Generating a sale is the ultimate goal of every merchant. After all, having a constant flow of revenue is what keeps businesses alive and growing. However, despite the fundamental efforts in creating the perfect product and attracting the right customer for it, there is one crucial part of the customer journey that is often neglected – the payment process. Today, we will show you how to increase ecommerce conversion rate at checkout, and provide a payment experience that will significantly reduce the number of abandoned shopping carts.
In addition, you will see how Gateways are a key component to providing a secure and sustainable payment infrastructure – as a Payment Gateway provider with years of experience, we will share some of our most interesting observations on the topic.
In addition to chargebacks, one of the biggest issues for e-commerce retailers is the high rate of shopping cart abandonment – according to researchers, it can be as high as 65.23% for the majority of businesses in the sector. This means that 65 out of 100 online shoppers who intended to buy your product didn’t actually finish the checkout process, and only 35 made a purchase.
- Complex checkout process;
- High shipping costs;
- Customer was not ready to purchase;
- Website was too slow or crashed;
- Not enough payment options were available;
- Lack of card security and other trust indicators;
- Losing customer input when a submission causes an error;
- Non-optimized layout page design;
- Multiple and confusing call-to-action buttons.
Considering the hundreds of reasons that make customers abandon their shopping carts, it is of crucial importance to provide an easy and seamless payment experience to improve their buying journey. Implementing a functional payment infrastructure should be a main part of your Business and Marketing strategy; after all, you don’t want to be wasting your money on attracting customers that won’t generate any sales.
Although it is not possible to completely eliminate shopping cart abandonment, we have a few tips on how you can increase your ecommerce conversion rate at checkout – thus, generating more sales. Let’s take a look at them:
Simplify the checkout process
Many websites require a lot of unnecessary information that is completely irrelevant to the purchase – and usually, it works against them. As an ecommerce retailer, you need to ensure that your visitor’s shopping experience is quick and easy. How can you do that? Here are a few tips:
- Remove any steps or personal data that is not necessary for the purchase;
- Experiment with a single-page or a multiple-page checkout process – there is a debate on which one converts better, so the best option is to try it out by yourself;
- Leave a guest checkout option – many customers will abandon the purchase if they have to register in your website.
- Make your forms quick and easy to fill using Google Autofill – it is easy to implement, and save a lot of time and frustration for your customer.
Emphasize on free shipping and free returns
High shipping costs is one of the major reasons for having a low conversion rate – according to Invespcro, a remarkable 44% of all abandoned transactions happened because the customer perceived shipping costs as high. For this reason, emphasizing on free shipping and free returns is one of the best way to increase your ecommerce conversion rate, and keep customers satisfied.
Display the visitor’s progress during the checkout process
Some customers can easily get lost in your website, especially if you are a big e-commerce with thousands of products available. To prevent this from happening, you should have a progress bar that guides users through the checkout process, and makes sure that they know exactly where they are at each step of their journey.
To make their shopping experience even better, you can implement a timer that shows approximately how much time is left until the process is complete – especially if you are using a multiple-page checkout. Nowadays, time is a valuable asset that customers will appreciate dearly.
Provide clear instructions
Another fundamental way to increase ecommerce conversion rate is to address any potential issues that might arise regarding the payment process. For example, provide a descriptive text next to the CVV field with an indication on where to find the code on each card. Error messages should be clearly visible, with clear instructions on the next steps that customers should undertake to resolve them.
Offering a local payment experience increases ecommerce conversion rate
Ecommerce businesses have an incredible capability of expanding internationally without investing in physical establishments for each country. Nowadays, generating sales online and being able to send your products to the other corner of the world is as easy as never before.
However, having a global platform for selling your products doesn’t mean that you should not adapt your payment infrastructure locally. To do that safely, it is always the best alternative to use a Payment Gateway that secures transactions and handles them in multiple currencies with plenty of payment options. At MYMOID, we are able to process credit card transactions in more than 45 countries and 128 currencies, improving the payment experience of customers – and making it easy for merchants to expand internationally.
Enable recurring payments by storing credit card data safely
Thanks to a process called tokenization, which converts credit card data into undecipherable values called tokens, customers can enjoy a significantly faster and safer payment experience at checkout. Tokenization is one of the benefits that come with PCI-DSS compliance, and it eliminates the need of re-entering credit card data for each single payment. As a result, returning customers will be able to complete their purchase in the matter of seconds, without having to enter all their data again.
Besides, as we already mentioned, losing customer input when a submission causes an error is a major reason for shopping cart abandonment; by storing credit data safely, you avoid this problem and increase ecommerce conversion rate at checkout.
Ensure the correct placement of trust indicators
One of the biggest concerns when it comes to digital payments is undoubtedly cyber security. Many customers believe that card-not-present (CNP) payments are not safe – although in reality, they are becoming significantly safer than cash transactions.
Nonetheless, customers are not going to provide their financial details to everyone – and they shouldn’t. They want to know that their data will be protected from cyber attacks and data breaches. For this reason, e-commerce websites must ensure the correct implementation of the necessary security measures; and place their corresponding indicators at checkout.
Some companies comply with the standards for data protection, but do not realize the importance of placing the right indicators during all steps of the buying process. Of course, if your website is not secure and you are not capable of protecting your customers’ data, it is absolutely forbidden to place security badges without being in compliance. Instead, you should immediately implement a PCI-compliant Payment Gateway to ensure the full protection of your customers’ credit card information.
Choosing the right payment gateway for your e-commerce business will be key to resolving a lot of issues related to shopping cart abandonment and low conversion rates. If you are looking for a secure gateway in compliance with the official security standards PCI-DSS, visit our website for additional information!