From small and medium business to international giants like Nestle and Pepsi, Shopify is one of the most popular eCommerce platforms. It’s flexible, easy to get started and has the capability to grow along with your business. According to Shopify’s First-Quarter 2020 Financial Results, Merchant Solutions revenue growth accelerated for the second consecutive quarter, up 57%, to $282.4 million.
If you’re already a Shopify merchant, you have likely been working on optimizing your conversion rate from day one, and might have realized by now that in order to convert traffic into sales, an optimized SEO and a frictionless UX is not enough. Developing the right selection criteria when choosing your payments gateway is critical to achieving your desired checkout results.
To help you do that, we have pulled together some insightful data that will enable you to increase your conversion rate in three ways:
1. Offer Local Currency
From Argentinian Pesos, Brazilian Reais, Nigerian Naira or Bangladesh’ Taka: In a study of 30,000 online shoppers, nearly all interviewees said they “prefer” to shop in their local currency. Even more impressive, one third are likely to “abandon a purchase” if pricing is listed in USD only.
But when it comes to money, currency isn’t the only important fact you need to consider.
2. Consider Payment Preferences
Consumer’s culture matters – a lot: Cash on delivery is the number one choice in India and Egypt, local, alternative payment methods and installments prevail in Latin America. Similarly, enabling domestic credit cards is a must if your target markets include South Africa for instance. Offering the preferred and local payment method will increase your payment conversion rates and uplift your card payment success rates.
Average conversion rates with Shopify are 3-5%.
3. Think Mobile
Over 90% of the Indonesian eShoppers go online via their phone. A similar high number can be seen in other emerging markets. According to Shopify’s Financial Report, purchases from merchants’ stores coming from mobile devices versus desktop continued to climb in the quarter, accounting for 80% of traffic and 68% of orders for the three months ended December 31, 2019, versus 78% and 66%, respectively, for the fourth quarter of 2018. A frictionless, mobile-friendly check out is key to successfully expand your eCommerce into emerging markets.
Last but not least:
Over 54% of eShoppers from Latin America make purchases from overseas retailers. So do 55% of online shoppers in Africa and almost 58% in the APAC region. You don’t need to physically be where your client is, but you should definitely look beyond your own borders and conquer new markets.
Want to leverage sales on your Shopify store? As your Shopify payment gateway we are an essential part of your eCommerce business. Reach out learn more.