Could Your Customers’ Emotional State Trigger Them To Abandon Shopping Baskets?
Optimising your payment journey for conversion involves a range of factors. From the payment methods provided, to website loading times and the number of steps in the process. What is not always considered is the emotional state of customers and how that might impact on conversion rates.
While merchants have no control over external factors, such as a customer having a bad day or celebrating good news, they do have control over the payment journey. As such there may be ways to make it a more positive experience, or at least not compound your customer’s bad mood!
A stressful payment journey when a customer is already stressed, distracted or too busy, can result in cart abandonment: whereas a positive experience can build loyalty and returning customers. In this post we explore how you can optimise online payments for different emotional states.
How Is Your Customer Feeling?
There are clues that merchants can use to gauge their customers’ emotional states. Paying a bill, particularly a large sum such as for taxes, rents or fees, is not likely to rate as a ‘feel-good’ transaction for most consumers. It may be non-negotiable but that customer may be feeling stressed because of the financial outlay, and they not perceive any reward for spending that money.
Therefore, any friction in the payment process is likely to add to their stress and that might cause them to abort the transaction. While merchants may have other methods to ensure payment, the additional admin involved in chasing late payments and processing costs such as accepting cheques is not welcome.
Any merchant that processes online payments for these kinds of services or fees should ensure friction is kept to a minimum. Offering recurring payments – where regular payments are taken from a credit or debit card, like a standing order or direct debit – can help to ensure your organisation gets paid on time, and reduce the costs associated with late payments.
Large value payments need to balance customers’ security concerns with a streamlined payment process. Using prefilled forms is an effective way of helping customers through the payment process, minimising the amount of data they need to enter, whilst still ensuring important authentication tools protect their payment. Entering a CV2 or CVV2 code is not a significant friction point if all other payment card details have been automatically entered.
What Device Are They Paying With?
The device your customer is using to make a payment is also an important factor in their emotional state. Payments through mobile apps and browsers can have high cart abandonment rates because of the circumstances customers use them in. Someone standing in a queue at a coffee shop may decide to use their time productively to purchase a product or make a payment, but if the payment journey is slow they may have reached the head of the queue before finishing the transaction.
Mobile payments must balance speed and convenience with security concerns, ensuring that customers can checkout quickly before being distracted by other events. Tools that remember the customer’s basket are important here, providing another opportunity to complete the transaction when the customer has more time.
Build Loyalty By Playing On Emotions
Payments for consumer goods and services, even those ‘feel good’ purchases, are also affected by emotions. Spontaneous purchases need a payment process that is also quick and easy to use, otherwise you risk losing that sense of spontaneity and your customer might have second thoughts. Merchants also have a great opportunity to build customer loyalty by capitalising on emotions. From the language used through the payment journey, to thank you pages and order confirmation emails, merchants can build on positive emotions surrounding making purchases.
Gender and generational differences also play a part with men more likely to become frustrated with online payment processes, whereas older people are generally more patient and prepared to follow each step to complete their transaction. Knowing exactly who your customers are and optimising the payment journey for your buyer personas can have a very positive impact on conversion rates.
Spending money is an emotion experience, so get in touch with your customers’ emotions to ensure your payment journey is optimised for successful transactions!
For further support contact your PSP or speak to our payment experts. Call 0333 240 6000 or email [email protected]