In a world where we are surrounded by things that help us to do everything faster: clean faster, cook faster, get to places faster, work faster, get deliveries faster, consumers have become accustomed to having everything at their disposal fast. It is therefore no surprise that 21% of respondents in a Baymard research have stated that they have abandoned a checkout because of a “too long/complicated process”.
A wide variety of tools exist for making the checkout process quicker
Merchants possess a variety of tools to make their checkouts faster and simpler, including reducing the number of steps needed to make a purchase, optimising the payment page and offering guest checkouts, among many others.
Optimizing your website is great. Leveraging readily available customer data is better, which is why many merchants have resorted to offering eWallets as a payment option in order to boost conversion rates because of their high adoption rates as well as their ease-of-use.
What is an eWallet? A fantastic source of customer and payment data
The eWallet, also known as a digital wallet, is a software-based service that saves its user’s personal (e.g. email, address, phone number) and payment information, which can be used to make purchases online and offline using a phone or computer. The most popular eWallets available on the market today are Apple Pay, Google Pay, PayPal, Samsung Pay, and Amazon Pay.
How to check out using an eWallet?
Checking out with eWallets is extremely easy. Thanks to the information contained in eWallets, any eCommerce website can offer to its customers an easy 1-click checkout that can be done in under a minute from their very first visit.
Below is an example of a 1-click checkout shopping journey for a new or existing customer using Google Pay on mobile:
eWallets are gaining in popularity quickly across Europe
The number of eWallet users in Europe is growing rapidly. Between 2017 and 2020, the number of eWallet users in Europe increased from 35 million to 52 million. Statistics show that the upward trend is expected to continue in the coming years, with the number of users exceeding 65 million by 2023; a great opportunity for merchants who have not yet opted for eWallets.
A fragmented market that requires the deployment of multiple eWallets
The eWallet market is a highly fragmented market that requires the deployment and management of multiple eWallets if a merchant wishes to maximise their impact. According to a study by Statista, the 6 most popular eWallets (PayPal not considered) in France used for in-store purchases are Apple Pay (41%), Google Pay (35%), Paylib (28%) and Samsung Pay (21%). These preferences are largely driven by the smartphone’s platform (iOS v. Android) as well as geographic location of the user (Paylib is a popular French-only eWallet). Evidently, there is a great advantage to activating multiple eWallets in order to reach a greater number of eWallet users.
A large impact on mobile with up to +20% in mobile conversions
Mobile users are generally less patient than their computer counterparts and less willing to undertake a payment if it involves several steps or if it is too long and difficult.
Paying with eWallets is especially easy on mobile because all of the checkout steps have been cut out. As a result, many eCommerces that have integrated eWallets report significant uplifts in their conversion rates, with some reporting up to 20% greater mobile conversion rates.
PayWax makes offering and managing multiple eWallets easy and impactful
While deploying eWallets on eCommerces is definitely worthwhile for any merchant, eWallets can quickly become complex to manage, especially with regards to the:
- Certification by and compliance with eWallet providers
- Management and creation of a customer account
- Real-time management of other flows of information (e.g. delivery options)
- Integration of the merchant’s payment service provider
- Maintenance of eWallets’ APIs, which are constantly being updated and require permanent monitoring as well as regular technical updates
The PayWax - Smart eWallet Checkout Selector PrestaShop module integrates in a single module the ensemble of eWallets (Apple Pay, Google Pay, PayPal, Amazon Pay) and takes care of all of these constraints for you. PayWax’s proprietary algorithm sources data from customers in real time in order to select and display the best eWallet for each customer in order to offer a tailored purchase experience designed to maximise conversions (up to +20% mobile conversions).
Visit www.paywax.io to learn more about our solution and ask for a free demo for your website.