Payment platform PXP has introduced a solution aimed at addressing the issue of cart abandonment.
Checkout Components, announced Monday (Sept. 15), is designed to give businesses control over how payments are presented, processed and optimized on desktop and mobile platforms, thus keeping customers from abandoning their purchases at the last stage.
“Merchants want more than just a way to take payments — they want control over how they sell, how they engage customers at the point of purchase, and how they gather insights to improve conversion,” PXP CEO Kamran Hedjri said in a news release.
“With PXP Checkout Components, brands are no longer forced to choose between the simplicity of plug-and-play solutions and the power of custom development. It’s a tailored solution for businesses that need a checkout as distinctive as their digital storefront.”
According to the release, Checkout Components offers “granular customization capabilities,” designed for custom websites to let enterprises and digital-first brands design and build their ideal checkout from scratch.
“A key differentiator of the solution is its event callback architecture, which enables merchants to capture and push real-time payment journey data to virtually any platform,” PXP added.
This offers eCommerce businesses complete visibility into conversion friction, as well as real-time insight and custom funnel tracking and segmentation by geography, device, time of day or payment method.
PYMNTS has tracked the issue of cart abandonment for some time, with research by PYMNTS Intelligence showing high rates of abandonment among shoppers who can’t find their preferred method of payment.
“The way in which we navigate eCommerce is not good,” Rezolve Ai CEO Daniel Wagner told PYMNTS CEO Karen Webster for the Monday Conversation series in May. “It served its purpose for nearly 30 years, but it is no longer ideal.”
As that report noted, anyone who has tried to find a product online has likely lived through this scenario: entering a search term, wading through and filtering the results, refining the search, and ultimately abandoning the effort out of frustration.
Wagner said he believes that a transformation is happening, one in which digital retail, with the help of artificial intelligence (AI), must finally provide the intuitive, responsive experience consumers have long come to expect from in physical stores.
“When you walk into a physical store, 7 out of 10 times you end up walking out with a product,” he said. “When you arrive on a digital platform, 7 out of 10 times, you do not leave with a product.”
