Running an online sporting goods store means more than just selling great products; you need a smooth checkout process to close the deal. A shocking 13% of shoppers abandon their carts simply because their preferred payment method isn’t available. That’s a lot of potential revenue lost. The solution? Offering diverse and convenient payment options that cater to modern customer needs. Here’s a breakdown of payment methods you should consider and how to implement them.
Why do shoppers leave their carts?
Should your store accept all major cards?
How do digital wallets help shoppers?
Are digital wallets replacing traditional methods?
What’s the benefit of Buy Now, Pay Later?
What is biometric payment?
Why are bank transfers becoming popular?
How can you reduce cart abandonment?
How do you diversify payment options?
Do better payment options build loyalty?
Credit and Debit Cards: The Basics You Can’t Ignore
Credit and debit cards remain the top choice for shoppers in the US, and for a good reason. They’re easy, trusted, and widely accepted. Major players like Visa, Mastercard, American Express, and Discover dominate the market, and shoppers expect your store to accept them. For big-ticket items like fitness equipment or camping gear, credit cards also offer benefits like installment plans and rewards, making them a go-to option.
Your move: Work with payment processors like Stripe or PayPal that accept major cards and provide a seamless checkout process. It’s a simple way to cover the basics and win customer trust.
Digital Wallets Are Changing the Game
Digital wallets like PayPal, Apple Pay, and Google Pay are becoming increasingly popular, with 53% of consumers preferring them over traditional methods. These wallets make online shopping fast and secure, perfect for busy parents buying sports equipment or adventurers needing gear on the go. They reduce the checkout time with simple one-click payments, which shoppers love.
How to adapt: Make sure to incorporate digital wallets into your checkout options. Most modern payment gateways support them and make integration quick and easy. Don’t forget to highlight this payment feature during checkout for maximum visibility.
Buy Now, Pay Later (BNPL): A Growing Must-Have
If you’re not offering Buy Now, Pay Later services, you might be missing out. Platforms like Klarna, Affirm, and Afterpay allow customers to split their payments into smaller, manageable chunks. These services are ideal for higher-priced items, like paddleboards or top-quality gym gear. BNPL made up 5% of global e-commerce transactions in 2022 and is on track to grow at a remarkable 16% annual rate through 2026.
What to do next: Partner with BNPL providers and make these options clear on your product pages. Highlight how customers can buy now and pay later to make larger purchases feel more achievable.
Keeping an Eye on Emerging Trends
Staying ahead of the curve matters in e-commerce, and emerging payment trends like biometric payments and direct bank transfers are worth watching.
- Biometric Payments: Think fingerprint scans or facial recognition. These technologies make checkout faster and more secure, and though they’re still new, companies like Amazon are already using them in retail.
- Direct Bank Transfers: These are gaining traction for their low fees and high security. With services like Zelle and Plaid, customers can pay straight from their bank accounts without involving card companies.
Your strategy: While biometric payments are still in their infancy, direct bank transfers are a practical option you can implement now. They’re budget-friendly and appeal to shoppers who prioritize security.
Fighting Cart Abandonment
Cart abandonment is a common headache for e-commerce businesses, and one of the biggest culprits is the lack of preferred payment options. When shoppers can’t find their go-to method, they often leave without completing their purchase.
How to fix this:
- Use a payment orchestration platform to easily manage multiple payment gateways and offer more variety.
- Optimize your site’s checkout for mobile users. A frustrating mobile experience can lead to drop-offs.
- Assure customers with trust signals, like security badges for your payment methods. These help reassure nervous buyers.
Plan for a Winning Payment Strategy
Whether you’re catering to pro athletes or weekend warriors, a strong payment strategy can set your sporting goods store apart. Here’s a quick action plan to get you started:
- Diversify Your Options: Accept all the big credit cards, add digital wallets, and include BNPL solutions for ultimate flexibility.
- Educate Buyers: Show customers the benefits of each payment option, like the convenience of digital wallets or the affordability of BNPL on big purchases.
- Stay Updated: Keep up with innovations like biometrics and direct transfers. Early adopters often gain a competitive edge.
- Leverage Insights: Track which payment options your customers use most and adjust your offerings accordingly.
Final Thoughts
The checkout process is a pivotal moment for your business. Offer payment options that prioritize convenience, security, and flexibility, and you’ll build customer trust while boosting sales. Remember, the easier you make it for shoppers to pay, the more likely they are to come back. Align your payments strategy with customer needs, and you’ll not only reduce cart abandonment but create a loyal customer base in the process.
Are you ready to enhance your store’s payment experience and make every checkout a win? The time to act is now.
