More Traffic Doesn't Necessarily Mean More Sales
With more people shopping online, you might think checkout conversion rates would improve. However, global conversion rates fell from 2.37% in the third quarter of 2019 to 2.17% in the third quarter of 2020, which means that more shoppers may not necessarily mean more sales.
If you're not offering the right payment method for the countries or regions you sell in, there's a good chance your customers will bounce before finalizing the purchase. In fact, almost half of all shoppers surveyed in the US and UK said they would abandon a purchase at checkout if their preferred way to pay isn't accepted. That means lower checkout conversions and, ultimately, less revenue.
In most of the world, the payment methods that the payment industry has historically classified as "alternative" are the norm - 77% of all online purchases in 2021 were made using a local payment method, such as bank transfer, wallet or BNPL.
This presentation makes a compelling case for the acceptance of alternative payment methods by any merchant, especially those interesting in expansion into new markets.
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Buy Now, Pay Later has been hyped tremendously in 2021, and is one of the fastest growing payment trends globally.
This presentation explores the implications of BNPL’s growing popularity for global eCommerce.
Expect to learn:
- What opportunity do these solutions offer, and how can merchants use BNPL to accelerate growth?
- In what geographies and for what industry verticals does BNPL make the most sense?
- Which providers currently exist?
- How does the customer journey differ amongst the various solutions?
- Should whitelable BNPL options be explored, and if so, how?
- Will BNPL be more regulated in the future and what impact will regulation have?
- How can merchants contribute to sustainable consumption so that consumers are not trapped in debt?
As we know though, fraudsters also follow trends. They follow the flow of money, and that means more bad actors targeting alternative payment methods.
This MRC Virtual presentation from Jane Lee, Trust and Safety Architect at Sift, assesses and explains the risk factors merchants should consider when accepting cryptocurrency and starting the process of BNPL payment integration.
When it comes to payment costs, there's room for making them more transparent and understandable for all parties.
This presentation explores methods for analyzing payment costs and driving more transparency within the payment cost structure, as well as discussing the question of going local or not; a critical component of the payment cost equation.Finally, the informative document provides perspectives on how costs associated with building state-of-the-art payment systems should be balanced with the gains in auth rates.
Over the last year, Groupon has encountered many changes including shifts in acceptance rates, new preferred payment methods from consumers, and more, in addition to the need to increase fraud mitigation efforts.
In this presentation, hosted by Accertify, we will hear how Groupon has adapted to those changes and the remediations / solutions they identified to get themselves ready for the post-pandemic world.
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‘Payments orchestration’ emerged as a fintech buzzword in 2019. The market has run with the term to generate funding and sales. However, there remains a lack of consensus on what payments orchestration is and the role it plays in providing end-to-end processing connectivity.
Further complicating matters, each merchant has unique requirements to support their business model, products, and customers. To address this complexity, this white paper reviews requirements, architecture, and delivery estimates for 3 unique merchant use cases.
This whitepaper clarifies the ambiguity around the Payments Orchestration Layer definition and helps readers resolve the buy vs. build conundrum by identifying the requirements to achieve a Minimum Viable Product (MVP) and providing effort estimates to achieve MVP.
1. ID most important components of a payments orchestration layer
2. ID decision points for a build vs buy decision
This webinar aims to introduce and explain trends around direct bank transfers as a method enabling consumers to buy products and services from merchants. The webinar will evaluate this rising trend and outline the challenges and opportunities merchants can expect to face when offering this payment method to their customers.
- Merchants to leave with an understanding of the benefits around direct bank transfer
- Merchants to leave with an open mind around considering the option to offer direct bank transfers
Latin America has a growing base of online consumers (high internet and smartphone penetration across the region) and is amongst the most important regions for streaming services and social media worldwide. Cross border e-commerce is also growing strongly due to the fast expansion of marketplaces that allow international vendors from Asia and the US to sell directly to local consumers.
In this webinar, we aim to educate the audience on the 5 things they must know about the e-commerce market in LATAM.
In today's climate, any sign of risk causes card issuers to decline transactions automatically - a smart and justified decision for banks that want to protect themselves and their customers from fraudulent activity. But the reality is far more complex. The cost of a declined transaction is much higher and affects the merchant's revenue. Kenbi enables Commerce merchants and card issuers to respond to the high rate of declined transactions by empowering them to approve more legitimate transactions without assuming more risk. It can be done using the merchant's data and willingness to participate in the cost of risk to approve a transaction that would otherwise be declined. Resulting in increased credit card approvals rates, higher customer satisfaction, and significant revenue increase for both issuers and merchants.
- After attending this webinar, merchants and issuer banks can understand how they can collaborate directly to optimize their payment / transactions processes.
At Checkout, we’re committed to enabling businesses like Binance, Blockchain.com, Crypto.com, Farfetch and Sony to thrive in the digital economy. That’s why, for the past few years, we have been tracking sentiment and behavior around crypto. We surveyed 3,000 businesses and 30,000 consumers worldwide to help us look more closely at the use of cryptocurrency in payments today and the key implications of this shift for merchant businesses. The outcome of this research is our Demystifying Crypto report, a comprehensive look at how both consumers and merchants in 11 countries are evaluating opportunities to adopt digital currencies.
In Nethone Buy Now Pay Later guide, you will learn:
- How BNPL is quickly becoming a payment method loved by consumers
- About the types of fraud associated with BNPL
- How to implement BNPL without succumbing to fraudsters
- How to keep your customers happy with a smooth UX
- How we can help you with an advanced fraud solution
- About the future prospects for BNPL
The gaming space is booming. The industry will be worth more than $200 billion by 2023, up from $155 billion this year, according to recent research. But with tremendous growth comes payment challenges.
Checkout.com consulted clients, industry leaders, and internal experts to gather insights and best practices on how to approach gaming payments.
This ebook provides guidance from industry leaders like Wargaming, Xsolla, and Ankama Games. From optimizing acceptance to managing fraud and improving the gaming experience, this piece covers the basics of gaming payments optimization.
Anyone wishing to enter new e-commerce markets needs to understand how consumers prefer to pay – and offer local payment heroes. This quickly boosts revenues and allows a critical competitive advantage to be achieved. It is also important to recognize new trends early and create solutions.
Thanks to Arvato Financial Solutions' many years of experience in e-commerce, our licenses and our connectivity with an incredibly wide range of payment methods, we reduce the complexity of tapping into new markets for our clients. PPRO – the globally leading provider of local payment infrastructure – stands by our side, helping us with best in class integrations to over 100 local payment methods.
In our E-Commerce Payment Report 2021, we show you what you need to know about current payment trends in e-commerce and why local payment methods in particular are so important. You will also learn how to equip your shopping system with the right payment heroes quickly and easily, making it fit for the future.