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Which payment methods are chosen by consumers? Role of online payments in your shop

10 Dec 2021 15:34|Conotoxia.com

The coronavirus pandemic has profoundly affected many areas of life. It defined where and how we do the shopping and pay for it. To keep a social distance, the use of contactless payment methods is promoted, as well as placing orders without even leaving home. Which online payments are today's consumers favouring, and how it might affect your shop?

According to the report "Digital Payments 2020", prepared by the Polish Chamber of Electronic Economy, as many as 27% of people declare that they are much more likely to make purchases online due to the coronavirus pandemic. Visa data also confirmed the increased demand for online shopping. In September 2020, the number of online transactions using Visa payment cards was as much as 25% higher than in the same period of the previous year.

More and more consumers decide to shop online not only for safety reasons. They value the option of quickly comparing offers from many shops and choosing the most attractive one. They decide to shop online because they can do it anywhere at any time.

For online shops, this is an almost perfect situation. They can exploit the growing interest in e-commerce to gain new customers, especially those who, before the pandemic, bought mainly in stationary shops. However, it is important that the shopping process is simple, safe, and intuitive. This will be helped, among other things, by the wide availability of popular online payment methods.

Which payment methods are chosen by consumers?

Online payments available in your shop - more important than you think

An attractive price, low delivery costs and previous positive experiences are the main factors that influence the choice of a given online shop, according to the "E-commerce in Poland 2020" report by Gemius. When deciding to make a purchase, consumers in Poland also pay attention to the easy way of payment, i.e. the possibility of paying by card and fast online payment systems (20% of respondents), as well as the variety of available payment methods (20%).

Which payment methods are chosen by consumers?

The user-friendly payment method is slightly more appreciated by men who shop online. On the other hand, multiple payment methods are more important for women. By age group, the ease of payment is most valued by consumers aged 25-34. A wide range of payment methods is important for slightly older shoppers aged 35 and above.

What happens if it is the first time a consumer visits a shop's website? What influences their conviction about the credibility of a sales platform? Most respondents point to reviews of the e-shop. Another vital factor is the possibility to cash on delivery and clear information about returns and complaints. Consumers pay attention to the shop's presence in rankings and comparison sites, as well as the variety of available payment methods. As many as 21% of those surveyed say that they consider a shop trustworthy when it offers payment methods they are familiar with.

Which payment methods are used most frequently?

A shop should offer a variety of payment methods. Especially important are those most preferred by customers. The consumer may choose a competitor's offer if they cannot find their favourite payment method on the list of payment methods.

However, when analysing the most common payment methods, it is important to separate purchases made using a computer or laptop from those made directly on a mobile device.

Quick transfers through a payment service are the most popular choice for the first group. According to the "Digital Payments 2020" report carried out in Poland, as many as 35% of people who made an online purchase on a computer chose them in 2020. Consumers value the convenience of such a solution and the lack of the need to rewrite data for a transfer.

BLIK payments, which are also particularly popular in Poland, play a crucial role in consumers' choice. This method was already chosen by 26% of the surveyed. So it is worth making sure that this way of paying for the order is available in your shop. You can quickly enable it within the Conotoxia Pay system.

Other preferred methods by consumers in Poland include traditional bank transfer with the need to enter an account number (22%), payment by card on delivery (19%), cash on delivery (18%) and payment in cash on delivery in a shop (18%).

As many as 17% of the surveyed decided to pay directly by card when placing an order. Thus, a shop should offer such a possibility and accept cards popular abroad (not only Visa and MasterCard but also Bancontact, Cartes Bancaires, Diners Club, Discover or JCB - you will find them all in the Conotoxia Pay service).

Which payment methods are chosen by consumers?

Customers are also choosing to pay online using Google Pay and Apple Pay, methods available through Conotoxia Pay.

Growing interest in mobile shopping

In 2020, 23% of online shoppers happened to place an order via a smartphone. In contrast, 17% indicate that they sometimes buy online on a tablet. Therefore, the role of payments tailored for mobile devices is ever more important.

In Poland, it is BLIK that dominates on smartphones, used by 27% of respondents. People who do their shopping on their phones also choose fast online transfer (27%) and traditional transfer (25%).

The situation is similar on tablets, although the proportions are slightly different here. Quick online transfer (24%) and traditional transfer (20%) are the most popular choices, followed by BLIK (19%).

Consumers in Poland also often use payment cards or choose cash on delivery when placing an order in both cases.

Choosing the right payment provider

The significance of properly selected payment methods available in your shop is even more important than before in times of increased interest in the e-commerce sector. To attract new customers, one must offer them their favourite ways to pay for an order, as seen in a research run in Poland.

If you want to internationalise your business in addition to your home market, it is essential that you adapt your methods to the specifics of each country. It will also be helpful to pay in multiple currencies with an attractive exchange rate upon conversion, which will enable your customers to pay for their order in their preferred currency.

The most popular methods and the ability to accept payments in dozens of currencies are offered by the Conotoxia Pay system, which you can enable in your shop in a few simple steps without an activation fee. It also offers some of the lowest commissions on the market: BLIK 0.7%, online transfers 0.9%, and payment cards from 1.1%. Regular partners can also count on attractive discounts.

Which payment methods are chosen by consumers?

Start using Conotoxia Pay !

10 Dec 2021 15:34|Conotoxia.com

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