The digital revolution has allowed both small and large companies to make the leap abroad. To successfully take a business global means having a flawless purchase experience, including a robust payment system.
Depending on where you are with your global expansion plans, here are some simple checks you can run to ensure you’re offering your customers the best possible payment experience.
1. Know your new market’s payment preferences
Payment preferences can vary by market – and each comes with its own user behaviours. Having a clear understanding of what people value in each market will help ensure you’re able to adapt to each environment.
According to Worldpay,1 even though credit and debit cards are the most popular payment methods in many European countries. In Germany only 18% of the population prefer using credit cards. There, online bank transfer options like ELV (Elektronisches Lastschriftverfahren), Giropay, and Sofort are the preferred choice for 38% of consumers. While in Sweden and Poland, 21% of people prefer online banking for e-commerce transactions. In the Netherlands, 59% of consumers make online payments using iDeal, which is a similar method to Germany’s ELV.
2. Offer mobile payments
We live in a mobile-first world,2 and by 2020 it’s predicted that 80% of all internet access will come from mobile devices. But there’s a disconnect. Although people love using their mobile devices to research on the go, all too often they end up making the final purchase decision on a desktop.3 The reason for this disparity is often down to poor mobile experiences. Having a solid and secure mobile payment strategy in place can not only help improve conversions in your domestic market, but also support your expansion into new countries.
3. Limit the number of steps to purchase
Globally, 69% of people say they would leave a site or app if there are too many steps involved.4 That’s a lot of lost opportunities. Brands can increase conversions by over 35% with simpler, frictionless check-out processes. Google Autocomplete Address Form5 autofills customer details and with Google Pay6 users can stay logged in to pay with just a few clicks.
4. Address your shoppers’ security concerns
Security is naturally a big concern for shoppers. In Germany alone, 42% of consumers say they would abandon their carts if they had any security concerns.7 Make sure your site has security measures in place, like https and password encryption – and always reassure shoppers by featuring official security seals of approval.
5. Pin down preferences and cater for local needs
Taking a business into a new market can be daunting. Global consumers are more demanding than ever and will snub a ‘one size fits all’ shopping experience. To succeed, businesses must cater for local needs – with customised checkouts, localised payment methods, and user-friendly processes.
Market Finder has step-by-step information and guides available to make it easier for businesses to understand what local customers value the most when it comes to payment processes. Use the tool to research customers, avoid cart abandon rates, to view the preferred forms of payments by countries, and to find providers to help get set up in new markets.