Nenad Crnčec
About 50% of consumers frequently use their mobile devices to shop, but only 20% complete the transactions on their phones, according to a new whitepaper from Braintree, a payments company owned by PayPal. A 100-millisecond delay in load time can decrease conversion rates by 7%.
Digital commerce has brought dramatic change. Retailers can pinpoint consumer preferences, engage across multiple channels, while expanding into new markets. The payment process is where it all comes together and where shoppers are most likely to walk away if the experience is not seamless. As a result, retailers must consider making payments a top priority.
Mobile devices are the key to understanding where payments are headed, and how they need to be fine-tuned. This is happening now as 58% of consumers use their phones to browse e-commerce apps or websites, and 38% do so at least once a week, according to Braintree. It is even more important for the future as 85% of younger consumers, especially those 25 to 34 years old, are more engaged with their phones while shopping, and 85% of them use their mobile devices to browse the Internet, reported Braintree.
