Venda takes payments international; etailers are stuck in the slow lane; using the right form
Ecommerce solutions provider Venda has launched a payment system that aims to help retailers with their international expansion.
VendaPay, which has launched exclusively with London luxury retailer LN-CC (pictured), offers a suite of interchangeable payment options, such as omnichannel solutions and a ‘pay later’ function. The system gives global customers a localised payment option to allow them to make a purchase in their preferred method and currency.
David Hobson, ecommerce director at LN-CC, said: “Online payments are handled differently across the world and as a retailer with international growth plans, we need to understand these country differences and offer the relevant payment options to our customers. By not offering a certain type of solution, we are needlessly missing out on sales and revenue.”
With support from Danish payment firm Pensio, VendaPay aims to simplify the process. It offers assistance to retailers working with international banks and puts in place fraud prevention measures.
It also gives retailers access to an automated real-time analytics platform from which they can see integrated transaction and payment data from a range of sources such as merchant websites, payment gateways and banks.
Hobson says: “VendaPay offers us a single customisable solution that takes care of the arduous reporting and reconciliation processes that span international markets. Ultimately, it allows us to focus on our business, while offering local solutions in the regions we want to target.”
Retailers fail to get their sites up to speed
Retailers could be losing out on sales due to slow loading of their websites, according to a survey.
Ecommerce consultancy Summit said the industry benchmark for page load time is three seconds, but during peak times 61% of fashion retailers’ websites took more than three seconds to load, with an average speed of 4.63 seconds for their entire sites, according to its survey.
While the average load time was quickest for the home page of sites, when breaking the times down to category and product pages, the loading speeds were slower. The survey showed the average load time for category pages was 4.12 seconds and for product pages it was 5.08 seconds.
In the report, Summit refers to studies by Aberdeen Research Group, which show that a one-second delay in page response can result in a 7% reduction in conversions, an 11% reduction in the number of pages viewed and a 16% decline in reported customer satisfaction. Summit also notes that Google states that a page is considered “slow” if it takes longer than 1.5 seconds to load, which can have an incremental impact on search engine optimisation .
Make sure form-filling doesn’t make your customers switch off
Forms are a vital part of the online buying process, but can often be too long and difficult to complete.
Research that tracked 700,000 form views found that 81% of people who started filling out a form failed to complete it. This poses a significant problem for online retailers and demonstrates that customers tire of online forms very easily.
This figure is even higher on mobile devices and rises to almost 90% abandonment on tablets, so it’s imperative for fashion etailers to ensure their forms work easily on mobile devices. This year, purchases on mobiles will reach an all-time high.
Don’t make people register before checking out - one study found that more than a quarter of customers would abandon a purchase if they were forced to register first.
Shorter forms take less time to fill in and are easier to complete, so think about which fields you can cut out. ‘County’ is often asked for in online forms, but this information has not been used by Royal Mail to deliver parcels since 1996 - the same applies for couriers. Postcode and street address details are sufficient.
Delivery costs are also important to online shoppers. One study found that 73% of customers want free shipping options and 50% would leave a checkout process if faced with unsatisfactory delivery options. Be clear about costs, and offer a free delivery option if possible, even if it takes longer to reach your customer.