Merchants often overlook payment options, resulting in abandoned carts. This episode highlights how offering localized payment methods can significantly boost conversion rates, especially for businesses targeting international markets. It's crucial to align payment gateways with customer preferences in specific regions.
Key takeaways
Before launching in a new market, research the preferred local payment methods; don't assume global major credit cards or PayPal are sufficient.
If you have a high 'add to cart' rate but low checkout conversion, investigate if insufficient or inappropriate payment options are the cause.
Consider offering Buy Now, Pay Later (BNPL) options like Afterpay, Klarna, or similar local alternatives, as they can significantly improve conversion by reducing immediate financial burden.
For certain international markets, particularly developing countries, explore cash on delivery (COD) or local bank transfer options where credit card penetration is low.
Don't just rely on Shopify Payments for all markets; explore third-party providers like Mercado Pago for Latin America, or other regional gateways that cater to local preferences.
In this episode of the Ecommerce Coffee Break, I talk about Shopify's Payment Options and how they impact your conversion rate. On the Show Today You’ll Learn: What problems the wrong payment options causeOverview of different payment options in ShopifyHow to choose the right payment option for your storeAnd more!Got A Question You Want Answered On the Podcast? Ask your questions or let me know if there is a topic or guest you’d like to hear from in the comments below or click here to visit ...
Frequently asked about this episode
What does this episode say about conversion rate optimization?
Before launching in a new market, research the preferred local payment methods; don't assume global major credit cards or PayPal are sufficient.
What does this episode say about international ecommerce?
If you have a high 'add to cart' rate but low checkout conversion, investigate if insufficient or inappropriate payment options are the cause.
What does this episode say about payment processing?
Consider offering Buy Now, Pay Later (BNPL) options like Afterpay, Klarna, or similar local alternatives, as they can significantly improve conversion by reducing immediate financial burden.
What does this episode say about conversion rate optimization?
For certain international markets, particularly developing countries, explore cash on delivery (COD) or local bank transfer options where credit card penetration is low.
What does this episode say about conversion rate optimization?
Don't just rely on Shopify Payments for all markets; explore third-party providers like Mercado Pago for Latin America, or other regional gateways that cater to local preferences.
