5 minute read
5 ways to optimize your online checkout
Ecommerces sales jumped 24% in 2020, reaching nearly $4.3t. And 2021 is looking to continue this growth as over 2.4 billion people are expected to buy goods and services online this year. While this is good news for businesses, it’s important to note that nearly 70% of shoppers abandon their online carts, resulting in lost revenue.
The good news? Not all of these shoppers are “just browsing.” In fact, there are many ways you can optimize your online checkout.
Easy-to-fix reasons online shoppers abandon their cart:
18% experienced a long and complicated checkout process
17% didn't trust the site with their card information
7% didn't find their preferred payment method
Keep scrolling to discover five ways to optimize your online checkout.
Variety is the spice of life
Give shoppers the payment options they seek. Don’t lose a customer because you didn't offer their preferred method of payment in your online checkout.
Did you know?
Gen Z converts via mobile twice as much as other generations.
Offer multiple currencies and local payment methods from around the world. Ecommerce crosses borders, so your payment options should, too. Don't lose international business because you didn't consider other currencies or payment methods.
It's not a one-size-fits-all world
And your payment options shouldn't be either.
Do you sell:
- Large ticket items? Offer installment or recurring billing options.
- Shareable items? Offer split-payment terms.
- Frequently purchased items? Offer subscription payment options.
Customers feel the need for speed
There’s nothing worse than finding that “gotta have it” item that you left in the basket because the checkout process was too hard or took too long. Especially if you are a returning customer.
- Enable auto-fill to save customers time in completing the checkout process.
- Offer one-click checkout for repeat customers through card storage options.
Stored payment information has a shelf life
Keep it fresh! Ever had an online transaction rejected because your card on file expired or you got a new card number? Not fun. Reduce rejection rates and optimize your online checkout by keeping customers’ stored payment information current.
- Offer card updater services that automatically refresh account information when it changes.
- Bonus: This also helps ensure you get paid on time. And it keeps subscription services moving and your customers happy.
Trust is paramount
Create a cohesive, branded checkout experience that instills trust in the process. Don’t leave customers wondering if your website got hijacked because they landed on a page that doesn’t look like your site. A few simple payment security strategies can go a long way in helping customers feel more secure in the process.
- Make sure your logo is marked on each page.
- Carry through your brand colors and design elements across the payment checkout process.
- Promote your business as PCI compliant and display your SSL certification. (Read How to protect your customers from fraud for more ways to build trust with your online customers.)
Analyze to optimize your online checkout
Use the back-end data you have collected on your ecommerce site to troubleshoot possible points of friction in the checkout process. Data is power, but only if you analyze and act on it.
With these tips, you're bound to optimize your online checkout, increase sales, and create a scalable online payments strategy this year and beyond. Download our ebook titled, "Your guide to increasing sales with effective ecommerce payments" or contact us to start optimizing your ecommerce business today.