WayForPay: On market readiness for one-click shopping
A long registration process, endless forms, input of billing data - the more steps to complete a purchase, the less likely the customer will pay for the product or service on the site. According to the Statista.com study, about 21% of respondents claim that they did not complete the purchase due to the length of the payment process on the site. Internet business gradually simplifies the process of payment implementation, removing unnecessary fields in the payment form, while representatives of the foreign e-commerce market have long been practicing one-click payment.
On the Ukrainian market, buying in one click is not new. Although the advantages of this payment method are immediately visible - this option has not received much use in e-commerce. Among the reasons that can “slow down” the use of the function to maximally simplify the payment process, we can single out:
• The reluctance of the Internet business to make any improvements - basically this problem is inherent in big business, because the work is already established and to make changes in the established process, not everyone wants. Although small and new projects that are just entering the market, they immediately take into account the addition of innovative functionality to their product.
• Testing the options on the site, but due to the intricacies of the implementation, a not entirely successful result was achieved (low conversion)
• Ignorance and misunderstanding of the benefits of one-click payment.
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Subtleties of implementation
One-click payment is realized using “tokens”.
A token is a unique character set that is assigned to a map parameter set. This character set can be used instead of the card's billing data, which allows for the lowest possible probability of data theft by intruders.
Based on the tokens, the buyer can make all repeated purchases on the site in “one click”, without re-entering the card details.
The ideal buying process for a customer is to simply click “pay”.
For Amazon, at one time, the active introduction of purchases in one click was one of the main components of success. In addition, the implementation of simple purchases on mobile devices made it possible to easily solve the problem of long-term entry of payment information, which is inappropriate for mobile devices.
According to Oxygen8 research in 2014, about 56% of respondents said that the implementation of “one-click” payment would motivate you to complete the purchase from your mobile device.
During the active development of mobile commerce, when developing in the WayForPay system, they also took into account the possibility of making purchases on mobile devices in one click - tokens in mobile applications.
Automatic completion of customer’s billing data and even the implementation of a one-click payment without entering a CVV cannot guarantee that the purchase will be completed successfully. Besides the fact that the client may not have enough funds on the card, there may be a problem with the processing of the payment. Therefore, the approach to increase conversion should be comprehensive, and not limited to the introduction of a single innovation, but also take into account a number of tools for the successful completion of payment.
What are the benefits for online business?
As mentioned earlier - to simplify the payment process and increase the level of security of payments. In addition, this is an additional loyalty to regular customers and an increase in conversion, with the right approach to implementation.
Adyen conducted a study to compare the efficiency of purchases in a “one click” and the standard payment process. The flow of payments for buyers was divided in half, 50% went to the standard payment process, the second half of users received the opportunity to pay for the purchase in “one click”. About 1000 payments were analyzed, in 3 countries during the month. According to the results of the experiment, a significant increase in conversion was observed when using the “one-click” payment and about 25% of additional sales compared to the standard purchase.
With the advent of new technologies, customers become more demanding, so maximum customer orientation is convenient and easy to make a purchase that can bring additional benefits to an online business that implements innovative payment solutions on time.
Team WayForPay
On the Ukrainian market, buying in one click is not new. Although the advantages of this payment method are immediately visible - this option has not received much use in e-commerce. Among the reasons that can “slow down” the use of the function to maximally simplify the payment process, we can single out:
• The reluctance of the Internet business to make any improvements - basically this problem is inherent in big business, because the work is already established and to make changes in the established process, not everyone wants. Although small and new projects that are just entering the market, they immediately take into account the addition of innovative functionality to their product.
• Testing the options on the site, but due to the intricacies of the implementation, a not entirely successful result was achieved (low conversion)
• Ignorance and misunderstanding of the benefits of one-click payment.
')
Subtleties of implementation
One-click payment is realized using “tokens”.
A token is a unique character set that is assigned to a map parameter set. This character set can be used instead of the card's billing data, which allows for the lowest possible probability of data theft by intruders.
Based on the tokens, the buyer can make all repeated purchases on the site in “one click”, without re-entering the card details.
The ideal buying process for a customer is to simply click “pay”.
For Amazon, at one time, the active introduction of purchases in one click was one of the main components of success. In addition, the implementation of simple purchases on mobile devices made it possible to easily solve the problem of long-term entry of payment information, which is inappropriate for mobile devices.
According to Oxygen8 research in 2014, about 56% of respondents said that the implementation of “one-click” payment would motivate you to complete the purchase from your mobile device.
During the active development of mobile commerce, when developing in the WayForPay system, they also took into account the possibility of making purchases on mobile devices in one click - tokens in mobile applications.
Automatic completion of customer’s billing data and even the implementation of a one-click payment without entering a CVV cannot guarantee that the purchase will be completed successfully. Besides the fact that the client may not have enough funds on the card, there may be a problem with the processing of the payment. Therefore, the approach to increase conversion should be comprehensive, and not limited to the introduction of a single innovation, but also take into account a number of tools for the successful completion of payment.
What are the benefits for online business?
As mentioned earlier - to simplify the payment process and increase the level of security of payments. In addition, this is an additional loyalty to regular customers and an increase in conversion, with the right approach to implementation.
Adyen conducted a study to compare the efficiency of purchases in a “one click” and the standard payment process. The flow of payments for buyers was divided in half, 50% went to the standard payment process, the second half of users received the opportunity to pay for the purchase in “one click”. About 1000 payments were analyzed, in 3 countries during the month. According to the results of the experiment, a significant increase in conversion was observed when using the “one-click” payment and about 25% of additional sales compared to the standard purchase.
With the advent of new technologies, customers become more demanding, so maximum customer orientation is convenient and easy to make a purchase that can bring additional benefits to an online business that implements innovative payment solutions on time.
Team WayForPay
Source: https://habr.com/ru/post/291464/
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