Access PaySuite: Reducing Cart Abandonment with Streamlined Payment Solutions

Author DNSPAY Editorial

With the ongoing cost of living crisis, household budgets are tightening. While marketing and brand awareness are crucial for retailers to stand out, these efforts can be undermined if customers abandon their carts due to outdated payment processes. So, how can retailers ensure customers complete their purchases? Andrea Dunlop, managing director at Access PaySuite, a payment solutions provider for mid-sized UK organizations, offers insights. Access PaySuite, part of The Access Group, combines payment expertise with extensive SaaS experience, assisting over 5,000 customers across commercial and nonprofit sectors in improving their payment systems, thereby enabling them to accelerate innovation and growth. Highly regarded in the payments industry, Dunlop has received numerous awards, including being named one of the ‘Most Influential Women in Payments in 2018’. She actively participates in various industry forums and holds leadership roles in the Emerging Payments Association and the European Women in Payments Network. Dunlop is dedicated to advancing the industry to deliver better financial products for all. Addressing Cart Abandonment with Seamless Payment Systems The fluctuating economic climate, influenced by global events such as Covid-19 and the cost of living crisis, has significantly impacted online retailers. Household budgets have been inconsistent, affecting discretionary spending. Currently, internet sales account for 25.3% of all retail sales, up from 19.1% in February 2020. During the pandemic, online shopping became essential, and even after physical stores reopened, consumers continued to appreciate the convenience of online shopping. Retailers quickly invested in the necessary technology to support this shift. In 2023, with inflation nearing 9%, consumers are reprioritizing their spending. Barclays reported that essential card spending grew by 4.9% in May 2023, while non-essential spending rose by only 3%, the lowest growth this year. Ensuring a Seamless Experience Approximately 28% of consumers believe they will spend less, and the risk of cart abandonment is increasing. According to Statista, around 80% of all UK orders made on mobile devices at the end of 2022 were not completed, with abandonment rates slightly lower on tablets (74%) and computers (71%). As shoppers focus on essential purchases and scrutinize non-essential spending, reduced consumer spending impacts retailers. To capture sales, retailers must adjust their marketing strategies to enhance customer loyalty and brand awareness. However, investment in up-to-date, secure payment systems that provide a seamless experience is equally important. Security and Trust When finances are tight, consumers naturally seek trustworthy vendors. In 2022, UK residents lost £1.2 billion to fraud. A Capterra report revealed that while 76% of people are willing to share personal identification data with an online company they are doing business with for the first time, only 55% are willing to share financial information. Offering secure payment options is crucial in online retail today. Building customer trust can determine whether a purchase is made or whether the customer opts for a competitor. Utilizing an FCA-accredited payment system tailored for the retail sector, such as Pay360, provides the necessary safeguards. Features like Know Your Customer (KYC) and Identity Verification (ID&V) prevent fraud without disrupting the customer experience. Introducing New Payment Options In addition to ensuring secure transactions, it’s essential to offer multiple payment options. Rich Himsworth, CEO of Salesfire, emphasized the importance of mobile technologies and omni-channel payment options like Apple Pay and Samsung Pay. Retailers who adapt to these changes in consumer behavior report a significant decrease in cart abandonment. A Mastercard survey found that over half of UK 18-24 year olds prefer to carry their smartphones rather than a physical wallet, with a third favoring digital wallets for payments. Most online retailers currently use platforms for traditional card purchases, but to meet evolving market demands, they must incorporate omni-channel functionality. Retail leaders understand the importance of providing a seamless customer experience. Alongside refining marketing strategies, creating new offers, and ensuring relevant product ranges, implementing a robust payment system is a straightforward way to build customer trust and minimize hesitation at the critical moment of purchase.

Other news More