How digital wallets increase mobile conversion
Written by Zach Kamphuis
Over 63% of all web traffic comes from a tablet or phone - and yet only 40% of all ecommerce transactions are completed on mobile devices. Desktop cart conversion hovers around 26% while mobile is only at 16%. Cart abandonment is significantly higher on mobile. Why is this the case and what can be done about it? To answer these questions, first let’s look at some of the most common reasons why a consumer will abandon their cart.
- 37% abandoned because the website wanted them to create an account
- 28% left because the checkout was too long/complicated
- 19% just didn’t trust the site with their credit card information
- 8% said they were frustrated there weren’t enough payment methods
The takeaway? The two biggest reasons on this list have to do with customers inputing info in fields - a process that is much faster on a keyboard compared to on a phone. The second two have to do with the actual payment methods themselves.
The good news? There is one solution to all four problems, mobile wallets!
Mobile wallets such as Apple Pay, Alipay, and Google Pay allow a customer to execute a 1-Click Checkout.
Mobile wallets such as Apple Pay, Alipay, and Google Pay hold a consumers preferred credit card, billing information and shipping address behind several layers of encryption, and allow a customer to execute a “1-Click Checkout”. A customer using a mobile wallet does not have to spend time inputting data into checkout fields when shopping online, even when they are a first time buyer to a new website. Because a mobile wallet has a customer’s preferred shipping, billing, and payment info securely stored, all of these fields can be auto populated leading to a much faster, and less frustrating, checkout process. Being encrypted, mobile wallets also reassure customers who are concerned with trusting a site with payment details.
Providing a fast, easy, secure solution, mobile payments are one of the easiest and most effective ways to improve your consumers mobile checkout experience and increase your conversion rate. Wineries who implement mobile wallets such as Apple Pay, Google Pay, and Alipay on their websites have a lot to gain. According to the Baymard Institute, the average large ecommerce site can gain a 35.26% increase in conversion rate through better checkout design. If your payment gateway doesn’t support mobile wallets, it may be time to consider switching.
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