A recent study by Dito CRM and Opinion Box highlights that 55% of consumers already know what they want to buy on Black Friday, one of the most important dates in retail. In the survey, 43% of people claim that they intend to spend more than last year. Still according to them, e-commerce is the favorite platform, with 43% of individuals using it exclusively in 2023. However, even with these encouraging numbers, the retailer needs to pay attention. Due to the existence of so many payment methods available in the market, the customer can switch a company for its competitor if they do not find their favorite option there
A survey by Adobe in partnership with PYMNTS indicates that 70% of consumers surveyed say that the payment method significantly influences their choice of which online store to make a purchase. "This can lead to one of the biggest nightmares for retailers: cart abandonment in e-commerce". In this phenomenon, the consumer selects the products that interest him, add to your virtual cart, but, when it's time to pay, "give up on the purchase", explain Walter Campos, general manager of Yuno, global payment orchestrator. A study by E-commerce Radar shows that this index reaches 82% in Brazil
Furthermore, Yampi's data indicates that one of the main reasons for cart abandonment is when the customer is ready to complete the order and cannot find their preferred payment method. "Among the damages that this causes", we can highlight the loss of direct revenue, reduction of the conversion rate, impact on brand reputation and threatened competitiveness, explain Walter Campos. The executive also points out another problem that haunts online retail: rejected purchases, mainly in situations where the consumer is trustworthy. According to Signifyd, about 52% of Brazilians have already gone through this situation
To dribble around these problems, Walter Campos draws attention to a new technology available on the market: payment orchestration. With significant traction worldwide, retailers can, through it, select on a single screen which payment methods you want to offer to your consumers, everything a click away. These platforms also use dynamic routing, technology that selects the best paths for a purchase to be made. Thus, if an acquisition is denied at a provider, the system makes an automatic attempt, increasing the chances of approval, explain the professional, by highlighting that the solution also works with the main fraud prevention tools in the market, avoiding the most common scams on the date
With that, consumers have an enhanced experience on the platform, because they find their favorite payment methods there and, on top of that, have a higher rate of approved purchases. With that, they can become regular customers and leave positive reviews, what, according to a survey by Opinion Box and Dito, it is essential for Black Friday, since 59% of people tend to search for satisfactory opinions on Google before obtaining products. "Furthermore, the orchestration of payments allows a certain retailer to expand into new markets, making international payment methods available and even those considered quite alternative. "This contributes to a more democratic market", finishes Walter
