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EU Directive PSD2: More shopping cart abandoners in online shops?
22.08.19, Harald Neuner

UPTAIN VS PSD2: THE INTELLIGENT WAY OF CONVERSION OPTIMIZATION

Now it’s here. The day when online shopping is made more difficult throughout Europe. After entering the credit card number, customers who want to start the payment process as usual receive the message that “the process cannot be executed”. This is the regulation that will enter into force on September 14, 2019. The information that the credit card is not registered with the necessary authentication system is confusing for consumers. At least for all those who have not yet informed themselves about the subject. You end up as a shopping cart abandoner in the online shop system. However, since the PSD2 is mandatory for European online shop operators, solutions must be found to retrieve and prevent shopping cart abandoners.

The date for the launch of the new directive poses a major challenge for online shops. Christmas shopping begins and with it a new guideline for Strong Customer Authentication. So there is a risk that the Christmas business will not turn out as positive as hoped. This is where the uptain software comes in. It counteracts this effect through Conversion Optimization, so that in the end both sides achieve a positive result: The consumers and the operators of online shops.

 

THE NEW EU DIRECTIVE PSD2 REGULATES ONLINE SALES ANEW

A short overview of the terms gives a little more insight into the topic. The SCA describes the Strong Customer Authentication. From now on it is the center of the PSD2 and is used whenever someone wants to pay online. This applies to both computers and smartphones. The experiences of the last years have already shown: The more complicated the payment process in online shopping, the more people will drop out. Are online shops now facing difficult times? Not at all, because with measures such as exit intent pop-ups or abandoned cart emails, shopping cart abandoners can quickly retrieve themselves.

 

To remind you of technical processes

Strong Customer Authentication enables electronic payments and access to the applications that trigger them. All payment options, both B2B and B2C, are based on SCA – as long as it is done electronically and authentication is requested during the payment process. The PSD2 regulates third-party access to the customer’s bank account. At the same time, it ensures that from now on no additional fees may be charged for various payment methods.

 

THE CURRENT CHALLENGE: LEGALLY RETRIEVE CART ABANDONERS

The complex process of the PSD2 already makes it clear that effective solutions must be found here. It is not yet possible to predict how many consumers will suddenly decide against the complex process and become shopping cart abandoners. This applies in particular to the initial phase of the PSD2, because changes in payment transactions initially cause uncertainty among many consumers, which is why they are foregoing the planned online purchase for the time being or are frustrated and cancel it. An intelligent Conversion Optimization comes just in time. And since the new regulation will come into force in mid-September 2019, this can mean painful losses for the Christmas business. For this reason, you should deal with the issue quickly and find suitable ways to prevent and retrieve shopping dropouts.

 

The goal: Reduce cart abandonment

One way to reduce cart abandonment are the Activation Popups from uptain. Exit-Intent popups are used, which help to complete the purchase and send the already started order with suitable content. This automated procedure appears the moment the user wants to leave the shop. PSD2 will significantly increase the number of shopping cart abandoners, especially during checkout. With this software, you use the high turnover potential that shopping basket abandoners leave behind in your online shop.

 

INTERVENE SPECIFICALLY IN THE CHECKOUT, ABANDONED CART EMAILS GET BUYERS BACK

Where the PSD2 will initially generate some shopping cart dropouts, you will catch the loss with the intelligent and above all unobtrusive exit intent pop-ups and shopping cart dropouts from uptain and specifically counter the loss of sales. A web demo is therefore worthwhile in order to deal with the topic of shopping cart abandoners in the checkout. Here a high conversion optimization is possible, sometimes by up to 30 %.
A further advantage of the software is the relevant content. Messages are sent in a personalized way by e-mails. You will find personally formulated content that strengthens trust and encourages you to return to the buying process – also with regard to the somewhat more complicated procedure due to the introduction of PSD2.

With uptain’s Exit-Intent pop-ups you can prevent cart abandonment and with our e-mails you can retrieve them. The ideal combination to minimize the negative impact of PSD2 on your conversion rate. Register for a web demo and get an overview of functionality and benefits.

 

Further interesting posts:
Shopping cart abandoners: Comprehensive guide for online shops
Conversion Optimization in the Checkout: 10 Tips
Exit Intent Popups: More conversions for online shops