SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
Tips to Improve eCommerce Conversion Rates
Decreasing Cart Abandonment Rate is Essential
Online purchases represent an increasing number of total business sales. More and more consumers are warming up to the convenience and speed of online shopping, but the fact still remains that most of the consumers who visit an online storefront will leave without buying. According to a research roughly two-thirds of potential customers will abandon at the online payment page. If you have an online business, it’s crucially important to maximize your conversion rate and get more customers to buy your products.
It makes sense, therefore, to make your customer’s buying experience as fast and easy as possible. There are many ways that you can streamline your online checkout process, and increase your conversion rates. Your online payment page should be as simple to use as you can make it. Potential roadblocks to making a purchase, such as multiple payment screens, long, detailed forms, and limited payment options can scare off a potential buyer. Recent online hacks of prominent retailers can be another deterrent. Even a well-protected eCommerce site that doesn’t display some assurances of data protection can lose customers due to a perceived lack of security.
On the other hand, an online payment page with a simple order form, a prominent security badge, and many different payment options opens the door to a wide range of customers, and makes buying faster and easier. Some customers either can’t, or don’t prefer to pay with traditional credit card methods. An increasing number are using alternatives payment methods including prepaid cards and mobile payment solutions. Online merchants who offer easy payments are in position to benefit from this trend. If you want to increase conversion rates for your eCommerce sites, make it as easy as possible for your customers to buy.
Customers also appreciate the option of being able to pay in monthly installments, especially for large purchases. With the installment plan, customers have better control over their monthly cash flow. Splitit offers consumers the ability to pay in monthly installments, without having to pay any interest, using their existing credit card. The merchant pays a small processing fee for this payment option if he wants to receive payment over time; or if he chooses to receive the full payment upfront, in one lump sum, he will pay a small cash advance fee. But the merchant also reaps the benefits of happier, more satisfied customers.
These benefits can make the difference between a new customer, and an abandoned shopping cart. Online customer conversion is a continuing challenge, but business owners who stay abreast of current trends and new offerings are most likely to have the highest conversion rates. If you are wondering how to increase conversion rates, consider the ease of your customer purchase experience. Streamlining purchase page design, displaying security badges, reducing steps to purchase, and adding varied and innovative payment methods can help you capture more potential sales.