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How to create a best in class UX that converts

More prospects visit a website than purchasers. So, how can businesses turn browsers into buyers? And what role can payments play in this?

Global B2C cross-border e-commerce is expected to increase tenfold over the next decade. It’s projected to grow from $785 billion in 2021 to $7.9 trillion by 2030. So, while domestic sales are important, attracting more cross-border customers will drive long-term growth.

Businesses use various strategies and tactics to optimize conversion. These include improving website design, optimizing landing pages, refining product descriptions, running promotions and implementing targeted marketing campaigns. In this article, we focus on enhancing the user experience around the checkout and payment process.

Convenience is key for conversion

Everyone likes things that are the least hassle. That’s especially the case when it comes to checking out online.

So, streamline the UX to maximize conversion. Offer a guest checkout, one-click ordering and make as many fields optional as possible.

There’s a close link between speed and convenience, so making things quicker often makes them slicker, and vice versa.

When it comes to the checkout UX, time-saving tricks include repeating the shipping address as the billing address by default. Remembering the customer’s preferred payment method from last time. And automatic prompts if a customer forgets info.

When it comes to paying, Open Banking payments are both slicker and quicker than other payment methods.

There’s no topping up wallets or typing in card details on the tiny keyboard of a mobile device. It’s also easier than logging into online banking and manually completing transfers.

When integrated at checkout, customers simply:

  1. Select bank transfer
  2. Find their bank
  3. Confirm payment

It really is as quick and convenient as 1-2-3.

Offer local payment methods

No-one is looking for a new way to pay. In fact, it’s quite the opposite. 20% of consumers will abandon their purchase if their preferred payment method is not offered.

So, if you’re looking to break into new markets, attract new customers, improve ATV (average transaction value), boost acceptance rates or all the above, then respect local payment preferences.

Whether that’s bank transfers, e-wallets, cards, PayPal, if that’s how your customers want to pay, offering this at checkout helps convert browsers into buyers.

Online bank transfers are popular ways to pay in Europe. And Open Banking turbo charges bank transfers, effectively enabling global sellers to take payments from local bank accounts easily.

Inpay Open Banking offers a single API to access a global network of banks and their customers. Contact us at [email protected] to find out more.

Manage loss aversion around cost

People dislike losses more than they like gains of an equivalent amount. Consider this when explaining shipping costs, taxes, fees and prices.

Consumers want to know upfront what they’re paying. Localized pricing is a real conversion optimizer.

Most customers look for it when shopping online. If they don’t see prices in their own currency, it becomes a barrier. This may encourage them to spend elsewhere.

What’s more, some banks and payment schemes may only allow purchases in local currency. So, authorization requests in the customer’s currency may be more successful than those in foreign currencies.

Simplify FX for your business with multi-currency pricing. This allows you to price in a variety of local currencies, while getting paid in the currency or currencies of your choice.

In summary

When people are time-pressed or trying to check out on the small screen of a mobile device, convenience is key.

Customers have familiar, trusted ways to pay, ensure you offer these to close sales.

Loss aversion suggests that people put more effort into avoiding the loss of something they already have than trying to get something new. Let this guide how you position shipping costs, taxes, fees and prices, but also discounts, promotions and sign-up bonuses.

How Inpay can help

Inpay is a cross-border payments company, connecting businesses and communities to a global banking network that helps them thrive. Since 2008, we’ve helped financial institutions, iGaming operators, corporates, NGOs and others move money to the right places quickly, easily and securely.

Our smart technology, innovative products, robust compliance and 200 in-house experts from 45+ countries solve complex payment challenges with an industry-leading 99.5% transaction success rate. Regulated by the Danish Financial Supervisory Authority, we’ve been recognised as Denmark’s fastest-growing company, and Europe’s fastest-growing fintech.

Contact us at [email protected] to find out how we could help you accelerate your business growth.

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