E-Commerce Websites: The Payment Problem
For owners and operators of e-commerce websites, the need to provide a secure, frictionless experience at the checkout stage is a pressing one. This fact has been highlighted in the results of an in-depth study carried out by BR-DGE, a leading payment orchestration provider.
One of the key figures to emerge from the study is that more than one-third (34%) of consumers in the UK feel that payment encryption and data security are 'the most important element' of a positive payment experience when purchasing products from an online retailer. A massive 83% of those surveyed said that they had concerns about how their sensitive credit/debit card details are stored and processed while an online transaction is being made.
The research also revealed that, as well as demanding better security during the checkout process, nearly seven out of ten (68%) of online shoppers want a 'frictionless payment experience'. 52% of respondents said that being taken away from the checkout screen (such as for authentication or to register), was likely to have a negative impact on their willingness to complete the transaction.
Failed transactions were also cited as being a problem for consumers when purchasing products from e-commerce websites. 21% said that a failed transaction would negatively affect their confidence in the merchant while 23% said that such failures would 'reduce their confidence' in the checkout itself. The compilers of the BR-DGE report noted that any 'poor experience' at the checkout stage impacts the willingness of the consumer to make a purchase from the merchant.
The report concluded that the modernisation of online checkouts and payment systems is 'more important than ever before', noting that 41% of consumers in the UK buy products online at least once a week. This is backed up by recently-published data from the Office for National Statistics, which shows that 27p in every £1 spent in the UK is spent online.
Commenting on the report, Mark Whybrow, a retail payments expert at BR-DGE, said: "For retailers looking to increase their revenue from online channels, it is vital that they consider how they can adapt their checkout technology and payment journey to meet consumer needs. As consumer budgets tighten, the importance of offering a first-class end-to-end payment experience is even more important in order to build customer loyalty."
Custom websites from Brick, Lancashire's premier e-commerce development agency, incorporate cutting-edge technology to ensure that the entire payment process is as secure and user-friendly as it can possibly be. Brick is an accredited integrator and developer for all of the world's major payment gateways including PayPal, WorldPay, SagePay, Barclays ePDQ, SecureTrading, VoicePay, Google Checkout and more.
To find out more about custom e-commerce websites from Brick, along with information about our comprehensive suite of web solutions and services, please browse our website or get in touch with a member of our dedicated customer service team.