The WoW Style

In a fast-paced world, time and effort are highly limited resources. Every decision is optimised to serve our best interests. When a customer is interested in an offering, a smart e-commerce business understands and values the time invested by them. Alternately, when simple purchases demand high energy or time, customers tend to look away. Any seamless shopping journey avoids multiple complicated steps for transactions. The higher the burden of action, the less motivated a customer is in completing an exchange. 

That’s where wallet payments come in. Designed to simplify the transaction journey of a customer, they discourage cart abandonment and enable checkouts without friction. Digital wallets, as payment methods, let customers store their bank/card details or saved balance in a digital space that guarantees security. An on-app or on-browser storage of such information allows them to make purchases with one simple tap, smoothing the shopping experience.

Causes of Cart Abandonment During Checkouts

In this digital era, customers often make purchases through their mobile devices. Absence of digital wallet options like Apple Pay, Google Pay, etc., during checkout, increases friction. Here are a few reasons cart abandonment occurs:

1. Demanding Checkout Forms

In the absence of wallet payments, customers get a poor user experience during the checkout stage of their purchase. They have to:

• Manually fill in card or bank details each time they try to make a purchase
• Type long, crucial information on small mobile screens
• Face additional hassle from page time-outs or slow site reloads

This gives rise to frustration, turning an enthusiastic purchase decision into an exhausting activity.

2. Lack of Security

Privacy and security of sensitive bank details shared by shoppers become a pressing concern when wallet payments are unavailable. When new to an e-commerce site, customers seek trusted payment options before sharing personal bank information. In the absence of digital wallets:

• Customers hesitate to fill out checkout forms asking for bank details or card information
• They feel paranoid about fraud or bank information theft
• Thus, they feel gravitated to businesses that use tokenization or biometrics to protect their bank details

A lack of trust in a business’s ability to protect customers’ data discourages users from completing purchases and leads to abandonment of the cart.

3. Payment Failures

Needing to type card details manually increases the chances of errors. Mistyping numbers, entering the wrong CVV, and errors when matching billing information are not uncommon. Payment failures due to such errors increase the cognitive load of shoppers and lead to lost sales. Cart abandonment in such situations is frequent since shoppers don’t want to be subject to refilling card details multiple times.

4. Loss of Purchase Momentum

 Barriers in the user experience between order conversion to a successful checkout often lead to loss of momentum in the purchase. Impulse buyers function on urgency. Heavy friction leads to dilution in urgency. Such shoppers lose interest when faced with too many barriers, dropping off mid-way and abandoning their cart.

Benefits of Minimising Cart Abandonment with Wallet Payments

When high-intent shoppers are met with streamlined and secure payment gateways, they feel confident in completing purchases. Here are a few benefits that secure wallet payment brings to businesses while minimising cart abandonment:

1. Elimination of Friction

Absence of friction during payment checkout makes transactions less tedious for customers. It increases the ease and convenience of purchase. The availability of wallet payments reduces possible friction points through:

• Single-tap checkouts
• One-time input of card/bank details
• Auto-filled shipping and billing details

When information is pre-stored on an app or browser, shoppers don’t have to exert themselves repeatedly during checkouts. This removes friction barriers and makes payments effortless. Moreover, users feel motivated to return to the business for efficient placing of orders and easy checkouts.

2. Boosting Trust

Wallet payments use tokenization and biometrics as a way of guaranteeing protection against fraud for users. Virtual account numbers and network tokenisation are used to protect the card details of shoppers. Face ID and PINs are used to authenticate the identity of the customer. These security measures reassure shoppers about the commitment of a business to protecting their data as well as increasing their confidence in the brand.

Shoppers who trust your business to safeguard their data are more likely to go through with a transaction instead of leaving things in their cart.

3. Ease in Mobile Checkouts

Smartphones and mobile devices have made shopping significantly more convenient. Customers seek to make purchases from anywhere, at any time of the day. Naturally, they use their mobile phones to browse on apps or e-commerce platforms. When wallet payments are optimised on the small screens of mobile devices, it makes the purchase journey:

• Quick
• Accessible
• Touch-friendly
• Impulse-friendly
• More efficient

Fewer barriers lead to a lower chance of cart abandonment. Customers feel empowered to complete payment checkouts with ease.

4. Successful Payments

Repeated failure in payments becomes a barrier instead of a gateway for customers. Wallet payments remove the element of human error in the transaction process. They also have higher authorisation rates since the bank details of customers are pre-verified. This facilitates successful payments and reduces the rate of cart abandonment. 

When more customers are able to complete payments without roadblocks, they view the business in a positive light. It raises the goodwill of your business and boosts the chances of a shopper becoming a repeat customer.

Conclusion

Wallet payments have become a staple feature for e-commerce businesses. The recognition of pain points in the customer journey has allowed businesses to integrate systems that encourage buying and discourage cart abandonment among shoppers. Payment gateways that reduce fraud, increase order conversions, and provide global coverage are trusted by users and businesses alike. 

Using secure wallet payment gateways is an impactful decision in facilitating higher sales. Customers feel loyal to businesses that they can put their faith in. A potent way to minimise instances of cart abandonment is by obtaining their faith through quick, fraud-free, hassle-free wallet payments.