Additional fees (like shipping costs and taxes), trust issues, lack of payment options and poor checkout experience are the top causes of cart abandonment for ecommerce stores globally, with 69.82% (2022) of customers exiting at this point in the purchasing journey.
Using a fulfilment partner like Huboo to ship orders from a local centre can significantly reduce the cost of international orders, however the baynard institute estimates that by resolving checkout issues alone, merchants can expect up to a 35.26% increase in conversion rate. Having invested a significant amount in marketing and ad budgets to get potential customers this far, an extra 3 in 10 converting into buyers can result in significant growth for merchants with very little cost.
As part of our mission to help our clients fulfil their ambitions, we have partnered with Europe’s fastest-growing payment service providers, Mollie, to help merchants overcome these issues.
Let’s take the lack of payment issues for example. Using huge companies like Paypal and Klarna to pay for our everyday online purchases in the UK, it can be easy to assume that this must also be the case for consumers all over the world. However, apart from the European Union, nearly all countries have their own currencies, banks and preferred payment methods. For example in Germany, consumers love SOFORT Banking; in France, Cartes Bancaires is the most widely used payment method. Offering these preferred methods not only makes the checkout experience quicker and easier so the customer is less likely to abandon their cart, but also reduces the likelihood of a payment being declined and helps to build trust in the authenticity and reliability of your site as customers are already familiar with these methods.
“Our conversion rate in Europe was about 4%, this went up to 8% when the sites were in the native languages. Increasing by a further 2% with the switch to Mollie and addition of local payment methods.”Tom Martin, Chief Revenue Officer at Snag
Mollie works with online retailers to offer the most convenient payment methods for their customers across multiple territories and currencies. From apple pay and PayPal to vouchers, recurring payments and more, Mollie’s intuitive dashboard connects to your online store using a quick and simple API enabling you to offer over 20 different payment methods at the click of a button, and monitor all payments in one place, while their dedicated customer success managers offer advice and insights to help optimise your payments.
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