A recent study by Dito CRM and Opinion Box highlights that 55% of consumers already know what they want to buy on Black Friday, one of the most important dates of retail. In the survey, 43% of people say they intend to spend more than last year. Still according to them, e-commerce is the favorite platform, with 43% of individuals using it exclusively in 2023. However, even with these encouraging numbers, the retailer needs to be careful. Because there are so many payment methods available in the market, the customer can exchange a company for your favorite competitor.
A survey by Adobe in partnership with PYMNTS points out that 70% of consumers heard say that the way to pay greatly influences when choosing which virtual store to make a purchase. “This can lead to one of the biggest nightmares for retailers: the abandonment of cart in e-commerce. In this phenomenon, the consumer selects the products that interest him, puts in his virtual cart, but, when it comes to paying, gives up the purchase of”, explains Walter Campos, general manager of Yuno, global payment orchestrator. Study of E-TP Radar shows that this index reaches 8213 Brazil.
In addition, data from Yampi indicate that one of the main reasons for cart abandonment occurs is when the customer is ready to close the order and does not find his favorite payment method.“Among the losses that this entails, we can highlight the loss of direct revenue, reduction of conversion rate, impact on brand reputation and threatened competitiveness”, explains Walter Campos. The executive also points out another problem that haunts online retail: refused purchases, especially in situations where the consumer is good. According to Signifyd, about 52% of Brazilians have already gone through this situation.
To overcome these problems, Walter Campos draws attention to a new technology available in the market: payment orchestration. With enough traction worldwide, retailers can, through it, select in a single screen which payment methods they want to offer their consumers, all at a click away. “These platforms also use dynamic routing, technology that selects the best ways for a purchase to be made. Thus, if an acquisition is denied in a provider, the system makes an automatic attempt, increasing the chances of” approval, explains the professional, highlighting that the solution also acts with the main anti-fraudes of the market, avoiding the most common scams on the date.
With this, consumers have an improved experience on the platform, because they find there their favorite payment methods and, of breaking, have a higher rate of approved purchases. With this, they can become regular customers and leave positive reviews, which, according to Opinion Box and Dito, is essential for Black Friday, since 59% of people usually seek satisfactory opinions on Google before obtaining products.“In addition, the orchestration of payments allows an expansion of a certain retailer to new markets, providing international payment methods and even those considered quite alternative.
