Heavy shopper and subscription customer payment needs: reshaping checkout.

In only a few years’ time, the online shopper base will reach one hundred percent. The current online shoppers (78%) grew over the past two years tremendously and truly experienced and understands the convenience of shopping online. Obviously, online shopping convenience also comes with new needs and demands. 

Flexibility adds to experience and creates new payment needs.

Payment needs are very important in the whole experience and journey of online shopping. If the needs are not met in the checkout environment, shoppers will abandon their shopping basket, leaving the merchant with no deal.
In our previous release of Customer Needs, we outline the new needs consumers have with regard to the webshop and its functionalities. Furthermore, in this second edition of Customer Needs we shine light upon the payment needs, and in particular the needs of Heavy shoppers (10+ purchases each month) and shoppers who partake in a paid loyalty program/subscription-based delivery. 

#1 The payment option to pay after I have received the products (Buy-Now-Pay-Later

Shoppers now need Buy Now Pay Later (BNPL) in check out.

This new-found need is becoming increasingly popular. Offering the option to pay after I have received the products (Buy-Now-Pay-Later) is good for a share of 25% of Heavy Shoppers and 24% of subscription customers that say they need this in their shopping-life. Being able to pay after delivery is sprouting and transforming the way consumers pay when making purchases. The overall need of BNPL for all European shoppers sticks at 23%, with an exceptionally higher demand for the method in Sweden (28%).

#2 Give me the freedom to choose how and when I want to pay

The sense of freedom: how shoppers want and need it

Having options can be so appealing. This rules too for making payments. Sometimes consumers have the need to pay directly and on other occasions there is a need to wait. Whether this be due to the fact they want to carry it over to the next month or simply first want to get their products or services delivered to them: freedom to choose when they want to pay is what they need from a webshop. A little over 1 in 4 of Heavy shoppers (26%) and a little under 1 in 4 of subscription customers (23%) wants to shop somewhere the webshop gives me the freedom to choose how and when I want to pay. These shares are not far from the overall shopper needs that halt at 22%.

#3 Has all my details pre-loaded, so I just click and pay

Yes! to Has all my details pre-loaded, so I just click and pay

Easy does it. And that is what Heavy Shoppers (24%) and subscription customers (21%) need in checkout, too. Pre-loaded details make purchases effortless. That is exactly what these two types of shoppes are longing for. However, this handy pre-loaded feature is a little less popular among the general shoppers, as only 15% say they need that to aid their shopping-souls.

Once a shopper used Riverty in one webshop before, their details are saved and a minimum amount of effort is required.

#4 Offering a monthly invoice, so I can make several purchases from the website and be billed for the products I keep at the end of every month

Monthly Invoice gets Subscription customers excited with their shopping

Monthly invoice keeps overview of all subscription customers and Heavy Shoppers’ purchases. The need of Offering a monthly invoice, so I can make several purchases from the website and be billed for the products I keep at the end of every month sounds appealing to 1 in 5 subscription customers (20%, and Heavy shoppers 19%) and would like to see that listed in the checkout options. Especially the German shoppers hope to see Montly Invoice in their favorite webshops (15% vs 13% overall).

#5 Offering the option to postpone the payment, so I can pay at a later date than I am supposed to

Postponing payment possibilities to a later date increases in popularity

Especially Heavy shoppers have a higher need for this flexible payment plan, at 19%. Flexibility to move up the payment date is part of the current needs trend, and postponement fits right up there. Subscription customers also would like to see a possibility to postpone (17%), more so than the overall shopper base (12%).

Up to 6 days a payment can be postponed via one click on a button in the Riverty app.

#6 Offering the option to split the payment up into smaller amounts to be paid over time

Split payments entice, too

Splitting payments into smaller amounts to be paid over-time is what Heavy shoppers need in checkout (say 18%). Subscription customers follow with 16%. Shoppers just want to have the ability to break up their full invoice amount into smaller bits, whether it be a large amount or a lower basket value, split payments is growing in the needs of consumers.

#7 Is trustworthy - 51% For all shoppers, 48% for heavy shoppers and 50% for subscribers

Honesty and truthful is what drives most of the human decisions. After all, humans always try to avoid harm and wish to get to the best possible outcome in making a choice. Hence Trustworthiness is king among the shopper payment needs. This particular need outshines all the other variables in making payments. The harm here could be losing money, being scammed or buying counterfeit items. Trustworthiness lowers the threshold for opting for a method of paying. Trustworthiness is a new variable in the needs category for online shoppers, but feels like evident and like it has always been there.

Riverty is a financial service provider that offers trustworthy payments online. Opting for Riverty in check out guarantees of a trustworthy way of paying, because shoppers are assured they only pay after the purchase is delivered. For webshops on the other hand, is Riverty a trustworthy option as well, as the merchants get to sell their products or services (credit) risk free, as Riverty takes on the risk of default.

#8 Is simple to use - 49% For all shoppers, 47% for heavy shoppers and 47% for subscribers

We could all use a little simplicity in our lives. Making purchases and payments should be as easy as possible

“I have an app for that”, subscription customers and Heavy shoppers. (12% overall)

Apps are a nice thing to have for subscription customers (17%) and Heavy shoppers (16%). Whether it be to see their past orders, the status of the latest order or to simply schedule a payment, apps are indispensable in the lives of shoppers.

Riverty has an app that tells users about their upcoming payments, due dates, can register returns, and pause and schedule payments.

#9 Perceiving a payment method as safe - The feeling of safety is good for an overall share 45%

We could all use a little simplicity in our lives. Making purchases and payments should be as easy as possible.

Better safe than sorry in making online payments say almost 1 out of every 2 shoppers. Heavy shoppers agee with the overall consumers (44%), subscription customers care a little less about this need and stick at 41%.

#10 Being a well-known payment method

When many consumers are aware of the name of the method, it must be OKAY. This rules for the overall shoppers (45%), Heavy shoppers (44%) and the subscription customers (41%).

#11 Having used a method before - Used before is a need that suits 1 in 3 shoppers, for all three types of shopper.

Opting for a payment method you know simply with gives a sense of familiarity and thus makes it easier to use for overall shoppers (31%), Heavy shoppers and subscription customers (31% and 33%).