mCommerce Insights

Fighting Cart Abandonment: Shopgate Introduces Credit Card Scanner

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The in-store credit card swipe is so easy. Swipe. Pay. Go. That swipe allows me to almost separate myself from the buying process, to both my benefit and detriment.

Online shopping has spawned a new generation of payment obstacles. Specifically, typing in credit card numbers is a huge bummer. And this problem becomes even more troubling on a mobile device. I rely heavily on autocorrect for my mis-taps and this is not an option for credit card information (which is probably for the best). Often during checkout, I’ll get an error message or two before actually completing my order just from the pure, unadulterated, millennial tapping carelessness. And I might be stretching here, but that extra tap to get to the numbers screen on my mobile keyboard – brutal.

Cart Abandonment: The E-Tailer Nightmare

It‘s estimated that 69% of all online shopping carts are abandoned, and some experts have estimated that this number could be much higher. And 46.1% of cart abandonments occur at the payment stage. In fact, four of the top five reasons users bail on the checkout process stems from the logistics of entering their information.

It’s clear consumers have little interest in manual entry. Considering estimated missed revenue for 2016 due to abandoned carts is approximately $4 trillion, this is no small issue. However, according to a recent BI Intelligence report, about 63% of this revenue could be recoverable by a more savvy retailer. Which is why Shopgate is now offering a way to streamline the payment process for our clients, to minimize the occurrence of money being left on the table.

Introducing Shopgate’s New Credit Card Scanner

Shopgate now offers merchants an in-app credit card scanner. Instead of manually typing in credit card information, customers will be able to use their mobile device’s camera to scan the card to populate their payment information. Your customers no longer need to worry about the frustrations of typing in the numbers on their credit card - your app will do it for them.

Benefits:

Easy-to-implement and easy-to-use
Shopgate’s credit card scanner is automatically integrated into your mobile app and website payment process. The scanner is triggered by the user with an additional button above the payment form labeled “SCAN CREDIT CARD”. The scanview will guide the user on how to place the card and once numbers are recognized, the scan will automatically freeze, collect the necessary data and prefill the form.

Trackable in Google Analytics 
Within your Google Analytics account, you’ll be able to see the usage count per day, per shop and per platform. And data will be captured in the app each time a scan is started, canceled and fully scanned. 

Increase conversions and revenue
Replacing manual entry of payment data decreases the amount of time your consumer puts into the checkout process and decreases cart abandonment. Customers will be motivated to complete their purchases, improving your conversion rate and increasing revenue. 

Increase customer retention 
Customers crave an easy and seamless checkout process and appreciate the merchants that provide one. Shopgate’s credit card scan button is intuitive, providing a better mobile payment experience that will keep your customers coming back.

Shopgate uses the unique access we have to our large and diverse community of retailers to gain industry insights and provide the most useful tech updates to our clients and the best mobile shopping experience for their customers. And since cart abandonment is such a prevalent issue, we also provide a streamlined login process and one-touch payment options. Did I mention we integrate with Apple Pay? Well, we do, but that’s a story for another post. 


Sources:
http://www.businessinsider.com/e-commerce-shoppers-abandon-carts-at-payment-stage-2016-3
http://www.businessinsider.com/heres-how-retailers-can-reduce-shopping-cart-abandonment-and-recoup-billions-of-dollars-in-lost-sales-2014-4
http://baymard.com/lists/cart-abandonment-rate

Samantha Deese

Written by Samantha Deese

Product Marketing Manager | Samantha knows the Shopgate product suite from the inside out. With a diverse range of experience in the marketing world, her previous clients include Carl’s Jr., Hardee’s, Hallmark Cards, Disney, NBC Universal and Toyota. A perpetual explorer and avid reader, Samantha's curiosity for all things is expansive.