{"id":15516,"date":"2021-06-09T14:14:33","date_gmt":"2021-06-09T14:14:33","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=15516"},"modified":"2022-05-04T21:37:24","modified_gmt":"2022-05-04T21:37:24","slug":"ecommerce-tech-trends-that-improves-user-retention","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/ecommerce-tech-trends-that-improves-user-retention\/","title":{"rendered":"Ecommerce Tech Trends That Improves User Retention"},"content":{"rendered":"
The customer experience is essential for improving conversion rates in the e-commerce market. It\u2019s important to make the buying and checkout process as simple as possible, creating fewer barriers to a complete sale.<\/strong><\/p>\n <\/p>\n While online sales have become the new normal for quick and efficient shopping, there\u2019s still room for improvement and growth. Here, we explore the expectations of customers for an easier and more enjoyable checkout experience, and the innovative solutions that are shaping the online marketplace.<\/p>\n It has never been easier to buy online. Gone are the days where consumers would have to trudge through countless forms, filling in personal details, delivery address, card details, billing addresses, and authentication. Today, many large brands use a more efficient transaction process to help consumers buy their products. It takes just one click.<\/p>\n Frictionless transactions are essential for online shops looking to increase their conversion rate from basket to checkout. Did you know that the average shopping cart abandonment rate<\/a> across all industries is 69.8 percent? Reducing the barriers to a complete checkout is essential. This is achieved through processes such as one-click shopping, where customer details are stored to allow a speedier buying process. The reduced time prevents any second thoughts on the customer\u2019s part, meaning that businesses can increase their conversion rates. Ultimately, the customer gets the product that we all know they want.<\/p>\n There is potential that this could damage the customer experience. Quicker shopping processes increase the potential for fraud and abuse. Businesses may use checks, such as a captcha, to ensure that customers are legitimate. This is another barrier to a complete checkout that genuine customers may struggle with. Eventually, a customer may abandon their cart. To avoid this, commerce protection platforms such as Signifyd<\/a> are optimising the transaction experience. Intelligent and automated modules can accurately identify risks of fraud and abuse, stopping them in their tracks, while customers get to enjoy a streamlined order fulfilment process. Overall, the customer experience is improved so much that these automated agents can increase conversion rates by four to six percent on average.<\/p>\n E-commerce is increasing its share of the global retail market. In 2015, online transactions accounted for 7.4 per cent of all retail sales<\/a>. By 2020, this figure had leapt to 18 percent. The ease of purchase and variety of choice makes the online world a fierce competitor for traditional brick-and-mortar stores. But being unable to view or experience a product before purchasing may prevent try-before-you-buy shoppers from visiting online stores.<\/p>\n Some stores consider POS lending or Buy Now, Pay Later (BNPL) services as the solution to attracting these customers. At the checkout, customers can opt to pay for their products later. Once they\u2019ve received their products and are satisfied with them, customers can complete the purchase. If they\u2019re not convinced and want to return the products, they can by cancelling the loan without any money leaving their bank account.<\/p>\n These BNPL services work a little differently from loans. They don\u2019t make their money through interest on the loan but instead take a small share of your final bill from the retailer. The tech quickly checks your eligibility before approving your small loan.<\/p>\n This trend is popular among clothing retailers, where customers may want to try a variety of styles and sizes before they commit any money to the purchase. Items that don\u2019t fit or are not suitable can be returned, allowing customers to only pay for what they\u2019ve kept.<\/p>\n Will this trend stick? It\u2019s uncertain, as some European legislators \u2013 like the UK Treasury \u2013 are beginning to regulate these services. They believe that these small loans should fall under the Financial Conduct Authority. They warn that the BNPL market, valued at \u00a32.7 billion<\/a> ($3.7 billion), may encourage people to spend more than they can afford. Therefore, this trend may be short-lived or come with greater barriers in the future.<\/p>\n The way we pay continues to change. In-store, we\u2019ve used cash, cards, and now contactless payment. Online, our options are similarly expanding. Where computers and card payments had given rise to e-commerce checkouts, today mobile traffic and digital wallets are helping to improve the customer experience.<\/p>\nFrictionless transactions<\/h2>\n
POS lending<\/h2>\n
Prioritising the mobile experience<\/h2>\n