The holidays are here and for many of us that means reflecting on what worked and where there is room for improvement in the new year. You may have started a list of New Years Resolutions like: going to the gym more, cutting out that fifth cup of coffee, being nicer to your mom, you get the point. But this is also an exciting time to reflect on where we succeeded in the workplace, and how we can improve to hit higher conversions in 2017. We put together a list of our top seven tips to get your butt into payments gear come January.
1. Mobile Wallets
If you’re not sick of hearing us talk about mobile wallet yet, you should probably spend more time on our blog. But seriously, these one click shopping solutions are drastically changing the future of eCommerce. From PayPal to Apple Pay, Masterpass, and Visa Checkout, there is no shortage of wallets to help your customers checkout with ease. One of our favorite articles from this year offers the full scoop on the importance of mobile wallets and how to integrate them to your payment offerings.
2. Reduce PCI Scope
PCI compliance is a pain, but it’s a necessary evil to maintain a secure checkout experience. The benefit of working with a good payment gateway reducing some of your PCI burden. With options like hosted fields and tokenization, reporting APIs, and more, your gateway can take on a greater portion of the PCI responsibility. This frees you up to care about the things that really matter, like driving more business to your site, and making the most of that new gym membership.
Fraud can’t be a major hindrance to the success of your business. Especially around the holidays with a larger than usual volume of sales. Remember when Soulja Boy’s hover board sensation fell victim to fraud and ended causing him much more of a headache than expected last holiday season. But fraud is important all the time. That’s why we went on the Fraud360 tour with Kount to spread knowledge about how to fight against eCommerce fraud. We’ll be hitting the road again with Kount next year, but in the meantime, you can learn more about merchant configurable fraud solutions here.
4. Go Global: Loco for Local
LATAM is quickly emerging as a prosperous market, but it’s not the only up and coming global eCommerce opportunity. When it comes to maximizing global eCommerce, you’ll want to focus on providing a localized experience. Local languages, payment types, and currencies will reduce friction in the checkout process, improve customer confidence, and lead to a higher payment conversion rate.
Everybody loves a good Sunday Farmer’s Market, but Marketplaces are quickly becoming a bigger player in the eCommerce world as well. From Google Play to the Apple Store, Uber and Etsy, and of course Amazon, we spend much more of our time in marketplaces than we did in years before. Are you making the most of your current partners and ecosystem? Selling compatible products on your site and having your partners do the same can be hugely beneficial to your sales numbers. It’s time to bring the neighborly market feel to eCommerce.
6. Payment Declines
Payment declines are a drag. There’s no other way to say it. Thanks to Intelligent Payment Routing, you can route transaction to local banks where they have the highest likelihood of being approved. Get Wicked Smaht and kiss false declines goodbye in 2017.
We saved the best for last here, subscriptions. If you’re not offering them, start! And if you are offering them start offering more options. Subscriptions are especially vital for SaaS platforms. When you have a high ticket transaction item, you’re likely to lose shoppers if you don’t offer subscription models. A shopper may really need your platform and not be able to afford an $1000 expense, so break it up to start converting more. Furthermore, a robust subscription engine enables higher customer retention, and less missed payments.
We hope these tips will help you hit higher conversions in 2017. From all of us at BlueSnap, cheers to a Happy New Year!