How to expand your digital offering globally? 6 proven payment strategies
Any successful online business owner knows that a smooth and well-optimized e-commerce store focuses relentlessly on the customer journey. This includes a friendly and quick checkout process and security measures that avoid risk and fraud while minimizing friction.
When it comes to payments, there are a handful of best practices that any merchant can follow to ensure a seamless experience for customers.
Here are a few best practices to help merchants capture and engage more consumers, while driving revenue and customer loyalty.
Localize the customer experience
Every successful online store must focus on building an end-to-end frictionless experience – from the initial product landing page up through the “thank you” page and beyond.
To minimize cart abandons when selling globally, it’s important to display the page in the customer’s language and adjust the currency to match the geographical location. Some consumers may be hesitant to buy using foreign currency, so it’s important to show the product in the customer’s native currency whenever possible.
The checkout page also should ask only for the information that the store really needs. Note that some countries have regulations demanding additional information at checkout.
High-performing online merchants know that good customer experience doesn’t end with the purchase. For many digital goods businesses, a free trial with pre-authorization can help to scale and capture new users, since customers have more time to decide if they’re going to keep the subscription or not. This also helps to reduce chargebacks.
Adapt to local payment preferences
E-commerce makes it easier than ever to expand to new markets, many of which don’t require a local business entity in order to make sales and acquire new customers. But to be successful, localization is critical.
This, of course, extends to payments. To capture conversions and win new customers, merchants must offer payment method options that reflect the preferences of each market where they hope to do business. By offering the online payment methods that customers know and trust, businesses can improve their conversion rates across both domestic and international markets. This includes alternative payment methods, which often vary by market.
For merchants, the most efficient way to offer the necessary range of payment methods in different markets is by partnering with a payment gateway who can provide instant access to global and local payment method options around the world. PayU’s global payment solution provides a single worldwide connection to hundreds of local, global, and alternative payment methods, helping merchants to offer a seamless and localized checkout experience no matter where the location of their customers.
Prioritize mobile payments
The importance of mobile payments shows no signs of abating – Gen Z and Millennials already convert more via mobile than any other generation, with mobile payments playing a particularly important role in the payment landscape in many emerging markets where smartphones are the primary means of internet access.
With mobile devices accounting for a particularly large share of digital goods and content consumption, optimizing for mobile is one of the most essential ways for digital content businesses to generate higher conversion rates.