Rethink your refunds, perfect your payments

A checkout with only the option to pay by card just won’t cut it anymore. Shoppers crave more payment options and they will take their business elsewhere if a retailer doesn’t offer alternatives.

Unsurprisingly, when online shoppers make a return, they want their money refunded faster. But the refund process influences how shoppers feel about a brand more than you may have realized, affecting not only their initial decision to shop with that brand but their long-term loyalty as well. Increasing the speed of refunds, for example, could lead to 58 percent of shoppers spending more, and 56 percent shopping more frequently. That’s a spending uplift from over half of an online retailers existing shopper base.

Addressing payment pain

The survey results show that brands need to streamline user experience around several key stages of the customer journey. Payments are one of the most effective tools for driving e-commerce growth, with 77% of survey respondents stating that choice at the checkout influences their decision to shop with an online retailer.

A 2018 research report by Trustly

People want more choices

61 percent also want more payment choices when shopping online. Getting this step right, and avoiding abandoned baskets at the checkout stage, has the potential to make or break your business. As adoption of direct online bank payments continues to grow in Europe, over half of survey respondents, even in card-orientated markets such as the UK and Denmark, are demanding a bigger choice of payment methods.

A 2018 research report by Trustly

So, have we caught interest now? Read on to learn more about shoppers’ attitudes towards online payments and actions you can take to boost satisfaction and, ultimately, your bottom line.

Download our report HERE.

  • e-commerce