How do you abandon shopping cart abandonment rates?
7 out of 10 people visiting your E-commerce site or app will not buy your products
This is true irrespective of the industry and the markets that you address.
Isn’t it a scary proposition to lose so many of your visitors? You’re spending time and effort in getting the perfect website, you’re putting in so much effort into keeping users on your site, and growing the base of your loyal customers. Your visitors still come and go and abandon their cart at the end of the purchasing process.
So, what are the reasons for cart abandonment?
Consumers abandon your shopping cart for various reasons as depicted below:
Why consumers abandon shopping carts? Source: unific.com
Some of the key reasons attributed are shipping costs, total costs of the goods, hassle of returning the goods, too many or too few payment options and security concerns in presenting the card for payments.
In this article, we will only look at the payment options and security concerns and how those can be avoided using SRC.
If a customer finds out after the entire purchasing process that he cannot pay with the option that he uses, he’ll probably close the screen and abandon the cart to never return to that site.
Alternately, look at a scenario where multiple checkout options are available with too many payment gateways accepting debit and credit cards. You get confused and you don’t know what to choose and you abandon the cart.
The most important thing for e-commerce sites would be to provide the option that the consumer prefers to use, lest it results in zero transactions for them.
Consumers are normally worried about payment security, and the worry is very likely to go high in a relatively new or unknown site, or when they buy on their mobiles. Consumers simply don’t want to share their personal information and card details with others, as they fear getting defrauded.
How SRC is relevant in reducing cart abandonment rates?
Secure Remote Commerce is a secure and interoperable specification released by EMVCo. It has the potential to ease the online checkout experience while improving transaction security and simplifying integration for merchants and commerce platforms.
SRC offers a consistent and frictionless checkout journey. The process is pretty simple:
SRC reduces the number of times a user enters the payment data and shipping information manually.
The SRC initiative addresses the challenges of inconsistent payment processes and vulnerable data stored online while providing transparency of the transaction data available between participants. Also, SRC is compatible with EMV tokenization and EMV 3DSecure that can be offered by a variety of SRC participants to increase the security of payment data.