How Digital Wallets & Mobile Optimization Can Eliminate Cart Abandonment

  • By :Shri Ganesh
  • Date :23-08-2017

I always had good feeling about mobile ecommerce; the best practices to make shopping (on mobile) simple, easy, quick & painless. Until recently when I came upon an article which spoke about the real "ecommerce world" riddled by issues which most ecommerce merchants are still working on. And these issues are just not the minor obstacles in a path to glory, but are some major hassles that are costing businesses more than half of their mobile sales.

It is then that I realized how it is like to be shopping on a high-end phone, in a private boat, and still not feel right about it!! And that is because of the numerous complications & problems that need to be taken care of. A recent study found that an unresponsive site (especially for mobiles) has a high rate of seeing a bounce rate of up to 75%. This is a staggering number of potential customers bouncing out, when you can take care of the responsiveness and mobile enhancement on your own. While many feel that the field of mobile ecommerce is quite confusing, it doesn't have to be so. Let us look at a few points about what is bothering the customers when it comes to mobile ecommerce, why cart abandonment is one of the biggest threat to a business and how digital wallets can be used to increase mobile conversions.

So What Exactly Is Going Wrong?

If you have ever visited your own website on a phone and attempted to purchase something, congratulations! You have taken the first step towards creating a seamless shopping experience to your customers. It is obvious that if you are able to find the smallest issue while shopping, your Such shortcomings eventually lead to cart abandonment when the customer leaves the website without buying anything from the items added to the cart. Apart from this, there are a few other reasons which concern the ecommerce market as the customers are not quite finding it comfortable while shopping on a mobile device.

It is a Complete Mess

I have seen many such websites all over the internet. The website looks as though the company is running a scam or they themselves don't know what they are doing. Such poor UI/UX for websites are a major factor for the customers to turn away. A study conducted a few years ago saw that a whopping 94% of the customers who were hesitant about a website, were because of its design.

Along with the design & ecommerce website development, comes a bunch of functionalities and features which when handled in an improper manner, can cause quite a bit of a problem.Pop-ups or overlays are one such effective tools which when used effectively can play a huge part in consumer experience and for gathering leads. But utmost care needs to be taken when using them on a mobile as they might get very frustrating for someone who is visiting your site for the first time.

The entire shopping experience on an ecommerce website is highly dependent on the images and the content used. As the customers are more prone to buy a product based on its appearance (not the actual one though) and the product description, high-quality images & top-notch product descriptions are a must for the website.

Digital Wallets

I was certainly not surprised when a study through the Baymard Institute claimed that almost 20% of the consumers abandon their carts due to major concerns relating to the safety of their info on a mobile device. I expected to see a greater number of people with similar concerns. This is obvious, since over the years, we have been trained to think that having card information on a mobile device is more dangerous than having it on a desktop. It is at such points that Digital Wallets play their role to remove that fear among consumers, which in turn means more revenue for businesses.

But before we jump right in, what exactly are digital wallets?

A digital wallet or an electronic wallet holds your card details in a manner which allows you to purchase things rapidly without having to compromise on security and encryption. These digital wallets play a major role in eliminating the barriers set up by the tiresome button clicks and lengthy procedures to just checkout from the website.

So what does this mean for the revenue of an ecommerce business?

What is better than just a couple of taps before finalizing the payment and making a checkout from the website? This is what Digital Wallets bring to the consumers who are looking out for convenient ways to shop & this can result in at least three times more conversions through mobile carts leading to better ROI for a standard practice in the market. Quite a deal, isn't it? Allowing the users to pay through Google Wallet, Apple Pay or Amazon Pay reduces the friction points which most of the consumers encounter when they pay normally from their credit cards. 3 out of 10 times, a customer just abandons your cart because he must take out his card and type in the number every time he wants to shop. On the other hand, Digital Wallets allows the customers to buy anything they want in less than 60 seconds. Which one would you prefer?

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