Ecommerce stores lose money worth $18 billion1 on an average in sales revenue each year due to cart abandonment.
Cart abandonment is a persistent issue for merchants and everyone wants to improve upon this.
Consumers abandon their shopping carts at a rate of 70%2 due to clunky and time-consuming checkout processes and move to competitors for a better experience.
In recent research,3 consumers have said that because of rigorous checkout processes, they aren’t motivated enough to complete a purchase.
To reduce shopping cart abandonment and to capture the lost revenue, retailers must focus on reducing the stress and reward consumers when they are on the checkout page. Thoughtful redesign of the checkout experience can significantly increase conversion and result in happier customers.
In this blog, we shall discuss how the latest version of the Magento commerce cloud can streamline the checkout process for a faster, convenient purchase experience that can transform shoppers into buyers.
- Speed up the Checkout Process with Saved Payment Info
An effective way to improve customer experience is to allow customers to use their saved payment information during checkout. Magento’s Instant Purchase feature offers logged-in shoppers an Amazon-like experience. It uses the previously saved payment and shipping information to skip the checkout. To select the default payment method and shipping address, buyers just need to click on the Instant Purchase button and the result is a hassle-free shopping experience.
- Offer Flexible Payment Options
Speedy payment is essential for fast and frictionless checkout, but speed is not the only criterion for a smooth checkout. Other factors that influence the checkout process are mistrust of the site, lack of adequate payment methods, the decline of credit cards, and so on. These reasons indicate retailers should put in more effort to reduce instances of cart abandonment.
Options like pay later and instant financing can broaden payment options. Such flexible payment methods instill more confidence among buyers and prevent customer loss.
- Offer a Range of Shipping Options
You need to offer your customers a range of shipping options. When making a purchase, every buyer has a different timeframe and budget in mind. Some may need a product immediately, while others might have a few days of a buffer. It means that retailers should offer their customers multiple options in shipping, carriers, and budget. However, with Magento Shipping, eCommerce merchants can customize their shipping as per the customer’s needs. Magento Shipping also empowers you to match with customer preferences and offer them the best shipping rate.
- Display All Costs Up-front
Shoppers hate to discover unexpected costs during the checkout. This means that retailers must show all costs up-front. In case they cannot do so, it might lead to cart abandonment. With Magento’s latest version, you need not worry. It can calculate all kinds of taxes that shoppers must bear for a product along with promotional discounts if there are any. The idea is not to surprise the shopper in the wrong way.
- Optimize Checkout for Mobile Customers
Retailers should ensure that the checkout page is optimized for mobile shoppers since the average cart abandonment rate from a mobile device is around 85.65%4. The good news is that Magento 2.0 is a mobo-centric solution with a checkout page that is fully responsive and designed to minimize the checkout steps, making the mobile experience on a Magento eCommerce platform faster and more dynamic.
- Enhance Customer Experience while ensuring Fraud Protection
When a brand tells a legitimate customer that their order isn’t coming, it could be a nightmare. But retailers sometimes might end up doing that when they suspect fraud transactions. But eCommerce merchants can combat this problem in several ways.
First, brands can opt for identity authentication to reduce the risks of fraudulent practices and false positives. The second is that they may use artificial intelligence and machine learning to scan fraudulent orders and decide on their shipping. It largely reduces the need for manual intervention and orders can quickly pass-through fraud checks and move on to fulfillment.
- Tap into the Power of Data
You can tap into the power of data to analyze the checkout experience. Business Intelligence allows you to pull data from the Magento dashboard, Google Analytics, and Google AdWords and use it to scrutinize the entire checkout experience. It helps you detect the points of friction at each step of the checkout. Once you know where the problem lies, you can fix it.
In a Nutshell
A customer who has arrived at the checkout page is keen to make the purchase. And now it’s upon the retailer to make or break the journey. They can choose to usher the shopper quickly and seamlessly towards a finalized transaction or they can redirect them to a complicated checkout process. The best way to allow a shopper to complete a purchase is to remove all impediments and add features like flexible payments, address auto-detection, secure transactions, multiple shipping options, and establish a transparent relationship. All these become possible by using a dedicated eCommerce platform like Magento commerce cloud. A platform like Magento reduces cart abandonment rate, increases conversions, and keeps delighted customers coming back.
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