In the fast-paced world of online shopping, the phrase "window shopping" has evolved into its digital counterpart – "cart abandonment." In 2022, the average shopping cart abandonment rate soared to a staggering 78.1% across various industries, leaving retailers and business owners wondering how they can combat this disheartening trend. Let's delve into the reasons behind this phenomenon and how Gala Technology's innovative SOTpay is revolutionising the payment landscape.
The year 2022 witnessed a significant rise in shopping cart abandonment, with an average rate of 78.1%. A Statista report revealed that customers left their carts behind across eighteen industries, dealing a heavy blow to businesses' bottom lines. Among the most affected sectors were cruise and ferry, mobile providers, airlines, luxury, and fashion. This alarming trend compelled businesses to rethink their strategies and adopt innovative solutions to reverse the tide.
Amidst the shopping cart abandonment dilemma, Gala Technology stepped in with a game-changing solution - SOTpay. Through meticulous research and advanced technology, Gala Technology has achieved an astounding 97% success rate in typical card payment transactions. But that's not all! When both card and bank payment options are presented, this success rate skyrockets to an incredible 99%. Such remarkable conversion rates can transform any business's revenue stream.
Companies today are waking up to the realisation that diversifying their payment channels is key to reducing shopping cart abandonment. With Gala Technology's SOTpay, businesses can seamlessly accept payments through phone, SMS, email, WhatsApp, live chat and all social media channels. This level of flexibility empowers customers to choose their preferred and most comfortable and convenient way of contact and thereby increasing the likelihood of successful transactions.
Gala Technology's SOTpay offers a powerful and customisable single interface for managing both card and bank payments. This streamlined approach simplifies the payment process for customers and enhances their overall shopping experience. With just a few clicks, customers can complete their purchases without any hassle, reducing the chances of cart abandonment.
· Gala Technology's SOTpay achieved a 97% success rate in typical card payment transactions.
· When both card and bank options are presented, the success rate soars to an incredible 99%.
· Multi-channel payment options, including phone, SMS, email, WhatsApp, and live chat and social media platforms reduce cart abandonment.
· SOTpay's single interface simplifies payment management for businesses and customers alike.
· Faster payment processing and real-time tracking lead to higher successful transaction rates.
Q: How does SOTpay guarantee secure transactions?
A: Gala Technology has implemented advanced security measures, including encryption and tokenisation, to ensure the utmost safety of customer data and payments.
Q: Can businesses customise the payment options available through SOTpay?
A: Absolutely! SOTpay's customisable features allow businesses to tailor payment options to suit their specific needs and customer preferences.
Q: Is SOTpay compatible with different e-commerce platforms?
A: Yes, SOTpay seamlessly integrates with various e-commerce platforms, making it accessible to a wide range of businesses.
The 78.1% average shopping cart abandonment rate in 2022 is undoubtedly a wake-up call for businesses across industries. Gala Technology's SOTpay provides the much- needed solution to combat this challenge. By offering a seamless, secure, and multi-channel payment experience, SOTpay ensures higher conversion rates and increased revenue for businesses.
Embrace SOTpay today and witness the transformation in your payment success rates. Don't let shopping carts be abandoned; take charge of your business's success!