About 45% of shoppers said that checkout friction is frustrating. This is why they are quitting a purchase in the middle of the process. This may lead to a significant amount of loss of revenue for online retailers. Also, it is going to impact eCommerce websites. But it will impact the most on the small businesses having tight margins.
Online retailers or merchants are improving their capabilities to match consumer demands. All they want to do is offer a seamless experience. Also, they are trying to increase their potential for storing payment data. The truth is that the consumers are expecting all of this.
About 80% of customers save their credentials online via different merchant apps or websites. They want to achieve a fast and streamlined checkout experience.
Businesses might hesitate to overhaul the checkout process for offering stored payment potentials. This is often because of budget crunch or constraints. But 3rd-party solutions are available, like biometrics and authorization optimization. These tools may streamline the merchant adoption process. It will reduce the loss of revenue at the time of checkout.
Online merchants can consider a credentials and payments vault. It stores and encrypts payment information via a secure app. Several merchants can use this app.
A lot of users are open to using a vault. Also, a lot of customers are there who want to switch to merchants. They wanted to get in touch with the credential vault. Shoppers and merchants can adopt it, and it is one of the simplest solutions. This will offer an all-rounder solution to both parties.
Consumers are becoming choosy. And they know where they want to invest their money. They are becoming less tolerant of the pain points while shopping online. The merchants must minimize the checkout friction. They may update their systems through 3rd-parties or manage them on their own. Whatever they do, it is essential to match the expectation of the customers.