The checkout process is one of the fundamental parts of the customer journey that can play a decisive role in a person’s shopping experience. Despite the rapidly changing consumer behavior, for many online merchants there is one long-pending issue that remains stagnant - card abandonment.
In this guide, we will uncover what modern-day consumers expect from the checkout process, explain which steps merchants can take to improve it, and give tips on how to maximize the number of completed purchases.
As the world is recovering from the pandemic and the FinTech sphere is actively evolving, experts agree that the payments landscape will never be the same as during pre-COVID times. Here are some statistical insights to illustrate these major shifts:
According to recent research:
Therefore, the clients’ demand for advanced data security and convenience during checkout is stronger than ever.
The good news is that in the majority of cases, cart abandonment is avoidable. What’s more, it doesn’t take too much effort and resources to fix the issues that force your potential clients to leave without paying - more on this below.
After having your potential client travel all the way from the top of the funnel, it is always a pity to see them go without placing an order.
These simple steps will help you avoid falling at the final hurdle:
1. Optimize the Checkout for Different Devices
Thus, there is no doubt that ensuring your eCommerce site is optimized for laptop users is not enough for a smooth checkout experience for all your clients. In fact, many online sellers nowadays prefer their stores to be created with a mobile-first approach, which ensures that their site is compatible with all screen sizes.
2. Provide Loyal Customers with a Speedy Checkout
Filling up the same data, again and again, can be annoying for returning customers - sometimes even to the point of abandoning the cart without paying.
Providing shoppers with an option to save their payment details for repeat purchases will help you customize the checkout process for your clients and speed it up significantly, which will result in higher conversions and improved satisfaction rates. Besides, it doesn’t affect the transactions’ security as the sensitive data is stored in the form of an encrypted token.
3. Offer a Variety of Payment Methods
Offering a wide array of payment options should be one of your top priorities when it comes to optimizing the checkout process. After all, a customer could be excited to complete a purchase but fail to do so because their preferred payment method is not available.
If you are selling your products internationally, it’s crucial to remember about local payment options that can be more popular in certain regions than the global industry giants. For instance, while in the US credit cards are leading in eCommerce purchases, the payment method of choice for 15% of Brazilians is a voucher called Boleto.
4. Minimize Payment Fraud Risks
Fraud is not only deadly for your store’s reputation but also extremely costly to deal with. Retailers are estimated to have lost $130 billion since 2018 due to fraudulent card-not-present transactions.
Unfortunately, ramping up your general risk management settings to minimize fraud is not an option, as it would result in blocking legitimate customers alongside dishonest players. However, implementing customized fraud filters and solutions based on machine learning is an effective way to address this issue.
5. Partner With a Reliable Payment Platform Provider
The steps mentioned above are sure to help you achieve a smoother checkout process and increase conversion rates significantly. But what if there is a way to implement all of them simultaneously without investing too much?
Payneteasy is a leading payment platform provider that offers all the aforementioned features and even more. With our white label payment gateway, you will be able to start accepting payments immediately and experience a plethora of benefits, including:
Our tech solutions guarantee a significant increase in your online store’s acceptance and conversion rates.
Ready to upgrade your checkout process? Reach out to us now to get started!