High cart abandonment rates are a major pain point for many eCommerce businesses. Only 2%1 of shoppers convert on their first visit to a store, and 92%2 of first-time visitors to a website don’t intend to buy anything. It can take time and repeated visits to trust a new eCommerce site and make a buying decision - however, it’s not only new customers that abandon their carts.
In 2020, 88%3 of online shopping orders were abandoned before checkout and, while it’s understood that some people treat their cart as a wish list rather than a commitment, there are ways to encourage shoppers to head to checkout sooner, whether it’s their first time or not.
The key? Fast, safe, and easy checkouts.
In 2020, only a third of online shoppers in the United Kingdom who abandoned their online shopping carts came back to buy the item on the same website later4. Around a quarter of consumers abandoned their orders to purchase the same item from a different online retailer5. It’s possible they found their item at a lower price somewhere else, but often shoppers choose to purchase from stores that they trust, are easy to use, or have used before, so you could lose out.
So how do you persuade a shopper to take a chance on you? Here are a few easy ways you can make your checkouts more inviting:
- Easy guest checkouts
Not everyone wants to take time to fill out forms and create an account, and people can be reluctant to share data unless they’re planning to become a repeat customer. By embedding a Hosted Payment Page into your site, you can provide a fast checkout service that doesn’t require your customers to invest too much time, or data, with you.
By customising your Hosted Payments Page, you can also make sure it looks and feels like your website, so customers won’t be spooked by redirections or confused to find themselves on a webpage that looks nothing like you. Alternatively, you can use a shopping cart platform that does this for you, so less stress for you and an easy checkout for your shoppers.
- Pump up the security
Customers need to know their cardholder data is safe. 96%6 of consumers in the UK worry about fraud, particularly when making online purchases. You need to reassure site visitors that your payments meet the very latest security standards and regulations, such as two-factor authentication, offering them secure ways to pay.
- Options, options, and more options
Offering standard card payments is no longer enough to convert sales. Shoppers now expect a range of different payment methods, such as Apple Pay, Google Pay, and Paypal, which allow them to pay without typing in card details, and which they know are completely secure.
By offering multiple options, you’re making it as easy as possible for that customer to click checkout and pay quickly, which ultimately will decrease your cart abandonment and make your eCommerce experience more desirable.
At Cashflows, we know how important seamless payments are to converting sales for your eCommerce business. Contact us to find out how we can help you maximise your payment potential.
1 Forbes, 2020
2 Forbes, 2020
*3 Statista, 2020
4 Statista, 2020
**5 Statista, 2020
6 Marqueta, 2020