- US tradition causes retail boom here in Germany
- One-third of sales conducted in e-commerce
- A convenient customer journey and the seamless integration of payment options are key success factors in online sales
Payment must be fully integrated
A common saying in e-commerce is that the customer does not want to pay – they want to shop. This may be true, but it neglects the fact that a lack of integration of payment can lead to cancellation just as easily as a rough customer journey. There are two aspects of particular importance in this regard: the path from the shopping basket to the payment options has to be seamless, and the payment options available have to match the preferences of the customer. A payment mix of four or five payment processes adapted to the respective customer structure typically puts you on the safe side. ‘When choosing payment processes, we recommend not using your own preferences as a basis. Instead, focus on your customers, and make sure to completely cover the preferences of the target groups. After all, this has a direct positive impact on the conversion rate in your checkout,’ says Jung.
Eschborn, 25 November 2019. Black Friday – the largest US sales event and the traditional beginning of the Christmas shopping season – is on 29 November this year. Black Friday has quickly become an absolute hit amongst fans of deals in Germany as well. According to a McKinsey study, in 2017 some 43 per cent of local consumers took part in Black Friday shopping; by 2018, 78 per cent were planning to make a purchase. One-third of this figure is attributable to online retail. And it does not stop there: on Cyber Monday – the Monday following Black Friday – online retail entices consumers with more attractive offers. The German Trade Association (Handelsverband Deutschland – HDE) is forecasting sales of €3.1 billion on the two sale days.
For retailers who are not yet active in online business, there could hardly be a better time to enter the world of e-commerce. But experienced online retailers also have to prepare for the monsoon of shoppers and adjust their online shop to the needs of the consumer. Concardis, a leading provider of digital payment solutions, offers tips for online retailers.
Getting started fast – but right
Anyone who now wants to quickly put their offer on the Internet should not spend a lot of time figuring out complex solutions. There are, of course, shop systems that offer a variety of ways to present your products. However, they often also require significant IT expenses. To get started quickly, you should focus on simple integration and a comprehensive customer journey – including seamless integration of payment. It is no use if the potential customer can find the product but does not complete the purchase, because the process is too complicated. Christoph Jung, Vice President eCommerce & Innovation at Concardis: ‘Our approach is to offer retailers a solution with which they can create their own online shop without any programming skills and can thus start straight away, because all common payment methods are already integrated. We offer this with the Concardis One Page Shop.’
The customer journey is key
The arch-enemy of an online retailer is the cancellation rate. Or, to put it positively, it is all about the conversion rate. Having a lot of visitors to your website is one thing – getting them to complete a purchase is another. Here are a few tips for the ideal customer journey:
Customers want to browse, but not search for a long time. You should therefore offer your customers sensible search and filtering options that will take them to their desired product quickly. You can specifically incentivise further purchases by pointing out what else was of interest to other shoppers who bought this product.Trust is worth its weight in gold – this goes for you as a seller and also for your product portfolio. You should thus integrate customer reviews into your website to monetise your trust capital.Definitely optimise your shop for display on mobile devices. More and more consumers are shopping on their smart devices; this applies especially for younger shoppers. If offers are properly displayed, they end their shopping, and you lose them as a customer.Always give your customers an overview of their purchase. The customer needs to see clearly how many items are in their digital shopping basket and what the price is, including shipping.Provide contact information. Even in the digital age, the customer wants to know who they can turn to if something does not go to plan. This creates a feeling of trust.