A recent study conducted 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 in retail. In the survey, 43% of people say they intend to spend more than last year. 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 pay attention. Because there are so many payment methods available on the market, the customer can switch from one company to a competitor if they do not find their favorite option there.
An Adobe survey in partnership with PYMNTS indicates that 70% of consumers surveyed say that the payment method significantly influences their choice of which online store to make a purchase from. This can lead to one of the biggest nightmares for retailers: cart abandonment in e-commerce. In this phenomenon, the consumer selects the products they are interested in, places them in their virtual cart, but when it comes to paying, they abandon the purchase, explains Walter Campos, general manager of Yuno, the global payments orchestrator. The E-commerce Radar study shows that this rate reaches 82% in Brazil.
Additionally, data from Yampi indicates that one of the main reasons for cart abandonment is when the customer is ready to place the order but cannot find their preferred payment method. "Among the damages this causes, we can highlight the loss of direct revenue, reduction in conversion rate, impact on brand reputation, and threatened competitiveness," explains Walter Campos. The executive also points to another problem that haunts online retail: rejected purchases, especially in situations where the consumer is trustworthy. According to Signifyd, about 52% of Brazilians have experienced this situation.
To overcome these problems, Walter Campos draws attention to a new technology available in the market: payment orchestration. With significant global traction, retailers can, through it, select on a single screen which payment methods they want to offer to their customers, all at the click of a button. "These platforms also use dynamic routing, a technology that selects the best paths for a purchase to be made. Thus, if a transaction is denied by a provider, the system automatically attempts again, increasing the chances of approval," explains the professional, highlighting that the solution also works with the main anti-fraud tools on the market, preventing the most common scams on the date.
With this, consumers have an enhanced experience on the platform, as they find their favorite payment methods there and, additionally, have a higher rate of approved purchases. With this, they can become regular customers and leave positive reviews, which, according to surveys by Opinion Box and Dito, is essential for Black Friday, as 59% of people tend to look for satisfactory reviews on Google before purchasing products. "Furthermore, payment orchestration allows a retailer to expand into new markets by offering international payment methods and even those considered quite alternative. This contributes to a more democratic market," concludes Walter.
