Will Apple Pay and Amazon Mobile Payments Boost Your Mobile Conversions?
One thing that has been holding back mobile conversions for some businesses has been the payment methods. Along with security concerns there is a functionality issue as well for quickly and easily entering credit card numbers and address verifications. Now with two new options out there, will Apple Pay and Amazon Mobile Payments boost your mobile conversions?
Why should you care?
Generally speaking, conversation rates on smartphones lag far behind online sales on tablets and desktop computers. While plenty of people will browse via a smartphone, closing the deal is another story entirely.
The primary reason is very straightforward; convenience. Most checkout processes include entering your name, a 16-digit credit card number, expiration dates, a CVS code and then billing address information. That is a lot of typing on a small screen, so much that for most people it only happens if they have to order it right then or have no other method.
On top of that there are security fears to go with those visual and technical input issues. How can these mobile stores ensure the safety of your credit card information over often public networks? Combined together, those reasons represent a hefty 80% of those people who won’t make a purchase from a smartphone.
That is a lot of business to potentially lose out on, as you have the highest chance to convert a sale when a shopper find what they want or think they want; strike when the iron is hot is not just lip service.
One-touch purchase power
The concept of a one-touch purchase has been around for a little while but is finally being implemented in a way that should be embraced by a large enough demographic to matter. Amazon Payments along with Apple Pay joins PayPal as a simple, convenient and effective way to make payments online that provide their own security to help reduce concerns over people stealing your payment information.
For those who might doubt how many potential customers would utilize these payment options consider that combined those three companies have a little over 1.2 billion customers. While the lion’s share come from Apple via iTunes Store accounts, that is still a tremendous number of people who already have access to that one-touch purchasing power. When you add to that how much more comfortable the current generation is with e-payment options you can see the potential this represents.
The bottom line
Both Amazon and Apple just announced the rollout with both looking to take advantage of the holiday season in 2016. That means if you also offering online purchasing of any type on a mobile site, it is a good time to consider adding this type of option as well.
Currently it is estimated that over 160 million people in America will shop on their smartphone this year, however based on 2015 statistics, less than 1% will actually complete that transaction which is roughly 2% behind the PC completion rate.
Rather than risk missing out on any of those 3.2 million customers, it makes sense to make some upgrades to your checkout options and let Apple Pay and Amazon Mobile Payments boost your mobile conversions.