eRetail trends and 7 actionable steps to maximize your revenue
Transcript of eRetail trends and 7 actionable steps to maximize your revenue
WELCOME
David Martin 5-10-2016
eRetail trends and 7 actionable steps to maximize your revenue
Twitter: @Acapture_Global
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Acquiring banks / BIN Sponsor
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One-stop global payment processing platform delivering domestic acquiring withthe same quality in all regions.
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Berlin
Paris
London
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Tokyo
Hong KongMacau
Singapore
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New York
Toronto
Utah
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Alterations you can make straight away to checkout and online sales
Data collected by our in-house
research team
Encourage more conversions and maximizes your
revenue
Today’s presentation
Key Business Drivers in Cross-Border Ecommerce Survey 2016
An annual survey into the key business drivers and opportunities in online retail
Merchants, merchant service providers, acquirers, payment service providers, consultants
Available at www.payvision.com/white-papers from end of October 2016
Statistics, facts, views and predictions
2016’s biggest game changers
Mobile Commerce
Smartphone the 2nd most popular device to search web
80% growth rate for UK’s biggest retailers
Conversion rates
Desktop 4.15%, Tablet 3.41%
Smartphone 1.20%
TIP ONE: Breathing space
• Tiny spaces for data input in mobile checkouts
• Switch to a top aligning form label
• Allows consumers to check information easily
• Eliminate all unnecessary form filling from your checkout
TIP TWO: Stay sensitive
• Use sensitive keyboards that switch to numbers when inputting credit card details, phone numbers, etc.
• Consider disabling autocorrect for fields that may present language confusion
The global eRetail market
The international market• 74% of world’s retail is online• Ecommerce value up 25% to
USD1.67 trillion• 24% of world’s population
bought a digital product in 2015
The international market• Massive payment variation from
region-to-region• Increasing levels of fraud and
data breaches• Full localization is essential
TIP THREE: Let your customer know they can pay the way they want
• Put the logos of every available payment methods on your homepage
• Get backup payment methods in case of unavailability
User interaction
• 21% of merchants cite User Experience as a major pain point
• Retailers lose USD18 billion annually due to cart abandonment
• 21% of merchants cite User Experience as a major pain point
• Retailers lose USD18 billion annually due to cart abandonment
TIP FOUR: Let it fail before it fails
• Give each field it’s own validation check
• User must be alerted right away if they have input data incorrectly
TIP FIVE: Fill… check… proceed
• Do not allow the user to move to the next field until this error has been addressed
TIP SIX: Say it clearly
• Avoid cryptic messages and generalisms
• Auto-focus the message
• Give a clear explanation
Asia Pacific USD525.2
billion
Marketplace domination
North America
USD482.6 billion
Still room for the smaller,
niche merchant
Looking forward
What’s the future of online retail?
Data science and payments
Security and authorization rates
Break down the patterns and
motivations of consumers
Concrete advice on how to
prevent fraud and improve
authorization
TIP SEVEN: Demand response code and BIN analysis
Ask your PSP for a BIN analysis
This will tell you why rejections have occurred
The most sure-fire way to maximize conversion rates
THANK YOU FOR YOUR TIME
Get more insight from the Payvision Group:
http://www.acapture.com/white-papers/
http://www.acapture.com/infographics/
http://www.payvision.com/white-papers
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