Checkout performance has never been more important
About 70% - or nearly 2 out of 3 customers - choose to abandon their cart after adding items to it. B2C online shopping are struggling with a huge pain in cart abandonment.
Although more and more vendors are offering online shopping instead of, or together with, physical stores, cart abandonment has become a huge issue for many of them. According to recent studies nearly 70% of consumers abandon their cart while shopping, making it one of the biggest pains of online vendors. Furthermore, cart abandonment in mobile devices is even higher, with an average rate of roughly 85%!
The reasons for abandonment are often related to one of the three below:
Speed, speed, speed. After adding items to your cart and getting ready to complete your purchase, you want to get your customer through the checkout fast. Too many steps, too much information required from customers or slow loading times on your website will increase churn and abandonment.
- Lack of predictability
Next steps, length of checkout and required information are just a few examples of predictability in a checkout solution. Being transparent with your customer, in regards to how your checkout flow is built and works, is highly recommended.
- Lack of flexibility
Flexibility in providing the customer with relevant options for their purchase couldn't be more important. Lack of flexibility in shipping options and payment methods are the most common issues when it comes to abandonment.
So how do you create a high performance checkout solution? We decided to look into a few successful examples to find common traits.
5 traits of an awesome checkout solution
1. Automated data collection and field population
Auto population of fields of information is a smooth way of getting the customer through quickly, while still collecting the information you require. Examples might be collecting and populating adress fields from the customers social security number, delivery options and costs from postal code and card provider through card digit algorithms.
2. Progress indicator
Checkouts come in all shapes and sizes. Some have one step, some have three, and some go up to six steps. Customers want to know how many steps it will take to get to the finish line. In many checkouts, there’s absolutely no indication at all when the customer gets started, which contributes to a lack of predictability.
3. Minimum effort, maximized effect
Another thing that research has shown, is that when required effort from the customer is minimized, cart abandonment drastically decreases. This applies to both time (speed is key!) and number of clicks to get through a checkout process. A fast-lane guest checkout option is one of the things that could improve this experience, as well as loading times, number of steps and how much information the customer needs to fill out for itself.
4. Mobile adaptation and simplicity
It should be as easy (if not easier?) to purchase something through a tablet or mobile. A tip would be to reduce the overflow of copy or content from your web view and focus on essentials only in the mobile checkout.
5. Range of payment methods
You don't need to offer your customers payment options with every card provider, but a range of options is always a plus. Invoice solutions, credit and debit cards, bank transfer, Google Pay, PayPal, Klarna and Swish (Sweden) are all examples of payment methods that you could be offering your customers. And to make the checkout a little bit faster, you could have a "most popular" choice already checked when customers arrive at the payment-page.