9th April 2024
Travel merchants are constantly working on plans to cater to the payment preferences of travellers in a particular market. While doing so, they also must not offer too many payment options at the time of the checkout. They need to understand how many is too many.
This, according to payment specialists, is vital on many counts.
From customer experience perspective (CX), when presented with too many options, it may unsettle the travel shopper, and eventually disengage them. Too many options are akin to a cluttered situation, resulting in confusion and hence cart abandonment. One-fourth of shoppers generally point out that the same increases the complexity in the checkout process, and then they don’t complete the transaction. Other than UX, security and brand trust can get negative impacted.
Also, managing the same can be too costly. Integrating multiple payment options and running them is far from an ideal situation.
Preparation
Work has to be done right from understanding the target segment (demographics, purchasing habits etc.), working on thorough cost-benefit analysis, market analysis (regulatory environments, currency exchange risks and so on), evaluating the payment-related trends (technological advancements, adoption trends, and changing customer preferences), and also assessing relevant metrics on an ongoing basis. Also, how a merchant is underlying its commitment towards data protection and #security of the chosen payment method.
It is important to work with payment tech specialists to dynamically show shoppers the most relevant payment option. It is based on experimentation, A/B test and custom targeting rules.
The checkout flow needs to be simple and exact. One of the aspects is being spot on with how one wishes to pay.
So how many payment options are ideal on any travel checkout page?
Hear from experts at the upcoming #ATPS2024 in London (22-23 May):
By Ritesh Gupta, Ai Events
