More Traffic Doesn't Necessarily Mean More Sales
With more people shopping online, you might think checkout conversion rates would improve. However, global conversion rates fell from 2.37% in the third quarter of 2019 to 2.17% in the third quarter of 2020, which means that more shoppers may not necessarily mean more sales.
If you're not offering the right payment method for the countries or regions you sell in, there's a good chance your customers will bounce before finalizing the purchase. In fact, almost half of all shoppers surveyed in the US and UK said they would abandon a purchase at checkout if their preferred way to pay isn't accepted. That means lower checkout conversions and, ultimately, less revenue.
In most of the world, the payment methods that the payment industry has historically classified as "alternative" are the norm - 77% of all online purchases in 2021 were made using a local payment method, such as bank transfer, wallet or BNPL.
This presentation makes a compelling case for the acceptance of alternative payment methods by any merchant, especially those interesting in expansion into new markets.