High Volume of Stalled Carts Causes Concern as COVID Brings An Explosion In Ecommerce

High Volume of Stalled Carts Causes Concern as COVID Brings An Explosion In Ecommerce

Gerhard Oosthuizen, CTO at Entersekt, shares with The Paypers key takeaways on understanding and solving ecommerce’s biggest obstacles in the COVID-19 era

While many businesses have floundered during the pandemic, the regulatory response has created an environment for tech companies to flourish. Unsurprisingly, in a time of lockdown and restrictions, ecommerce has boomed.

According to Adobe, online shopping in the United States achieved between four and six years’ worth of growth in just a couple of months in earlier 2020. April and May saw more online spend than the 2019 holiday season, by far the most important six or so weeks in American retail.

Experience tells us that once a customer successfully downloads and uses an ecommerce app, they are unlikely to return to their previous method of transacting. The convenience of using the app helps to convert the unsure and undecided.

Obstacles remain, however, and there is a high rate of transaction failure. To sustain growth, we need to understand and solve the challenges that lead to incomplete transactions. As pandemic restrictions are lifted and people can move more freely, their shopping options will increase, which means a higher rate of people than usual may shift back to previous transaction habits.

There is an urgency, therefore, to understand and solve ecommerce’s biggest obstacles.

User experience is key 

An obvious but crucial point is the importance of user experience. The modern digital consumer expects sophisticated, slick, and safe user experiences, accessible anytime, anywhere, and on any device.

It seems, however, that many experiences are falling short. Consider these numbers from Ethoca:

  • nearly two-thirds of abandoned carts (65%) occur because of friction;
  • due to fraud controls, USD 146 billion in card-not-present purchases are declined each year;
  • yet of these transactions, more than half (52%) were not fraudulent.

These are significant numbers and represent a substantial loss of sales valued around USD 100 billion every year. Losses are probably considerably more, however, as after a card is declined, 64% of customers will abandon the transaction, and 80% will tell a friend about their negative experience.

An enhanced, elegant user experience, one that engages the customer and helps to solve any issues that arise during the transaction, is required.

Several operators are currently working towards a solution, but as they tend to differ on their definition of the problem, routes vary. Let’s examine the different options.

 

All roads lead to Rome; some will get you there quicker 

EMVCo, the global technical body that facilitates worldwide interoperability and acceptance of secure card payment transactions, along with the payment networks, champions three options: Tokenization

By converting sensitive cardholder information into a unique digital identifier, this creates a token that can then be used instead of a card, which helps to protect the primary account numbers. A unique number is provided for each environment, and the card number is limited.

Should the token be fraudulently acquired, it can only be used for the intended recipient. Tokens can be issued either through an issuer wallet, a third-party wallet or a card-on-file.

3-D Secure

Secure is an authentication vehicle, a messaging protocol that enables issuers to authenticate consumers during online shopping. It provides a layer of security that reduces fraudulent transactions, prevents unauthorised use of credit and debit cards online, and protects merchants from exposure to fraud-related chargebacks.

Click to Pay 

A relatively recent rollout by EMVCo, card information is secured on the users’ profile who can then choose which card they want to use for the transaction as they would in a real-world situation, with no need to enter a password or card details.

Click to Pay aims to offer a simple, seamless, and safe user experience that saves the customer time. The interface is standard across the web and mobile sites, apps, and devices.

Other operators and options include:

Payment Request API 

The Web Payments Working Group (WPWG) consortium controls the standards of payments across the internet. With its Payment Request API, the WPWG aims to standardise communication across merchants, browsers, and payment methods by providing a single, stable, and consistent API for developers.

Merchants can create a controlled and standardised checkout experience for all payment types, not just card payments.

 

FIDO with WebAuthn 

Entersekt, along with Microsoft, Google, Amazon, and Facebook, belongs to the FIDO Alliance, which stands for Fast IDentity Online.

We have long supported its drive to banish inconvenient and weak password-based security, and we expect to see a rapid surge in interest following a recent announcement by Apple that it will fully support the new FIDO2 authentication protocol too.

The way forward: cooperation and collaboration

The most significant potential lies in collaboration, and we see the beginning of alliances between groups, such as the relationship between the World Wide Web Consortium (W3C) and FIDO to enable WebAuthn.

There is also a W3C, FIDO, and EMVCo working group that is currently discussing, allowing merchants to submit FIDO tokens.

However, while there is overlap, and operators are talking to each other about common ground, specifications remain quite varied. Banks and merchants may struggle to understand which options work well together and are best suited to their needs.

It will require expert knowledge of the market, the various solutions, and the future of ecommerce, and it is best to work with a specialist.

This Expert Opinion was published in our Fraud Prevention in Ecommerce Report 2020/2021, the go-to source in securing transactions while offering a frictionless customer journey.

Source  https://thepaypers.com/expert-opinion/covid-brings-an-explosion-in-ecommerce-but-high-volume-of-stalled-carts-causes-concern–1246

How to Add Products in Woo Commerce

How to Add Products in Woo Commerce

Once you’ve gone through the WooCommerce setup wizard, you’re ready to add products in WooCommerce to start selling to your customers.

And I have good news: adding products in Woo Commerce is something anyone can do, even if you haven’t used WordPress before. But you still might want a helping hand to create your first product, which is what this post is focused on.

Below, we’ll show you step-by-step how to add your first Woo Commerce product and properly configure every little product detail.

Let’s jump right into the tutorial…

How to add a product in Woo Commerce

After installing Woo Commerce, open your WordPress dashboard and go to Woo Commerce > Products. Then, click the Create Product button to create your first product.

 

This should launch the WordPress editor that you’re already familiar with…but with some new additions.

1. Add product title and description

Enter the name of the product in the title section. Next, complete the description for your product. You’d want the description (more specifically, long description) to explain the advantages of a product. You can even use bullet points to improve the readability of this section.

Not sure what to write? Here’s a product description template 👈

When writing the title and description, make sure to optimize them for organic keywords. If you want to use semantic keywords on the product page, add it in the long description.

2. Choose product type

Depending on what you’re selling, Woo Commerce lets you use different product types. You can choose from four core product types:

  1. Simple product – It is the default. This type of product is common among WoCommerce store owners. For instance, a one-size-fits-all hat.
  2. Grouped product – A grouped product is usually for combining simple products — for instance, a pack of five t-shirts.
  3. External/Affiliate product – If you have a dropshipping business, or an affiliate based store, you can use this option to link the “Add to Cart” button to an external page.
  4. Variable product – A product that offers multiple variations like colors, sizes, etc. For example, a t-shirt where shoppers can choose between “Small”, “Medium”, “Large”, etc.

You also get two additional options to modify those four core product types:

  1. Virtual – This option is for those who are selling an online digital product that doesn’t require a shipment.
  2. Downloadable – You can enable this if there’s a downloadable file associated with the product. For example, an eBook or audio file.

To make this choice, you can use the drop-down and check boxes in the Product data box, which appears just below the WordPress editor where you added the product description:

For the rest of this tutorial, we’ll use a Simple product. The process is generally the same for other product types – you’ll just get a few additional options.

3. Fill out the product data meta box

Once you’ve selected your product type, you’ll need to fill out the rest of the details in the Product data box. You can use the tabs on the left to navigate between different sections.

General tab

Under the General tab, enter the price for regular and sale price.

The sale price is for when you decide to run a discount campaign. Otherwise, shoppers will see the regular price.

Below that, select the tax status – whether or not the product is taxable. If yes, select the tax class.

Inventory tab

WordPress is not only great for starting a dropshipping store but also to create an inventory based eCommerce store; all thanks to Woo Commerce.

The Inventory tab helps you effectively manage stock. The SKU, stock status, and other options will be there by default. But if you don’t see it, make sure to enable the stock management option by going to WooCommerce > Settings > Products > Inventory.

Here, SKU is a unique identification number available on every product or service. This keeps the products distinctive and simplifies inventory management. You can either assign the SKU manually or use a WordPress plugin to generate unique SKUs.

You will notice an option saying “stock management on product level”. If you haven’t checked it, then you will have to update the stock manually. However, if you check the box, the Woo Commerce stock management system will automatically show the product.

  • Enter the number of pieces available in the stock quantity, and it will auto-update.
  • Allow back orders if the product is being manufactured and will be available soon.
  • The low stock threshold will notify you when the product’s stock goes below the threshold.

Shipping tab

In the Shipping tab, you can control important details about a physical product for shipping.

Enter the weight of the product and dimensions.

There’s an option called shipping class. Shipping rates vary due to weight, service type, and other reasons. The shipping class group the products based on weight limits.

For instance, in a shipping class, you can group products weighing 15 ounces together and use a particular shipment service. Then you can arrange heavier ones and ship them with priority mail, etc.

Linked products tab

Linked products are recommendations to improve store revenue. There are two ways to accomplish it; you can either link similar products on the product page that your customers might like (cross-sells).

Or, you can recommend more expensive products with better features, i.e., add more value to the product (upsells).

Attributes tab

Attributes will help you set things like color options, sizes, and more. Attributes and variations go hand in hand with each other. To add attributes, consider this guide on adding variable WooCommerce products.

Advanced tab

The Advanced tab can be used for adding a purchase note that appears after placing an order.

You can also select the custom ordering position for the item and check the box to enable customer reviews.

4. Write an engaging short description

Once you fill out the Product data box, scroll down a little to the Product short description box.

The short description usually appears at a prominent spot on your single product page. The longer description that you entered above will usually display further down, though it depends on your theme.

Here’s an example of the Woo-Commerce description vs short description from the ShopIsle theme:

You’d want your short description to be 2-3 sentences and not more. The short story is picked up more often by the search engine and is essential for your WooCommerce store’s SEO. A little copywriting and keyword optimization will give you an excellent short description.

5. Add some finishing touches

Congratulations! Your product page is almost ready, provided you followed the above steps. Before you publish the product, add the following using the sidebar on the right:

  • Product categories and tags – Categories and tags help you organize products. Your shoppers will also be able to use categories and tags on the front-end of your store to find products. Try to make them logical and useful for your target customers.
  • Product image – Add the main image of the product. This will be the largest image on the single product page and will also appear on the catalog page.
  • Product gallery – You can add extra images that appear in the gallery on the single product page.

6. Hit the publish button

Once you double-check that all of the product details are correct, you can hit Publish to make your product live, just like you’d publish a blog post.

Here’s an example of what your product might look like on the front-end, though the exact design depends on your WooCommerce theme:

Once you have set up a product, you can use the same template for the next one. Just use the copy to a new draft link below the publish box on the right sidebar.

Do you have any questions about how to add a product in WooCommerce? Leave a comment and let me know!

Source: Click Here