E-comm Payment Trends: How to Capture More Sales with the Right Payment Mix
Apr 01, 2022
You’re probably aware of the fact that the way we pay for things has evolved quite a bit in recent years. The end result has been this: Today’s shoppers demand flexibility in the ways they pay for items. Though credit cards and cash have historically been some of the most popular forms of payment, these days a whole host of alternate payment and financing solutions are disrupting the retail industry landscape.
This means that having the ability to accept multiple e-commerce payment methods is vital, not only to your customer’s experience on your website, but also to your business’s overall success. If you’re looking to capture more sales through e-commerce, read on!
The Importance of E-commerce
The last couple of years have seen a rapid evolution in online consumer behavior as a result of the COVID-19 pandemic. Today’s retail shopper is much more interested in digital shopping experiences than traditional brick-and-mortar shopping. That means that, to be successful at winning customers and capturing sales, retailers must understand new trends in consumer shopping behavior. If you want your business to beat out your competitors and come out on top, you’ll need to look strategically at the entire digital shopping experience and evaluate your customers’ expectations.
Since the beginning of the pandemic, consumers have placed exceptional, unprecedented demand on the e-commerce marketplace. In fact, as of 2020, 84% of consumers shopped online more than before. (1) The result is that, even as brick-and-mortar store locations have now reopened, online shopping has become the default for many.
The Common Thread: Convenience
This paradigm shift in the way we shop and pay for goods is not all that surprising. Once we all became relegated to our homes and there was suddenly no other way to shop, convenience became a heightened, ever-important expectation. It’s no surprise then that 78% of consumers value convenience now more than they did before the pandemic. (1)
So, what exactly does convenience look like within the digital retail space? We’re glad you asked . . .
The Right Payment Mix
Keeping in mind that convenience is a top priority, retailers have begun to see shifts in the digital buyer journey, including demand for fast and free delivery and expectations of an omnichannel shopping experience. In case you’re unfamiliar, the “omnichannel” concept means using a fully-integrated approach to commerce, offering shoppers a unified experience across all channels or points of encounter. True omnichannel shopping goes beyond brick-and-mortar locations to assimilate mobile-browsing, social media, online shopping, and any other touchpoint where your users might be able to access and make purchases from your business.
And, while these experiences have come to be anticipated and appreciated by many online customers, perhaps no expectation is more important than the value consumers now place on effortless payment processes. In fact, 89% of consumers make purchasing decisions based on the simplicity of payment options. And 84% are purchasing larger ticket items — electronics, furniture, appliances and more — using effortless and flexible payment options. (1)
Offer Customers Multiple Payment Options
It’s never been more important to offer multiple e-commerce payment methods. After all, customers will abandon their carts if their preferred payment method isn’t offered. When you provide an array of payment options, you give your business more opportunity to close sales.
Paying with a debit or credit card is, of course, a standard payment option; for online shoppers, it's a payment option that is expected. However, it’s not the only payment option. In fact, considering there are more than 60 million unbanked and underbanked Americans who do not have access to traditional financing or may not qualify for credit, it can’t be the only option. If your business doesn’t offer an additional choice besides the credit/debit option, you risk losing valuable customers.
E-commerce lease-to-own solutions like Acima, have gained impressive traction, especially over the last couple of years. This alternative to financing can help retailers increase online sales and order sizes. Simply put: When customers have access to a more expansive digital shopping ecosystem and a more convenient way to shop for the things they need today, they spend more.
With Acima’s lease-to-own program, customers don’t need to have a line of credit in order to check out. This makes systems like Acima a win-win: It’s both a convenient checkout option which enables a customer to enter into a lease with Acima and, for you, a valuable method for closing more sales.
Keep Up with Current Trends
In today's digital shopping age, it's critical that you offer multiple forms of acceptable payment solutions to reflect evolving consumer demands. Learn more about how Acima is the right alternative to financing to add to your current payment mix.