The European General Data Protection Regulation (GDPR) came into effect on May 25, 2018, ushering in a new era of digital privacy across Europe. Although the legislation has been in place for almost a year, there are still many uncertainties and misconceptions around it, particularly among merchants based outside of the EU.
The payments and financial industries are no strangers to digital transformation, nor to the effects that an influx of technologies have on how consumers receive, spend and transfer money. At the first time, sales from smartphones and tablets accounted for 20 percent of total digital commerce sales in the US in Q3 of 2016, up from 16.4 percent for the same period in 2015. Subsequently, TrendForce predicts that total mobile payment volume will soar from $620 billion in 2016 to $1.08 trillion in 2019.
As mentioned in Part I of this blog post series, at some point in our lives we, as consumers, have abandoned our baskets without purchasing anything while shopping online. This process, which may seem harmless from the consumer’s standpoint, is frustrating for an online merchant. They put in a lot of hard work into reaching each customer and losing them at the crucial moments of a checkout can be disheartening. If you put together all these instances of cart abandonment, the business implications can be significant and may require some intervention. The goal of these blog posts is to highlight three reasons why this consumer behavior of cart abandonment occurs and provide constructive solutions that merchants can implement immediately to curb the practice. In the previous blog post, I provided two reasons and solutions help online merchants address this issue. Here’s what we discussed:
As consumers, we’re all guilty of digital window shopping, adding items to the cart and then changing our minds when we get to the virtual checkout. No harm done, right? But for eCommerce companies, there is nothing more frustrating than an online shopper who abandons their cart at that final, crucial stage.
For the third consecutive year, Ingenico ePayments was awarded “Best International CNP Program” at the annual 2018 CNP Awards, which was held in Orlando, Florida.
