Nowadays, online retailers must deal with a problem known as abandoned carts. This happens when a user who has added items to the cart decides to leave the online store without finishing the transaction. According to SaleCycle data, the abandonment rate is 84.98%. This means that out of 100 carts created in a store, only 15 ends in a purchase.
Due to the rise of ecommerce, consumers have many options for the same product with similar characteristics. A good value for money, an attractive web design, a fast-loading speed, or a wide variety of payment methods, can be some of the triggers for a customer to decide to buy in your store.
But, sometimes, people can be indecisive and leave the website without having made the purchase, having products stored in the cart. A good strategy to attract these potential customers back to your business, to make them complete the transaction is the pay by link. This technique consists of creating a link that the merchant sends by SMS or email to redirect the user to the store’s website.
In this way, retailers can remind users that they were interested in one or more products and allow them to quickly redirect them to the website to complete the process and make the purchase. With this remarketing strategy, the retailer will be able to improve its conversion rate. According to SaleCycle data, cart abandonment emails have a conversion rate of 24.18%, which shows that this payment method is a strategy that can increase sales.
Sipay, a global payment gateway, offers merchants digital payment solutions, including pay by link, which has the following features and advantages.• Allows the merchant to make payments without the physical presence of the customer, by sending a link to the payment form to the user, from where he/she can finalize the acquisition.
• Thanks to the recovery of abandoned carts, companies can improve their conversion rate, which will allow them to increase sales and, consequently, profits. By sending a link reminding user that they were interested in a product, consumers return to the website and complete the purchase by proceeding to the payment of the carts deposited in their shopping cart.
• This solution is a tool to eliminate friction in acquisitions. Companies can implement the strategy of sending the purchase link at specific times, analysing, for example, the times or days of the week when they are more willing to pay and when their pain of paying is lower.
• Personalization is one of the points that users value most when making a purchase. The customer wants to feel valued by the brand and even be part of it. Due to the increasing variety of offers of the same product, users have come to value additional aspects to the product itself, such as the creation of a careful and personalized design. Pay by link allows you to create forms adapted to the brand, so that the look & feel does not go unnoticed by the customer, and in turn gives the business greater visibility.
At a time when customers are becoming increasingly demanding when it comes to making purchases, businesses need a fast, efficient, and secure solution that not only allows them to make sales, but also to recover those that have fallen by the wayside.
Not only do businesses need to have a wide variety of products and services, but they also need to cope with the many options that exist in the marketplace. Devising several strategies, such as reminding customers that they were once interested products, can be a good way to get them to finalize that acquisition.
Times have changed and with them the way in which we deal with expenses, whether they are large or small. Both in physical and online shops, new payment methods and solutions are the perfect ally