Improving Mobile Payments, Checkout Capability Can Be Simple
We all know security is the big problem for mobile payments users, but what about mobile payments retailers? Those who actually offer the goods and services for us to buy with our mobile payments tools? Their big problem is conversion, and according to PYMNTS’ Checkout Conversion Index, there are still some substantial problems to be had in the field.
Essentially, conversion is “actually getting people to pull the trigger on a purchase.” If you’re anything like me, you might have items sitting in a cart for weeks while you vacillate on whether or not you really need that Dukes of Hazzard ashtray. For some, the trigger-pulling moment is just a matter of when the next payday is, but for some, it’s much more complex and is related closely to what a store offers.
Since around 86 percent of consumers own smartphones, and 23 percent of them are using them to shop, having a mobile presence—with mobile payment options—becomes vital. The good news is that, on many fronts, things are improving. The average checkout time is faster, now down to two minutes, 25 seconds. That’s down 12 seconds from the first quarter of 2018, and the newest numbers are for the second quarter of 2018. Remember, we’re midway through the fourth quarter, so it takes time to gather and compile numbers.
Average click count to complete a mobile / online purchase is also down; the current average is 22.08 clicks, down 1.77 from the previous study. In general, many of those who fared poorly in the last study took the lessons to heart, as the previous worst performers raised their scores “considerably,” reports noted. What’s more, when there was an improvement in mobile operations, there was a likewise improvement in overall conversion rates, showing that one of the greatest things any retailer can do when it comes to mobile payments and shopping is to provide a top-notch customer experience.
There’s a lot of ground to cover when it comes to improving the overall customer experience, but the good news is that most any move made in this direction has a tendency to improve sales overall. It’s not one-for-one universal, of course, but any effort made to make customers’ time on a site—mobile or otherwise—smooth, efficient, and more pleasant tends to improve sales figures.