How to Develop Your eCommerce Checkout to Maximize Conversion
Be it Amazon or a newly launched mom-and-pop store, conversion matters. It is the ultimate proof that the online store is able to sell to the customers who are visiting the store.
Despite heavy discounts, offering free shipping, and same-day delivery (or even on-demand delivery), online stores are struggling to maintain their conversions at a healthy rate. Closely tied to conversions is another metric — cart abandonment. Cart abandonment is the term used to describe a store visitor adding a product to the cart but leaving the page without completing the purchase.
According to Baymard Institute, the average cart abandonment rate pegs at a whopping 69.57%. In other words, almost 7 out of 10 customers abandon their shopping carts. Isn’t that insane? What could programmers do in 2020 to change it?
Why do customers abandon carts just before the checkout process?
What could be the possible reasons that make customers hesitate before performing an extremely impulsive act like online shopping? Baymard Institute’s study was able to find some common reasons that make customers abandon their online shopping carts. The chart below depicts the same.
However, there are other things within the control of an online store that can help reduce cart abandonment. Incidentally, they are all actions that happen right before checkout or during the course of it.
Let’s take a quick look at some ways how you can make your e-commerce checkout process conversion-friendly.
To cite Baymard’s Institute’s study, 26% of customers cited a ‘too long/complicated checkout process’ as one of the top reasons for cart abandonment.
What constitutes a long or complicated checkout process? One that asks too many questions, often private ones that customers are not willing to share. Not every customer would be willing to share information about the school they went to on an online store. Such questions are unnecessary too.
In another scenario, a lengthy process is one that has too many steps requiring customers to perform many actions, key in input, and click several times that tires them out.
Also, online shopping mostly happens impulsively. When you give customers too much time to complete the transaction it gives them time to rethink the decision to buy. That is a time gap sufficient enough to result in cart abandonment.
It is in this situation that a single-page checkout process can help reduce cart abandonment. As the name suggests, a single-page checkout process is the checkout process that is completed in the same page or in a single page. It offers a simplified checkout process that asks minimal information. The swift process helps boost conversion rates by eliminating the possibility of cart abandonment.
The prime difference between an online store and a brick-and-mortar store is that online shopping has no business hours. It is open round-the-clock and can be accessed anytime from any device.
This facility comes at a cost for customers. They find it difficult to reach out for support when they are shopping in the middle of the night. What happens when they are unable to find information and need support to complete a purchase? They expect a store executive to be available online to chat and find what they need. When that doesn’t happen, the cart is abandoned.
To remedy the situation, online retailers can consider installing a live chat software, like Acquire's. A live chat software is an application that can be used to initiate and continue conversations with customers when they are online. It takes care of the job of engaging with customers, providing them with support and on-boarding them as paying customers by offering complete guidance throughout the customer journey. Since most live chat software are powered by intelligent bots, they are available for support whenever customers visit the store.
The challenge in online shopping is that customers don’t get to see the real product until it is delivered. Quite often, they abandon carts if they have doubts regarding the product quality or its features.
A possible way to help customers overcome their doubts and complete the checkout is by providing them with maximum information.
For instance, in the case of clothing products, the online store can display a size chart along with detailed measurements that will help the customer choose the right size.
In other cases, like electronic gadgets, a detailed FAQ section that addresses most of the queries of customers should do good. It can act as an information portal which will help customers make informed purchase decisions. They will have the assurance that the product has or does not have what they are looking for.
At a basic level, the online store must have an FAQ section that answers common questions about shipping, returns, warranty, customer support, and so on.
The FAQ page of Rebecca Minkoff is a good example for any online store to follow:
34% of online consumers abandon carts if the website wants them to create an account the same with crypto platforms. Creating an account with any online service as well as info on how to create a sports betting website makes reason, especially an online store is frowned upon for several reasons.
First, it takes time to sign up for any service, let alone an online store. Second, what follows after the sign up is a deluge of promotional emails that can irk any customer. In other cases, the customer might be in a rush to make a quick buy and may not have the time to sign up.
Offering a guest checkout option that completes the transaction in a jiffy would help reduce cart abandonment and maximize conversions. In fact, ASOS managed to reduce its cart abandonment rate by half just by removing any mention of signing up on the first page of checkout.
Among many others, cybersecurity concerns of credit card information getting stolen or online identity being compromised also rank as top reasons for cart abandonment. Customers check for the safety of transacting with the online store only when they are inches close to the checkout. If they get the slightest whiff that the website is insecure, cart abandonment is certain.
Luckily, for online retailers and every other website owner, there are several ways to ensure website security. The basic form of security for a website begins with an SSL certificate. An SSL certificate is a bit-sized file that encrypts all information that flows in and out of the website.
Additionally, SSL certificates also offer trust seals or logos. Trust seals/logos are icons, symbols, or images that can be displayed on the checkout page. They show customers that the website is secure using a said security product and is hence safe to transact with. Using a popular SSL certificate and its trusts' seal in the website can definitely reduce cart abandons that usually happen at the checkout page. Mostly eCommerce use multi domains and sub domains for their website so to secure them mutli domain wildcard ssl certificate is the perfect choice for it.
Some popular trust seals or logos can be seen in the image below:
5 Bringing visitors to an online store is hard. Converting them into a paying customer is harder. Losing them to cart abandonment at the checkout page is nothing short of painful. If you are an online retailer, these tactics should help you reduce cart abandonment and maximize your conversions.
Authors’ Bio: Sam Makad is an experienced writer and marketing consultant. His expertise lies on marketing and advertising. He helps small & medium enterprises to grow their business and overall ROI. Reach out to Sam Makad on Twitter or LinkedIn