Ensuring consumers have a seamless payment experience is key to securing loyalty. In light of this, Stripe, the financial institution for businesses has added new features to its optimised checkout suite. As a result, organisations will see a growth in their revenue.
The latest developments to be added to the Stripe checkout suite include more payment methods for consumers, and supporting one-click checkouts. It also includes a no-code A/B testing tool for businesses to evaluate how different payment methods perform.
As these developments are being built on an already existing platform, they can seamlessly be integrated into a business. Firms don’t need to stress about added features as it is all part of the same package. It combines pre-built UIs with accelerated checkout options and a wide range of payment methods. Furthermore, it adds controls that allow businesses and platforms to quickly fine-tune the checkout experience for their customers.
“What is the perfect checkout experience? It’s one where any legitimate customer, anywhere in the world, can complete a purchase in just a few seconds using their preferred payment method—and which requires minimal engineering effort from a business to build or maintain. That ideal may not quite exist yet, but thanks to the efforts of thousands of payments engineers at Stripe, we’re getting closer by the day,” said Abhinav Tiwari, product lead for Stripe’s optimised checkout suite.
- Access to more than 100 payment methods. Now includes RevolutPay, Mobile Pay, US bank transfers, and Swish. Additionally, the optimised checkout suite dynamically presents customers with the most relevant payment methods from among more than 40 options. It uses algorithms trained on billions of data points. For example, the Payment Element suggests Cartes Bancaires to Parisians buying goods in Japan, but Konbini to Tokyoites buying locally.
- An A/B testing tool. This allows businesses to rigorously identify the best-performing payment methods in their checkout and make data-driven improvements over time. Creator platform Thinkific found through an A/B test that offering buy now, pay later increased average order value by 36 per cent.
- The Express Checkout Element. This allows users to display multiple one-click payment buttons (such as Apple Pay, Google Pay, or Link) with a single component. Payment methods are dynamically presented in the order most relevant to a customer. It shows only the ones supported by the device or the browser a customer is using. Research shows that businesses with Link enabled see a meaningful boost in conversion.
River Island case study
Multi-channel fashion retailer River Island adopted the optimised checkout suite in order to help modernise its fragmented payments system. The goal was to display the most relevant payment methods for customers around the globe. Soon after implementation, River Island saw a four per cent improvement in its credit card authorisation rates.
According to Stripe, this is just the beginning as River Island anticipates significant revenue gains this coming year.
“Over the first 12 months of our partnership with Stripe, we will capture millions more value in sales than we previously would have,” said Emily Haddrell, digital product lead at River Island.
Last-mile revenue opportunities
The internet is riddled with bad checkouts. A shocking number of purchase flows underperform both consumer expectations and business needs.
Stripe research found that 99 per cent of the leading e-commerce sites make five or more basic errors in their checkout, impeding the ability of customers to complete a purchase. Sixty per cent of online shoppers said they’ll abandon a checkout that requires more than two minutes to complete. The average checkout takes more than three—and 85 per cent of consumers said they would do the same if their preferred payment method were not offered.
Stripe research found that businesses that migrated from an older Stripe integration (the Card Element) to the optimised checkout suite saw a 10.5 per cent increase in revenue.
Image and article originally from thefintechtimes.com. Read the original article here.