Use Digital Wallets to Streamline Checkout and Increase Conversions

February 2017

Consumers increasingly expect online shopping to offer them a user experience that’s challenging for businesses to achieve: an effortless checkout which makes them feel confident in the security of their purchase.

Achieving this balance isn’t easy which explains, at least partially, why the industry-wide “basket-to-checkout” abandonment rate is around 40 percent1. And, even though per-visit revenue is increasing, the average time consumers spend on eCommerce sites when shopping via mobile has decreased to seven minutes2.

Consequently, it’s crucial that you use the brief time customers spend with you to maximize your brand engagement and customer experience rather than simply employ rote checkout steps.

Digital wallets enable consumers to make purchases with the click of a button. By offering these fast, secure payment methods, you can focus your limited time with your buyers on your products and desired experience.  

Here are a few other best practices that can help convert sales faster:

  • Offer several wallets from trusted providers with strong payment brands
  • Don’t require registration before the purchase
  • Implement a wish-list to bring more transparency into consumer intent to purchase
  • Enable post-sale account and loyalty registration

Digital wallets enable merchants to implement instant checkout buttons in a variety of locations during the checkout process to accelerate conversions.

For more information about leveraging digital wallets to help increase conversions in your business, please contact your Vantiv eCommerce merchant or partner relationship manager.

1 NRF and Forrester, January 2017

2 Salesforce Commerce Cloud, January 2017

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