Converting a “shopper” to a “buyer” takes a little more than chopping off two letters. It calls for moving a mountain. The good part of the story is you at least know which mountain to move - the checkout process because that’s where the cart abandonment happens.
Every year cart abandonment claims billions of dollars from the e-retail stores worldwide. The ravaging doesn’t happen on desktop alone, it happens across touchpoints including tablets and mobile. In fact, with an 86% abandonment rate, the mobile devices happen to be the bloodiest of the three grounds, with 81% “tablets” stands second and “desktops” third with 73%.
As a knowledgeable shop owner, you’re aware of the numbers are true and know that they’re latest. It pushes you towards a fiercer struggle to find out the approaches that’ll at least minimize the bleeding of prospective revenue, if not completely stop it.
For Magento shop owners we have good news. After analyzing the sites of our clients, who are running their ecommerce stores on Magento, we have identified and followed a set of practices that have successfully brought down their cart abandonment rate.
Here we have put up a checkout optimization guide for you to build your own defense.
Optimize Checkout Fields
When a customer is at the checkout, she is concerned about wrapping up a purchase and not filling up a form. At that point giving her a long and detailed form to fill is as courteous as showing her out. It’s understandable that you need valid information to process the purchase and then deliver the product, so restrict your number of fields to get just that.
Prioritize Mobile Customers
Currently close to 51% of all traffic comes from mobile, hence, creating a checkout process that is mobile friendly has become imperative. The stats straightaway directs you toward creating a site that is responsive. Besides the users, even search engines rants so much about responsive sites that SEO experts have started suggesting ways on how to make your site search engine optimized for mobile. If your site is yet to get on the mobile bandwagon, then you quickly need to resolve this issue.
At the checkout page, you’d want your customer to focus more on the checkout fields and making a payment rather than your brand and other services you offer. Your brand and service information act as noise and stand in the way of your customer and the transaction. Remove that distraction and let your shopper focus on completing the purchase. A checkout page without the header and footer will keep the page light, clean, simple and centered around the transaction.
Fast Checkout Process
Multi-page checkout is the thing of the past. No one likes the mystical appearance of one page after the other during checkout. Apart from being tiresome, the multi-page checkout also holds unpleasant surprises like shipping cost and tax that show up at the end of the process. And that’s where you’ll lose a shopper. At present, it’s all about ease, convenience, and transparency. The single page checkout makes the process simple and directly shows a customer all the additional cost. The process becomes less frustrating, more credible, and easy for a shopper to buy. In case the shopper has to edit her information, she can do that simply by staying on that page. As a considerate move, you may choose to use PayPal on the product or cart page. That’ll help the customer complete the purchase, bypassing the entire checkout process. Isn’t that sweet?
Competitive Shipping Rate
With so many retailers making so many promises around faster delivery, low cost or no shipping, it pays to offer a competitive shipping price. As an owner, you got to have easy access to a host of carriers and rates to choose the best option that meets your shoppers delivery timeline and budget.
Treat Guests Well
When a first-time visitor is about to make a purchase, you shouldn’t force her to register. The person may not be ready, she’s might be yet to trust you with her contact information, and on top of everything, she has checkout on her mind, not how to introduce her. It’s important to respect your customer’s privacy and let her checkout as a guest. Use the Magento guest checkout functionality and allow her to make the purchase. She may always return and register once she gets the product delivered on time. The guest checkout functionality also helps your existing customers who might have forgotten the password and doesn’t want to get in the password recovery cycle at the time of purchase.
Multiple Payment Options
Being a true e-retailer you are open to international markets, that makes you open to different types of payment modes. If you don’t have the options to accommodate the varied modes, then you’d lag behind. Currently, in the e-retail space, payment is not restricted to credit cards or debit cards. More than the cards PayPal is still the most popular option. Do you have that on your site over and above the cards? Customers across the globe have different preferences in the way they pay. Your site should live up to those preferences. A simple way to keep your payment options flexible is to enable custom payment methods on your site. Use it to stop your customer from leaving you midway through checkout. We suggest adding alternative payment methods like cryptocurrency. Besides leveraging the word of mouth popularity of such payment methods, it’ll equip your site with new-age payment options.
Points and Rewards
In a single page checkout process, this is the last page where your customer will interact with you. It’s your last chance to get her hooked to your site. Use points and rewards to do that. They invite her to stick to your shop for long. Let your customer earn points on her purchase, collect them through other actions and redeem them after a series of purchase. This may not get you revenue instantly but will request your customer to return for more.
Upfront Progress Bar
For a site, administrator checkout is a multi-step process, but for a customer, it’s equivalent to standing in a queue and handing over the card at the counter when the time comes. To get your customer tuned to the multi-step checkout process progress bar helps a lot. She understands what stage she is at a given point in the process and how far does she still have to go. Knowing where a customer is in the topography gives her a sense of control. Besides, knowing what stages are yet to come up reduces the risk of confusion.
When you spend millions of dollars to set your shop up, market it, and then invite visitors, you automatically get accountable for the return on investment. But you are also pinned to the wall by the fact that e-retail experiences 73% cart abandonment rate. When you are stuck within such diabolical opposites, you need to take every step cautiously and find out ways to get returns from the money you spend. The practices mentioned here will help you do both. We propose to put them in action and keep a track to see how it slowly heals the open wound of cart abandonment.If you have any more suggestions, feel free to let us know by putting them in the comments.