checkout journey.

This indicates that there are significant opportunities for improvement at the final payment stage.

"Shoppers have a huge number of options when buying online today, and with so much choice even a minor delay or inconvenience in the checkout process can cause a would-be buyer to shop elsewhere," commented Moshe Winegarten, Chief Revenue Officer at Ecommpay.

Moshe Winegarten noted several primary causes for cart abandonment, which include lengthy checkout processes, security concerns, and limited payment options. He said, "Failed payments are another critical factor. A simple one-page checkout process utilising autofill and a range of familiar payment options – including multiple express checkouts and Buy Now, Pay Later (BNPL) options – can make a significant difference to conversions. A 'try again' feature for failed payments is another important step merchants should ensure is in their checkout functionality. This is all crucial because any increase in completed transactions is even more valuable in November and December when shoppers typically spend much more than usual."

Suggestions from Ecommpay also include reducing the number of steps in the checkout process. Simplifying this process by consolidating delivery and payment information into fewer pages, as well as activating autofill for stored payment details, could speed up transactions and decrease the likelihood of customers abandoning their carts. Introducing fast checkout options like Express Checkout, Click to Pay, or using digital wallets such as Apple Pay and Google Pay can also aid in achieving higher conversion rates, particularly for new customers.

The report also points to the benefits of allowing BNPL options, which can appeal to customers who prefer distributing the cost of their purchases over time. These familiar payment methods offer security assurance for customers and elevate the likelihood of transaction success by minimising errors that can occur manually when entering card details.

Ecommpay recommends that merchants work with their payment providers to support features such as card on file/one-click payments, transaction retries across multiple Bank Identifier Numbers (BINs), and issuer-optimised messaging, all aimed at reducing the risk of failed payments.

When serving customers across different regions, offering currency flexibility is also seen as a key function in reducing payment failure risks.

Additionally, Ecommpay has published a new e-book available on their website, providing e-commerce merchants with practical advice on refining checkout processes and improving payment systems. The e-book covers various strategies and technologies, including alternative payment methods, open banking, and tokenisation, amongst others, to help reduce both decline rates and chargebacks.

Moshe Winegarten added, "In the run-up to the festive season, no online retailer can afford to be left behind because their checkout and payment process is so lengthy customers would rather start again elsewhere. Removing key areas of friction and making the process as smooth and convenient as possible helps boost conversions, reduce cart abandonment, and capitalise on increased consumer purchasing levels. And the benefits go further."

"If you can give your customers a great experience now, you're setting yourself up for growth from repeat business into the New Year."

He concluded by emphasising the company's commitment, "At Ecommpay, we work with our e-commerce clients to streamline their entire checkout journey, improving the customer experience, conversions, security, and profitability."