Share this Post
Get ahead of the game this shopping season with a simple, secure, smart mobile payment option.
‘Tis the season of giving thanks, turkey feasts, family time, and plenty of shopping! With Black Friday round the corner, merchants – big and small – are busy gearing up. And then, there’s the Cyber Monday, the Monday after Thanksgiving, when ecommerce sales surge and reach new highs.
While everyone is hashing out deals and specials, promotions and discounts to lure customers, are they doing nearly as much to convert them? Or, are some of them forgetting to optimize the shopping experience for mobile? Are they forgetting to add simple, secure and smart payment options like Minkasu – that let their customers pay on any device, using their smartphones – to their shopping carts?
Last Thanksgiving, mobile played a huge role in in terms of both traffic and sales. Thanksgiving 2014 was especially notable for being the first Thanksgiving where mobile traffic to online retailers accounted for more than half of all online traffic [Source: IBM’s benchmark data].
According to a recent comScore statistic, mobile is hot but conversion is cold. 60% of all online retail browsing happens on tablets and smartphones but this translates to only 15% of all ecommerce sales!
Note how tablets and smartphones account for a larger portion of the pie when it comes to retail browsing but it becomes miniscule and substantially shrinks when it comes to actual sales.
Friction at checkout, and lack of robust mobile payment options can be attributed towards low conversion rate on mobile.
High friction at checkout and shopping cart abandonment are serious concerns when it comes to online and mobile transactions. From sites that aren’t optimized for mobile, to mobile apps that rely on convoluted checkout processes, and unwieldy usernames and passwords, perhaps we’re asking the shoppers for too much. Instead of simplifying the checkout process, we seem to be complicating it without realizing it. It is about time to optimize for mobile and turn to smarter solutions that reduce friction and make payment a breeze.
Trends indicate users take the mobile route for research and turn to laptops and desktops for actual purchases. Though a lot of folks attribute this behavior to habit, but as per Cayan report, 88.8% of retailers do not even offer mobile payment options to their shoppers! Adding a mobile payment option, and keeping a unified experience across devices are proven ways of converting “browsing” to “sales” and realizing higher revenues.
An incredible growth rate of 118 percent, per year for the last five years, in mobile transactions should serve as a wakeup call to all ecommerce merchants.
Also, security concerns and fraud are deep rooted in both online and retail transactions. Credits card are getting stolen, and passwords are getting hacked. Wouldn’t it be great if your payment solution let you pay without storing your credit card information anywhere? Or, for that matter let you authenticate with fingerprint instead of passwords? Solutions like Minkasu make use of tokenization where your sensitive financial information is secured by cutting edge patent pending technology.
Imagine, if your customers could use their smartphones to checkout (or pay) across devices! If only the buying experience could be as simple, secure and fast!
On a more serious note, let Minkasu turn this one into an ecommerce (and mcommerce) feast for you! Add the Minkasu payment option to your shopping cart in less than 30 minutes and watch your conversions go up, up, and up.
Interested? Please drop us a note at firstname.lastname@example.org. Cheers!