Credit score and debit playing cards nonetheless dominate the eCommerce enviornment, but various fee strategies akin to digital wallets and purchase now, pay later (BNPL) plans have gained recognition as on-line fee choices. Key the explanation why embrace the benefit and comfort they supply. In consequence, most eCommerce retailers prioritize providing digital wallets and BNPL to satisfy this shopper demand — and retailers will take into consideration switching fee processors if they can not at present settle for sure fee strategies, knowledge reveals.
In the present day, 80% of retailers settle for digital wallets akin to Apple Pay, Google Pay and PayPal, whereas 40% present BNPL choices. The recognition of those fee strategies and the comfort they supply are vital elements greater than half of retailers think about when including various fee strategies to their on-line platforms. Moreover, greater than 4 in 5 retailers surveyed report out there fee strategies are vital when selecting a funds processor, with one-third saying it’s an important issue.
Knowledge within the report means that providing various fee strategies, together with digital wallets and BNPL, can instantly affect retailers’ conversion charges. These strategies improve eCommerce conversion greater than different checkout options, together with subscriptions and visitor checkout.
Learn the December 2024 report back to study extra about BNPL and digital wallets in eCommerce, and:
- Discover how aligning fee strategies with buyer preferences boosts satisfaction and retention
- Uncover why retailers rank fee range as the highest processor choice issue
- See how various fee strategies enhance eCommerce conversion charges
- Perceive the function of other fee strategies play in serving to small retailers succeed
Obtain the report:
How Providing BNPL and Digital Wallets Can Drive eCommerce Gross sales Development
The report incorporates essential info for retailers trying to prosper in as we speak’s aggressive eCommerce enviornment. Ten charts of insightful knowledge uncover the rising recognition of BNPL and digital wallets and the way providing these various fee strategies helps to extend conversion charges. Obtain the report back to study extra about how eCommerce retailers profit from providing various fee strategies akin to BNPL and digital wallets.
Concerning the Report
“How Providing BNPL and Digital Wallets Can Drive eCommerce Gross sales Development,” a PYMNTS Intelligence and Adobe collaboration, explores the rising want for eCommerce retailers and their fee processors to allow web shoppers to make use of fee strategies akin to digital wallets and BNPL when making purchases. We surveyed 102 executives at companies that promote on to customers by way of eCommerce channels between Sept. 25 and Oct. 10 on how assembly shopper demand for various fee strategies helps them develop their companies. Our respondents included companies in manufacturing, wholesale commerce or retail commerce that generate annual revenues starting from lower than $25 million to greater than $100 million.
