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The challenges of optimizing the closing phase in eCommerce [Breakfast4eCommerce]

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December 17, 2022

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Only a month has passed since we launched our new intimate event in breakfast format, the Breakfast4eCommerce. But, the M4Cquinaria (I had to say it like that, I couldn’t resist) doesn’t stop, and to end this week in style we have returned to the fray with its second edition. This time we do it hand in hand BBVA and Mastercard to address the challenges of optimizing the closing phase in eCommerce.

Challenges and perspectives of the critical process par excellence in eCommerce: the checkout

At 9:30 a.m., in the Zénit the Venue space located in Madrid, we met with no less than 15 professionals from the eCommerce world to exchange opinions, reflect and nourish ourselves with knowledge, addressing the keys that surround one of the critical phases of the sales process. sale: checkout. The session was moderated by our director, Ruben Baston and the participants were:

Borja IribarneCEO of ProfessorCBD
Elizabeth OrtizClicars Marketing Manager
Fadela HamzaCMO of Kiabi Spain
Philip MartinCEO of Galileo61
Irache MorrásEcommerce Manager BBVA
Jose GomezBrand Manager of Joselito
Juan GarridoGame Ecommerce Manager
Lola Garau, Ecommerce & marketplaces Manager of Black Limba
manel becerraEcommerce Manager BBVA
Martha PaneraHead of Marketing & Communication at Foreo
Miguel Angel LopezCEO of Tudecora
Pol GomezSezamo CRM Manager
veronica lopezUnode50 CDO
Victor JuarezCEO & Founder of My Art Store
Yago OteroStrohm Teka digital controller

The rise of payments with Bizum and how it is having an impact on sales

If we must be clear about something, it is that we must avoid by all means the feeling of frustration in the buyer, since this can demolish in an instant all the previous work that has cost us so much and that has pushed you towards us. Being the least pleasant part for the client, you have to spend the money and no matter how much you want what you are going to pay, there is always a certain thorn, we must try to make it as transparent and friction-free possible.

Faced with this challenge of optimizing payments in the closing phase, he could not avoid talking about the boom in payments with Bizum and how it is having an impact on sales. Data on the table, it was commented on how the stores that offer to pay by card and with Bizum are appreciating that, on average, 20% of the online payments they receive are through Bizum. It was also mentioned that offering this payment option was benefiting reduce abandoned carts and boost sales thanks to the ease and immediacy it provides.

Likewise, it was wanted clarify the question regarding the limit amounts that Bizum allows, since there is still some confusion. Despite the fact that this service was born between individuals, as we know, it has extended to reach the eCommerce world, and the conditions of some are not the same as those of others. The limit of money that can be sent by Bizum as a payment for a product is much higher than as a payment between individuals.

On the other hand, another sales model that is beginning to grow in Spain is the subscription. The facilities provided by being able to subscribe to a product and pay for it in installments, distributing the cost, helps increase conversion and there are already several eCommerce that have opted for it.

And, of course, if we talk about avoiding friction, we couldn’t stop talking about the sacred omnichannel. Connect all channels through one omnichannel strategy It is something that we must apply to offer the customer a smooth journey that covers everything: online sales, physical store, loyalty programs, etc.

Fact verification is becoming more accepted, but fraud remains a concern

One of the concerns most shared by brands regarding the time of payment is to avoid fraud and non-payment. To overcome this problem, verification has become a great ally and the buyer is increasingly used to going through the authentication step. So there is less conversion loss and it is less and less seen as an effort.

However, online scammers are finding new ways to try to undermine security and get hold of our bank details. Given the measures to reinforce the security of payment platforms and companies, consumers have been directly attacked. The phishing is an example of this, fraudulent messages are the order of the day and we must be careful to protect our data.

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