The content of this article is provided for informational purposes only. You should always obtain independent business, tax, financial, and legal advice before making any business decisions.
Digital innovations are shaping how people shop and pay in exciting ways. But keeping up with these customer expectations? Challenging.
PayPal wants to help merchants to understand and tap into these trends to power growth. So we asked IDC Research to survey 8,000 consumers and 247 small- and medium-sized businesses (SMBs) across Europe.1 Shoppers revealed the pet peeves behind their abandoned online carts. Merchants shared innovations that help them to boost efficiency, revenue, and conversion.2
The research findings were clear: Streamlined payment platforms are central to creating superior experiences for shoppers and merchants alike.3 Surveyed merchants already using these platforms are seeing compelling results:
It’s simple. Consumers want a fast, hassle-free, secure online checkout experience.7 Amongst those surveyed:
Addressing what matters most to customers can enhance customer loyalty.11 No surprise. It can also help increase conversion rates and revenue to drive business growth.12
Businesses can help to meet these evolving customer expectations by implementing innovative payment solutions.13
Amongst the surveyed merchants, 83% are already using or planning to implement modern payment platforms in the next 12 months.14 And they’re targeting these key areas for improvement:
Expanded global payment capabilities. Let customers pay with their preferred payment method. Across borders. Include credit and debit cards, digital wallets, invoicing, and buy now, pay later options.15
Optimised payment processes. Offer an accelerated checkout. Shoppers value speed, security, and simplicity.16
Enhanced reporting and analytics. Get better insights into business performance to stay nimble.17 Bonus: It can free up time to focus on future growth.18
Improved customer support options. Satisfy shoppers with responsive customer support.19 They’re happy? They’re more likely to come back. And bring friends.20
Cutting-edge payment platforms can save you time, reduce manual work, supercharge growth, and increase profitability.21 With no significant upfront investment.22
Want to upgrade to a next-gen payment platform? Consider these areas:
Leverage technology. Choose omnichannel payment solutions that can help to improve payment processing efficiency and offer robust data security.
Reduce friction. Speed up your checkout experience. Eliminate hurdles that may cause shoppers to abandon carts. Look for trusted, 1-and-done solutions that simplify and accelerate the checkout process for both you and your customers.
Adopt innovative payment solutions. Customers expect their preferred payment methods. And there are many.23 Full-stack solutions can help you to offer diverse, secure online payments, including credit cards and digital wallets. It’s what customers increasingly demand.24
Success in today’s complex market requires merchants to take a strategic approach to payment operations.25 The IDC InfoBrief findings show that investing in payment innovation can be a great place to start.26 Seamless omnichannel payment solutions give customers the type of shopping experiences they want.27 And they improve merchants’ payment success rates, conversion, and revenue opportunities. All of which can help to power growth.28
Learn more about how PayPal Open can help you to get paid, get growing, and get ahead.
Read the SMB Payment Advantage IDC InfoBrief.