4 tips to keep it in the cart
There are a few key factors that stop customers from converting all the way to purchasing the items in their carts. According to the 2016 ‘Shopping Cart Abandonment’ report by Business Insider Intelligence, 61% of customers said it was due to extra costs – shipping, tax and fees. 35% were frustrated that the site required them to create an account, and 27% said the checkout process was too long or complicated.
So if you’re an online retailer, what can you do about it? Here are our top 4 tips to help you optimise your checkout process, encourage shoppers to complete their purchases and minimise your cart abandonment to enjoy improved sales for your business.
Tip 1: Offer multiple ways to shopCustomers are increasingly shopping across devices. Unsurprisingly, giving customers several ways to find your store increases the chances of completing a sale.
According to the International Council of Shopping Center, customers with multiple shopping options spend, on average, around 3 times more than single channel customers. The more channels, the more sales.
According to the 2019 PayPal mCommerce Index, 73% of consumers use mobile devices for payments but only 60% of businesses are mobile-optimised (up from 55% in 2018). What’s more, 89% of consumers are shopping via online marketplaces but only 44% of businesses sell on them. These gaps highlight huge opportunities for businesses to take advantage of the growing mobile and social trends.
Together, your platforms should create a seamless shopping experience for customers where they can access your store anytime, anywhere.
Tip 2: Streamline your checkout
The number of steps to complete a checkout process is directly correlated to how likely a shopper is to complete the purchase.
The Baymard Institute found the average retailer site has nearly 15 form fields throughout the checkout process, but the ideal number is 7 or 8. Think about it… how many times have you decided something isn’t worth the hassle?
What’s more, if you don’t enforce account registration during checkout, you can see a 45% increase in sales.
Reducing form fields or offering a ‘buy’ button can help solve these barriers to purchase. Another way to expedite the checkout process is with PayPal’s One Touch™, which lets customers buy without entering details or even a password. More than 5 million merchants across 144 global markets have opted in to One Touch™, touching more than 40 million customers and showing just how important simplicity, speed and ease of use is to customers around the globe.
Tip 3: Offer more ways to payProviding financial flexibility is a great way to increase the likelihood of a completed sale, especially when selling internationally. This means offering several payment options, including local payment options, at checkout.
Our Cross-Border Consumer Research found that 41% of international shoppers chose convenience as a key determinate of cross-border payment method preference. In turn, 35% of merchants who sell cross-border already offer shoppers different payment methods in different markets, giving shoppers more choices at checkout.
The more payment options you have, the more convenient it is for the customer, which increases the likelihood of them completing a purchase.
Tip 4: Follow upReach out to shoppers who abandon carts. According to Smart Insights, targeted emails that follow up on abandoned carts have an average 48% open and 6.54% click-through rate – well outperforming marketing email averages on both metrics - which can lead to a purchase.
Or consider display retargeting, directly targeting customers who have previously visiting your site with advertising in their browser. Sometimes all it takes is a simple reminder!
By following these tips, you’ll be well placed to improve your conversion rate and increase sales.