You can add thousands of dollars to your business with a one percent increase in the checkout conversion rate. However, the main impediment to increasing the checkout conversion rate is the high rate of shopping cart abandonment by customers. The latest data also shows cart abandonment to be almost 80 percent, meaning 8 out of 10 people leave the eCommerce site after moving through some steps in the purchase process.
While there are many areas you can work on to improve the checkout conversion rate, cutting down the cart abandonment rate will have the biggest impact on the real money your business makes.
What is the checkout conversion rate?
The checkout conversion rate is the percentage of people who actually buy something from a website after adding items to their shopping cart. It shows how good a website is at turning visitors into paying customers, especially at the final step of buying.
In this article, we will closely examine five very simple yet effective, actionable tips you can use to lower cart abandonment and increase the conversion rate of your checkout page.
Single-page or Multi-page checkout process: Find out which works best for you
Are you selling complex and expensive purchases? Or selling impulsive purchases of small AOV?
In the first case, customers generally don’t mind spending time in the multi-page checkout process as their priority is to make sure everything is perfect. And each step having few data to fill out the task seems easier. The progress indicator helps customers see how far they have reached and how many steps are remaining in the checkout process. Thus, the overall feature of the multi-page checkout process encourages expensive and complex product purchasers to move along the steps.
For example, an experiment conducted by Invesp showed a 38% increase in conversion when a large furniture retailer( with an average of $2000 AOV) used a multi-page checkout process instead of the single-page checkout page.
But the Single Page checkout process tends to convert more compared to multi-page when you’re catering to the impulsive buyers whose average order value is low. Behavioral research suggests that impulsive customers prefer the single-page checkout process as it enables them a faster checkout with fewer clicks. The Tab key on the keyboard helps customers to speedily fill out the Single Page form by moving to the next input without touching the mouse. The easy-to-understand interface also incentivizes them to stay on the checkout page and complete the process.
However, filling out lots of information on a single page can intimidate customers, hence you should leverage Google auto-fill in forms to make the checkout speedier.
Utilize Free Deliver, Easy and Free Returns, and Highly Secure Payment Gateways with various payment options
Recent data breaches at Macys and Bloomingdales make online shoppers more apprehensive about entering their credit card details into your checkout forms. Hence you should secure your site with a reputable site security provider and explicitly show their security seal on your site. This will assure the secureness and impregnability of customers’ payment and personal information, pushing customers towards completing the transaction.
Still, some customers won’t be comfortable sharing their credit card information online. Some will prefer payment options such as PayPal or Amazon Payment as a fraud preventive measure. Make your site flexible enough to accommodate various payment options and help a broad range of shoppers to complete the purchase.
Similarly, a clearly visible Easy and Free turn policy on the checkout page convinces the customer to go ahead with purchasing as they can easily reverse a poor buying decision.
However, the promise of free shipping is even more important for increasing conversions. Even when a certain threshold order value is attached to avail the benefits of free shipping, customers are more appealed by the Free Shipping offer than benefitting from discount offers. Studies conducted by Forrester also show that 61% of customers prefer to shop from stores offering free delivery. So you should leverage the free shipping option to increase the likelihood of customers purchasing from your site instead of a competitor who is offering free delivery.
Companies such as 2BigFeet have achieved a 50% increase in conversion almost overnight by starting to offer free shipping on orders over $100. See how they highlight it in the very top.
Improve checkout conversion rate by giving a better shopping cart experience to customers
The heart of the checkout process is in the shopping cart. The more your shopping cart page makes the buying process easier and benefitting for your customer the more likely they are to complete the purchase, increasing your checkout conversion rate.
Here is what you can do to provide an elevated shopping cart experience to your customers:
Provide an Immediately Buying option along with a Continue Shopping option
When a customer visits a product page, offer them both the “Buy Now” and “Add to Cart” options, by doing so you’re helping customers who have got what they wanted to checkout instantly and also helping those customers who want to continue browning after adding the item to cart.
The “Buy Now” option directly pushes customers towards completing the checkout process by reducing the possibility of decision paralysis.
Support customers to get the best deal with Discounts
Upon visiting a product page show the exact amount a customer will need to add to avail a discount offer on the overall purchase. The customer will feel that you’re working for their best interest and will count as good customer service. Once customers know the exact amount they need to spend to get higher discounts they’re more likely to complete the checkout process.
Make the Checkout page mobile-friendly
Moreover, the mobile-friendliness of a cart page is also an important factor that determines the completion of the checkout processes. Nearly 67% of customers are more likely to buy products from a mobile-friendly site and 75% of mobile users would return to your eCommerce site if the checkout page is mobile-friendly, clearly explaining why you should make it a top priority.
Discard mandatory sign-ups and introduce a guest checkout option
Customers would rather avoid buying than sign-up for the checkout process and later deal with promotional offers, newsletters, and upsells. This tendency explains why 34 percent abandon the cart when asked to sign up. So pushing mandatory sign-ups on customers may have a disastrous impact on checkout conversion rate.
Instead, you should offer users a guest checkout option because it enables the user to move forward with their cart items without being deflected to the sign-up flow. And by introducing guest checkout you can increase the conversion rate up to an astounding 45%!
See how Nordstrom.com has placed the guest checkout option on the left side to prioritize it over the sign-up option.
As of signing them up for your site you can automatically create a user account with a random password after they make a successful purchase and mail the details or you can ask them to sign-up on the ‘Thank You’ page that appears immediately after making a purchase.
Bring back customers with retargeting and cart recovery emails
Around 97 customers out of 100 who visit your website bounce off without buying( average conversion rate for eCommerce being around 3% globally). And around 10% of those who left your site have actually added some of your product to their cart before leaving, making them familiar with your brand and products. They’re therefore more likely to convert when you retarget them with ads.
Moreover, a study conducted by Invesp found that every 3 out of 4 customers who bounce off notice your retargeting ads and 26% of those noticing will revisit your site to complete their purchase by clicking on your ad.
So if you try out a retargeting ads campaign, you can see a substantial difference in the conversion rate of your eCommerce store.
Like retargeting ads, Cart Recovery Emails are sent when a visitor takes products in their cart but halfway abandons the checkout process. Out of the total cart recovery emails sent, 43% of emails are opened, and 21% of these opened emails receive clicks, which comes down to 10 out of 100 customers completing their purchase. Hence cart recovery emails hold a huge potential to improve the checkout conversion rate of your eCommerce site.
An excellent example of a cart recovery email is from Buypeel.
See how the email is offering Free Shipping not only to encourage customers to purchase what’s already in the cart but also incentivize them to add more items to avail of the Free Shipping benefits, increasing the bottom line of the business. Also, the classic simplistic layout of the cart recovery email makes it appealing to get clicked.
You can improve your checkout page conversion rate in many ways. In each way, you have to invest a substantial amount of time and effort to implement most of the tips given. Once the improvements made start to precipitate you can see a significant difference in the checkout page conversion rate of your eCommerce site.
Key takeaways from this article:
- Experiment with a single or multi-page checkout page to find out which works best according to you what you sell- expensive purchases or impulsive purchases.
- Emphasize Free Delivery, Easy and Free returns, and secure, diverse payment options.
- Optimizing the shopping cart experience would go a long way in improving the checkout conversion rate.
- It is time to discard mandatory sign-ups and offer customers a guest checkout option.
- Use retargeting ads and cart recovery emails extensively to bring back customers.
Name: Shubhankar Das
Shubhankar Das is a content writer for B2B and SaaS companies. He has a strong understanding of B2B and SaaS fundamentals which helps him to create actionable and impactful content. He has a history of dealing with his clients in an excellent and utmost professional way. Each piece of writing he creates always delivers fruitful outcomes. He’s very attentive and his quick nature makes him very easy to work with.