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Understanding cart abandonment and how payever Checkout helps generate higher sales.

According to Shopify’s report, total revenue from online transactions in 2024 is expected to surpass $6 trillion globally, following an increase of 8.4% from 2023. Those figures emphasize how the eCommerce business model has become an increasingly lucrative option for businesses.

Despite the fantastic figures and expected growth, eCommerce businesses are, in fact, losing money due to the loss of potential orders. As reported by Baymard Institute, 70.19% of online carts are abandoned—about 70 out of 100 potential customers leave without purchasing.


However, how much would revenue actually increase if businesses converted those sales rather than losing them? If a business is currently making $10,000 monthly in online revenue, turning just 25% of those abandoned carts into sales would result in an additional $45,000 in a year.


Cart abandonment results in significant financial loss for businesses. This article explains why people abandon their shopping carts and what online businesses can do about it, providing insights on how to convert visitors and browsers into customers.

What is cart abandonment, and what causes it?

Cart abandonment occurs as customers add items to their shopping cart without completing their purchase. There are various reasons why this happens, including the unavailability of the right payment methods, expensive shipping fee, long and complicated checkout flow, or simply a change of mind.


Currently, shoppers have the flexibility to choose among diverse payment options when purchasing both online and in-store. In addition to conventional payment methods like card payments and bank transfers, there are contactless payment systems like Apple Pay, Google Pay, PayPal, and other digital wallets that allow them to shop without giving away their card information.


eCommerce stores now have also offered consumer finance and interest-free Buy Now Pay Later (BNPL), whose market value has reached 5% of total online transaction value in 2023, allowing customers to afford larger purchases.

How to recover abandoned carts with payever Checkout

Businesses must understand the importance of offering diverse payment options, considering the Baymard Institute’s data that states 13% of shoppers abandon their carts due to the unavailability of enough payment methods. Additionally, 25% of shoppers stated that they didn’t trust the site with their credit card information.


payever Checkout is a solution designed to enable businesses to integrate and offer various payment options in just a few clicks, with no additional hardware or investment required. This solution also provides quick access to customizable checkout, a feature that enables you to customize the checkout page fully, ensuring brand consistency across all sales channels and platforms.


Discover how you can easily offer multiple payment methods to customers with payever and leverage its built-in payment link generator to enhance payment convenience.

1.   

Offer diverse payment options via payever Checkout.

With payever Checkout, you can offer alternative payment options, such as:

Shopping apps (PayPal)

Digital wallets (Apple Pay, Google Pay)

Consumer finance (Santander Installment)

B2B and B2C BNPL (Zinia, BFS finance, Allianz Trade pay)

Log into your payever account to access our comprehensive dashboard and open the payever Checkout app.

Click Payment Options on the left sidebar and click Add.

You will be directed to the Payments page under payever Connect. Choose any payment method to offer to customers by clicking the Install button under each option.

Once the payment method is successfully installed, click Open and continue with the configurations.

Click the Close button on the top right to return to payever Checkout page.

2.   

Provide convenience and flexibility with Pay by Link.

When accessing payever Checkout, click your business to preview your checkout page. Click the meatballs menu button (one with three little dots) on the top right and below the Back to Apps button.

Click Copy Pay Link to copy and paste the payment link immediately. Please note that the link generated through this option leads to an empty checkout form, meaning that customers need to input their data manually.

Alternatively, you can prefill the checkout form first and

choose Copy Prefilled Link.

Copy and share the payment link with your customers across messaging channels. This allows customers to pay conveniently anytime, anywhere, and from any device.

Conclusion

payever Checkout helps businesses access and offer various payment methods to meet global market change and customer demands. It enables them to minimize the risk of cart abandonment and optimize conversions for higher sales. Through payever’s modern API, businesses can integrate payever’s comprehensive solutions without additional technical costs or costs, optimizing the available resources to drive growth.

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