Table of contents
- Use UTM tags to identify where your customers are coming from
- Pay attention to their devices and browsers
- Understand where they are
- Best gateways for WooCommerce
- Simple and advanced metrics to analyze customer behavior
- How payment gateways increase conversion rates
Use UTM tags to identify where your customers are coming from
UTM tags are URL parameters that marketers leverage to track how effective online marketing campaigns are across publishing media and traffic sources.
Use UTM tags with every link to your website from an external source. As long as you use a suitable marketing analytics platform, tags will provide more information about your visitors’ referral sources.
Pay attention to what devices and browsers they are using
Use Google Analytics to find out what devices and browsers your customers are likely to be using. Some payment gateways may perform better or worse depending on the device or browser compatibility.
Most traffic comes from mobile, and Stripe is a suitable gateway for shoppers using their mobile phones. It supports major credit card providers, local payment methods like ACH and Alipay, and many leading electronic wallets. Stripe charges a fixed 2.9% fee per transaction but no fixed ones per month. It comes with SDKs for merchants for iOS and Android apps.
Understand where they are
Local bank transfers or PayPal are preferred to credit cards in some countries. PayPal is a suitable option for merchants whose customers use the e-wallet, but a higher-volume business will find transaction fees adding up.
If your store is on Shopify, it’s one of the more manageable payment gateways to set up and use. You just move the payment gateway to “on” in the dashboard. Shopify store. No third-party software is needed.
Authorize has powerful and reliable functions, but a user who’s not tech-savvy will find the setup complicated.
Best gateways for WooCommerce
If you use WooCommerce web hosting, it’s compatible with WooCommerce Payments, a fully integrated payment gateway Woo built and supports. Stripe is easy to customize and integrate and is also one of the e-commerce platform’s feature plugins. It also organizes finances with refund management, transaction history, and other reporting features.
With Amazon Pay, customers can use existing accounts to buy from you. They don’t need to create accounts from scratch and deal with new functions and features. This gateway is a good option as long as you don’t mind giving Amazon some payment data.
Simple and advanced metrics to analyze customer behavior
While we still use old-school metrics like open rates and click-through rates, advanced metrics can make tracking customer behavior easier through Google Analytics. Among those are average order value, bounce rates, impressions, customer acquisition costs, shopping cart abandonment rate, and returning customer rate.
According to one niche study, the customer acquisition cost jumped 222% between 2013 and 2022. On average, the combined industrial CAC was $606 in 2024. You should aim for a ratio of at least 3:1 between the customer lifetime value and the CAC.
Almost 70% of potential customers abandon their carts. This is the average of 48 studies, ranging from 56% to as much as 81%.
Most e-commerce businesses’ returning customer rate is 25-30%. If you want to be profitable, aim for this range.
How do payment gateways increase conversion rates?
A good payment gateway can make the difference between conversion and abandonment. The speed is paramount. If the shopper has a long time to think, they’ll be less likely to convert. A fast gateway enables impulse buys based on momentary interest.
Elaborate or complicated checkout or a process marred by glitches will cause even the most determined buyer to start doubting their decision.
Security and trust
Payment gateway fraud and breaches are widespread. Stripe reports that payment fraud has impacted 71% of businesses at least once. Businesses must provide customers with a safe platform and secure their operations, as a gateway breach costs $9.44 million on average.