In a competitive digital ecommerce landscape, those companies who provide the modern customer with an efficient, pain-free shopping experience when buying online increases the chances of boosting loyalty and increasing revenue.
But if there are unexpected and unwanted difficulties and surprises at the checkout stage, the chances of cart abandonment increase.
This notion of cart abandonment is the scourge of ecommerce retail universally. According to the Baymard Institute, based on various statistics from around the world, the average rate of cart abandonment is 69.89%.
As an online retailer, the natural outcome of lowering your cart abandonment rates is increasing your sales.
In a recently released guide, Magento has looked into what are the biggest preventative areas to shoppers completing a purchase online.
Research from the Baymard Institute highlighted by Magento in this guide indicated that some of the most common reasons for cart abandonment were:
- Extra costs being too high, such as shipping, tax and other fees
- The need to create an account before completing a purchase
- Overly complicated checkout processes
- Inability to see or calculate the total order cost up-front
With this in mind, what is the key to get higher conversion rates and securing more revenue online?
In short – creating a more streamlined checkout experience.
One thing that makes buying online more arduous and frustrating for customers is account creation. By utilising a service such as Amazon Pay however, customers can use information already tied to their Amazon account to purchase items from other sites.
Finding ways to recognise customers earlier can also be highly beneficial. Therefore offering Amazon Pay login earlier in the shopping experience can enable the delivery of a more personalised experiences and deliver suggested items to site visitors based on their preferences.
Interested in adding Amazon Pay onto your Magento checkout? Drop us an email at [email protected] to discuss requirements.
Additionally, ensuring a seamless experience regardless of device can help more sales reach the point of completion and should certainly form part of your ecommerce strategy.
Other handy suggestions on how to achieve this from Magento include:
- Offer more flexible payment terms, such as instant financing or pay by invoice
- Ensure tax compliance and accurate pricing to prevent unwanted surprise costs at the checkout
- Use address verification services to prevent errors and ensure first time delivery
- Make sure your site is speedy, as even slight loading delays can increase the chances of basket abandonment (source: Akamai)
Magento 2 offers a cloud-based ecommerce platform that gives merchants access to advanced scalability and innovation. The platform’s scalability enables a faster checkout to name just one of its many benefits, while more resources can be dedicated to delivering an innovative experience. It’s also easy to integrate services such as Amazon Pay, so merchants can increase the chances of more customers completing their buying journey.
Williams Commerce has a highly experienced team of Magento ecommerce experts available to offer Magento 2 hosting and integration services, among many others. Get in touch with our team to discuss your requirements today.