Discover the 3 features that make digital payments strategic and how to customize them thanks to Worldz
The digital payments market is evolving profoundly, also accomplice to the health emergency of 2020, a year in which online transactions grew by 15.4%. It is in this context that payment services have become a new business, where each player tries to sell its own service, transforming the payments ecosystem into a competitive and complex market.
So, what are the characteristics that can give merchants and consumers new opportunities and distinctive experiences and make the purchasing experience pleasant and effective? Security, speed and simplicity, let’s explore them together.
During the customer journey the payment action is considered an invisible factor because the consumer is much more focused on the products and services offered by the shop. However, the payment system must be very safe and recognized to avoid possible frauds and scams. In Europe, for example, PSD2, a two-factor authentication system for online payments, is used. From the point of view of consumer protection for online purchases is a winning formula for the theme of security, but at the same time limits impulse purchases: when a consumer is faced with several steps of payment may have time to reconsider the purchase, abandoning the cart during check-out. It is therefore essential to find the right balance between security and speed.
It’s no coincidence, then, that in the digital payments ecosystem, every player is working on a barrier-free system for fast, integrated payments. To meet the demands of the most digitized customers, in order to improve the conversion rate, every e-commerce should have an integrated payment system that can understand and offer different providers such as Google Pay, Apple Pay or Paypal, meeting the purchasing habits of consumers. Generally, a user accustomed to a type of payment will prefer to use the same one and is more likely to buy if he finds it among those accepted by the shop. This strategy makes the check-out phase quick and easy, increasing purchases.
Security and speed factors are not the only determinants of a successful digital payment system, but the concept of simplicity should also be taken into account. It is essential to offer customers an invisible and automated payment, where only the product or service remains as the protagonist. A one click experience allows the user to buy quickly, without thinking too much about price, alternatives or other variables. This payment experience increases the chances of reducing cart churn at check-out.
If these are the characteristics to have an effective payment experience, with Worldz you can also make it personalized thanks to dynamic pricing, allowing customers to pay for part of the product with a social post. With our software each user discovers, through a social login, the economic value of his social profile, getting a personalized and immediate credit to complete the shopping. By sharing his shopping experience on Facebook or Instagram, he can unlock the credit directly in the cart and complete the purchase. Worldz helps you increase your shop’s Conversion Rate (+20% guaranteed with peaks of +150%) and reduce cart abandonment, turning your e-commerce into a Social Commerce in just a few clicks.
Do you want to make the payment system of your shop simple and personalized with Worldz? Contact us now to discover the Christmas promotion.