Online merchants know that abandoned shopping carts are one of the most frustrating parts of owning an e-commerce store. But they also present an opportunity to capture more potential sales from an audience that is clearly showing interest.
One of the biggest reasons behind cart abandonment is friction during checkout. Entering card information on mobile devices can often seem inconvenient, and more so if the page isn’t optimized for mobile. Digital wallets offer a smoother alternative, allowing customers to breeze through the checkout process.
Digital wallets help merchants to optimize their checkout process by allowing customers to complete the payment process with the payment information already on file in their wallet. This reduces the time it takes for customers to finish the purchase and increases the conversion rate at checkout.
Delivering a smooth customer experience
Mobile wallets also offer shoppers convenience in the form of multiple payment options – whether they want to pay with a native mobile wallet or a physical debit/credit card linked to their smartphone. Providing customers with such a hassle-free experience is critical to increasing conversion rates in any e-commerce business.
Data security is a top concern for online shoppers. And the good news is that digital wallets add an extra layer of security to online transactions. Because payment data is stored and accessed via the customer’s wallet, customers do not need to worry about the security of leaving their data with a new or unfamiliar merchant.
Offering rewards and personalization
A digital wallet can offer numerous ancillary benefits to customers, including special offers and rewards. These benefits can range from cashback to other kinds of incentives, allowing merchants to maximize engagement with every transaction. Merchants can also take advantage of digital wallets to send personalized offers to customers. This is a great opportunity for building sustained brand awareness and upselling.