Payment methods are crucial: How Nordics prefer to shop online - SVEA Guest Author

The latest Svea Payments in the Nordics study indicates that a third of Nordics shop online weekly. This growth is driven particularly by younger generations, such as Generation Z and millennials, some of whom make online purchases several times a week, primarily via mobile.

This development challenges companies to meet even higher expectations. E-commerce has not been merely a channel for selling products and services for a long time but an integral part of a holistic customer experience, which must operate quickly and personally.

The right payment method can determine the whole purchase

The importance of payment methods in the purchase journey cannot be underestimated. According to the research, the absence of a favourite payment method is the second most common reason for abandoning a shopping cart, right after high delivery costs. This trend is particularly noticeable among young consumers who value flexibility and speed.

In addition to traditional card and online banking payments, Invoice and instalment payment methods have significantly increased: over half of purchases over 200 euros are paid using invoice and instalment payment methods. At the same time, consumers favour payment methods where the charge does not occur immediately, especially when the product may be returned. 

Payment data guides decisions and boosts sales

An online retailer needs data and understanding of how customers actually pay. The payment service providers like Svea offer merchants a report that clearly shows, for example:

• which payment methods are preferred by different customer groups

• what types of payment campaigns work

• which target groups respond to offers and when
  
  

In addition to reporting, this information can be used to support campaign planning. Understanding what works for whom and in what situation allows the creation of targeted campaigns that increase both the average purchase and total sales profitably. Payment data should today be part of modern marketing and business strategy. 

Technology and customer insight – together

Crasman and Svea's long-term partnership is based on a shared goal: to make e-commerce more efficient and customer-focused. Crasman provides merchants with technology and platform development – platforms that scale, adapt, and serve various industries. Meanwhile, Svea brings payment expertise, locally optimized payment methods, and a deep understanding of payment behaviour in different Nordic countries.