In the ever-changing digital payments industry, things can shift in an instant. Consumers have access to more new, enhanced technology than ever before, which has given them more purchasing power in the digital commerce marketplace. Some mega-merchants have optimized their checkout flows to eliminate every possible millisecond, spoiling buyers with very fast transaction flows. This development has turned a lot of consumers into impatient shoppers, unwilling to wait even an additional second during a digital transaction.
Consumers can also, while they’re shopping or even while they’re checking out, compare prices to another similar merchant in a matter of seconds. The result is, consumers are more informed and impatient today, which has led to an increase in cart abandonment, where a consumer abandons a transaction because they’re forced to wait longer than they think they should have to, or because they find another similar merchant offering better deals.
For startups, while there are a lot of different things to worry about, cart abandonment and consumer satisfaction should be at the top of the list. A slow, tedious, friction-filled checkout process can chase consumers away from any merchant’s online store, and can be the difference between success and failure. Since they have more information and options than in the past, consumers will find other merchants who can satisfy them if their original merchant fails to do so.
In the past, consumer loyalty was largely based on products and promotions and, while that’s still true today, there’s more that goes into it now, notably the consumer experience during digital transactions. If a consumer enjoys their experience, and finds it to be easy and seamless, there’s a good chance that they will return to that merchant in the future. There’s a reason that Amazon has become one of the preferred online destinations for consumers in the last few years, and it may have more to do with their checkout experience than their products.
Of course, startups don’t have the same level of resources to pour into the digital experience, but that doesn’t mean they can’t implement a solution to help optimize the consumer experience. Cardinal Consumer Authentication (CCA) is an authentication solution that can do that, and more. By utilizing better, enhanced data and allowing business owners to create their own rules, CCA can authenticate most consumers in an instant, which will expedite the checkout experience. With One Connection to Cardinal, we can Drive your Digital Commerce.
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