A new study by Stripe, a financial infrastructure platform for businesses, reveals that most visited e-commerce sites in France make payment errorscausing frustration for customers and loss of revenue for businesses.
Stripe studied 1,600 top e-commerce sites and surveyed 1,600 consumers about their online shopping preferences.
This report, entitled The state of checkouts in 2022“, demonstrates how improving the checkout process is a simple and effective way to increase sales as merchants face an economic downturn.
When payment causes commercial sites to lose sales
Online shoppers expect a quick checkout process and terminate it if they are not satisfied.
This way, 51% of French shoppers say they abandon a purchase if the checkout process takes longer than 3 minutes, although this is precisely the average length of this process.
Only 52% of e-commerce sites allow French customers to register their payment method. one-click payment for your future payments, which would expedite future purchases.
85% of e-commerce sites in France make at least five mistakes that complicate the checkout process:
- 23% of French websites allow an attempt to pay with an expired card;
- 74% do not display security logos on their checkout page;
- 82% do not track customers who abandoned their cart;
- 86% do not up-sell (or up-sell) customers during checkout;
- 41% do not cross-sell (crossed sale), while 82% of French people say they are likely to add a product to their basket following a cross-sell or up-sell strategy.
Payment options matter
While most sites offer multiple payment options, these are often the wrong ones.
For 97% of French consumers, it is important that a website offers the most common payment methods while 82% often abandon cart if preferred payment method is not available.
In France, 20% of e-commerce sites do not offer customers to pay with a credit card (CB), which is still the most popular payment network in the country.
In addition to card payments (CB, Visa, Mastercard, Amex), the French favor the bank transfer (16%), direct debit (11%), and finally Apple Pay (8%).
PayPal is offered by 83% of merchant sites.
The configuration “buy now, pay later” (Where BPNL: Buy now Pay later) offered by Klarna, Alma and Clearpay, among others, is also increasingly popular.
51% of French people say they are more likely to complete a purchase if a BPNL offer is availablewhile 90% of French e-commerce sites still don’t offer them.
Mobile payment, a blind spot for e-commerce
48% of French consumers prefer a mobile phone to a PC or laptop to browse and buy products online.
However, 6% of websites are not yet adapted to a mobile interface, while the payment process can be optimized for all screens.
It is therefore interesting to note that 17% of French websites have at least one classic mobile optimization error.
Among these errors we find the non-support of Apple Pay and Google Pay in 97% of cases, but also the impossibility of displaying a numeric keypad to enter payment card information on the mobile for 13% of the websites .
Almost three quarters of French consumers (72%) also say they use social networks to do your shopping online.
Facebook, YouTube and Instagram are the most used platforms for shopping, with more than 43% of customers using them.
Omnichannel and Subscription Strategies: Growth Opportunities
In France, 72% of e-commerce sites claim to have adopted an omnichannel strategy, offering customers the possibility to book a product online and pay in store (click and collect), or pay online and pick up the product in store (pay and collect).
This is the highest participation among the European countries analyzed.
online subscriptions they are also opportunities for companies to retain their customers and thus guarantee a regular income.
In fact, 76% of French people say they subscribe to (and therefore pay for) an online service, including 60% of them to consume media or entertainment online.
Errors in the payment process are still present: 21% of the subscription sites analyzed thus presented at least three errors in their transactional process (which, however, represents an improvement over the 41% recorded in 2021).
4 out of 5 French customers (80%) also experienced a negative event that dissuaded them from purchasing a subscription service.
23% of respondents were prevented from subscribing when they were unable to manage the online subscription on their own (for example when they need to speak to an agent to cancel/modify their subscription) and 28% cited not being told when the price of their subscription service changed.
Also, only 43% of subscription sites offer a free trial and 20% offer no long-term commitment, many missed opportunities to attract new customers.
Finally, 31% of subscription sites require manual address entry, which can create additional restrictions and extend the payment term.
“An error-prone payment process is like driving with the handbrake on: it’s avoidable and it slows down your business. Fixing payment errors is easy and generates more revenue instantly. »
comments John Collison, co-founder and president of Stripe