For those who sell products and services, whether in physical stores or eCommerce, a fundamental part of the business is attracting and retaining customers. Especially in highly competitive sectors, it’s challenging to make potential buyers choose your brand over a competitor’s. To achieve this, companies heavily invest in areas like marketing and CRM strategies, such as cashback, for example.
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However, there’s an aspect of the user experience that cannot be overlooked and has a direct impact on business results: the payment page. This is the moment when the customer’s initial choice is converted into a purchase. Offering the consumer a secure, simple, and fast experience is essential in this process. After all, attracting a customer to your page, getting them to select a product, but losing the sale at this final stage is disastrous for any company.
Reasons for abandonment
Customer abandonment after adding items to their online “shopping cart” is more common than it seems. A study by the Baymard Institute, which gathered data from 49 different studies conducted between 2012 and 2023 on eCommerce cart abandonment, found that the average abandonment rate is 70.19%, more than two-thirds of the total. The study highlights that a large portion of cases results from natural buyer behaviors. “Many users are simply browsing products, comparing prices, saving items for later, exploring gift options, etc.,” the study says.
Among online shoppers in the United States, 48% abandoned a cart simply because they did not intend to purchase at that moment, even before starting the payment process. On the other hand, examining other reasons cited by consumers for abandoning a purchase provides valuable insights for companies that want to reduce sales losses at this stage. The institute also provided qualitative data on abandonments, excluding those who had no intention of buying in the first place.
The main reason cited by users, mentioned 48% of the time, was high extra costs, such as delivery, taxes, and fees. In other words, the customer is willing to pay the price initially displayed for the product, but is surprised at the final stage by a higher-than-expected cost. A solution for companies would be to offer more transparency in the process, making it clear from the start any fees and additional charges that may be involved in the purchase. The option “I couldn’t see/calculate the total cost of the order upfront” reinforces this need, chosen by 21% of respondents.
It’s important to note that since each customer can cite more than one reason, the total percentage exceeds 100%. The second reason concerns the practicality of the process, with “the site wanted me to create an account” being cited in 26% of cases, adding an extra step that the customer may not be willing to take. Especially if account creation requires providing a lot of personal data and is followed by a flood of unsolicited emails and contacts. Chosen in 22% of cases, the option “payment process was too long/complicated” also shows how much users value convenience.
In third place, there’s a concern with security, described as “I don’t trust giving my credit card information.” This figure reflects a necessary concern among customers regarding data privacy, in a context where fraud has become increasingly common. At the same time, this information highlights the importance of offering a variety of payment methods for users. Pix in Brazil and SPEI in Mexico are examples of local alternatives that have become essential for serving consumers in these countries. The option “there weren’t enough payment methods” even appears on the list, cited by 13% of the survey participants.
Also in the top 10 are reasons such as “delivery was too slow,” “the site had errors/crashed,” “my card was declined,” and “the return policy wasn’t satisfactory.” This last one also involves chargeback, a highly important issue for the industry. While customers are concerned about the ability to return a product that doesn’t satisfy them, for retailers, the process also carries a risk of fraud. For both parties, understanding the chargeback process helps avoid further frustration.
Payment conversion rate
A key metric for analyzing the success of your payment page is the payment conversion rate. It is calculated by dividing the number of completed purchases by the number of people who initiated the payment process. By multiplying the final number by 100, you get the percentage of people who completed the purchase. A low number may indicate that there are issues in this process, for one or more of the reasons discussed above.
Increasing the conversion rate directly impacts a company’s revenue. At the same time, optimizing a payment page may involve simple, less costly changes compared to investments in marketing, for example. Below are some possible options to increase the conversion rate:
- Allow purchases without the need to create an account
- Offer multiple payment options
- Have a clear layout, with transparency about costs, fees, and delivery times
- Optimize the page for mobile devices
- Minimize distractions and avoid extensive forms that may deter consumers
These are just a few examples of how to improve a payment page and, consequently, conversion rates. While it’s impossible to prevent all customers from abandoning the purchase process for various reasons, even a 1% improvement in conversion can lead to significant growth for a company.
Support from StarsPay
StarsPay specializes in payment processing across four areas: iGaming, Games, eCommerce, and Exchanges. If online shopping cart abandonment is something that’s hindering your business, we offer the opportunity to increase your conversion rates by addressing some of the issues highlighted in the Baymard Institute study. We operate in five countries (Brazil, Mexico, Colombia, Chile, and Peru), with specialists who can help you provide essential payment methods for each population.
Additionally, we work to achieve zero chargebacks for our clients, offering the best exchange rates, bilingual support 24/7, and a fraud prevention system for local transactions. All of this ensures that your customers can go through the process in a simple, fast, and secure manner—three aspects that the numbers prove are crucial for completing the sale as efficiently as possible.
Contact the StarsPay commercial team now at [email protected] and find out how we can make a difference for your business.
