According to a study conducted by Stripe last year, 97% of leading e-commerce sites make basic mistakes to do with the payment process. Online payments often take too long and merchants fail important “one-minute tests”. It is also a point that the majority of e-commerce websites were not geared towards the European single market and growth potential was thus given away.
E-Commerce Berlin Expo, together with GFM Nachrichten – Digital for Retail and Marketing at Stripe, asked Marcos Raiser, Head of DACH & CEE, what has changed and what should be considered about the payment process in 2023.
GFM-N: Referring to the data from 2021, has anything really changed in the payment process or are retailers taking the issue lightly?
Marcos Raiser: Compared to previous years, there have been slight improvements in the user-friendliness of the checkout process – for example, the use of Apple Pay and Google Pay has increased somewhat. The bottom line, however, is that much more could have been done. Simple and fast checkout processes are of fundamental importance to customers, while expectations and demands are tending to rise even further. That’s why retailers should make an effort to optimize their processes quickly. After all, the Christmas shopping season is not far away and it’s important not to miss out on any sales.
GFM-N: Your personal tip, what should everyone be looking out for in the area of user-friendly payments?
Marcos Raiser: 17% of consumers said they had canceled a purchase last year because their preferred payment method was not available. With the right payment provider, it’s effortless to offer the right payment methods without any additional development effort. In doing so, leaders should also keep in mind that other countries have different payment cultures. When operating internationally, one should offer payment methods that consumers from those countries are familiar with. With just a few adjustments, you can often achieve significantly higher sales in this way.
GFM-N: What developments should you keep an eye on?
Marcos Raiser: In the next few years, online retail will shift even further to mobile devices. Optimizing the checkout process for tablets and smartphones is therefore becoming increasingly important. Apple Pay and Google Pay will soon become standard. However, over 90% of the websites analyzed in Germany do not currently support those payment methods. We see a need for action here.
The material was written by Angelique Szameitat in collaboration between E-commerce Berlin Expo and GFM Nachrichten with the aim of providing readers with knowledge on how to stay competitive in the new era of digital commerce. Read the text in German here.
Want to learn more about where the payments market is headed and what to watch out for? Do you want to establish or deepen existing business relationships with some of the most popular payment providers worldwide? Then you should already make a note of February 23, 2023, when numerous exhibitors and speakers await visitors to the E-commerce Berlin Expo (EBE).