What Do More Payment Options Mean and Why Online Retailers Need to Have Them

If you are a frequent online shopper, you may have noticed that over the years, there are more and more options for you to make an online payment. The variety of payment options given to a customer can be one of the key factors of success in the online shopping industry nowadays. The reason behind the growing number of payment options is the trend of changing payments preferences among the customer base. Those preferences are being influenced and shaped by both financial institutions and disruptive FinTech startups. The variety of options improve a customer’s shopping experience, leading to a lower rate of abandoned carts and higher sales of a higher volume.

The US Commerce Department reported more than 15% growth in Web purchases in 2014 with Web sales volume reaching $305 billion. Along with the growth in e-commerce, the payment industry offers more and more services to gain share in the space. The variety of options are ensuring frictionless, secure and convenient shopping experience when shopping online. PayPal, gift cards, prepaid cards, Google checkout and a variety of other options led to the expan ...