Ever wonder why customers abandon their carts at the last minute?
Often, it’s because of a clunky checkout process. As an e-commerce owner, nailing your checkout flow is essential for increasing conversion rates. Let’s explore why a slick checkout matters and how you can fine-tune yours to keep those sales rolling in.
Consider this statistic from the Baymard Institute: 70.19% of online shopping carts are abandoned. Let that sink in. Out of every 100 potential customers, 70 will walk away without completing their purchase. Imagine the revenue growth you could achieve by converting those lost sales into successful transactions instead.
Why Does a Slick Checkout Matter?
Picture this: a customer is happily browsing your site, adding items to their cart, and ready to buy. But then, they hit a long, confusing checkout process. Maybe they get hit with unexpected costs, have to create an account or run into technical issues. Frustrated, they abandon their cart and possibly turn to a competitor with a smoother process.
Why people abandon their online shopping carts?
To be fair, many instances of cart abandonment are simply a natural part of how users shop online. Numerous users engage in activities like window shopping, price comparison and wishlisting. These behaviours result in a significant number of inevitable cart and checkout abandonments. However, if we exclude this “window shopping” group and examine the other reasons for abandonment, the Baymard Institute has found the following:
A slick checkout addresses many of these pain points and enhances user experience by:
Reducing Abandoned Cart Rates: Simplifying the checkout flow decreases the chances of customers leaving mid-process due to frustration or confusion.
Building Trust: A slick checkout flow instils confidence in customers that their transaction is secure and their time valued.
Increasing Conversions: When the path from cart to completion is clear and efficient, customers are more likely to finalise their purchases.
10 Tips for Optimising Your Checkout Flow
Checkout flow optimisation is all about fine-tuning your store to turn more browsers into buyers. It’s about smoothing out the steps, speeding up the process and reducing all the hassles so shoppers follow through and don’t leave items hanging in their carts.
#1 Transparency in Costs: Clearly display shipping costs, taxes, and additional fees upfront. Avoid surprising customers with unexpected charges at the last minute.
#2 Offer Guest Checkout: Allow customers to complete their purchase without creating an account. Many shoppers prefer this option to avoid additional steps.
#3 Provide Multiple Payment Options: Offer a variety of payment methods to suit different customer preferences. Think beyond just credit and debit cards—consider adding options like electronic funds transfer (EFT) and interest-free instalment plans. But just ensure your payment providers also offer a sign-up free payment flow.
#4 Streamline the Steps: Consolidate checkout steps onto a single page to minimise clicks and speed up the process.
#5 Progress Indicators: Clearly indicate where customers are in the checkout process (e.g. steps completed, current step) to manage expectations and reduce confusion.
#6 Clear Call-to-Action (CTA): Use prominent CTAs like “Buy Now” or “Proceed to Checkout” to guide users towards completing their purchase.
#7 Optimise Form Fields: Only ask for essential information and use autofill where possible. Consider using address lookup APIs to streamline input.
#8 Mobile Optimisation: Ensure your checkout flow is fully optimised for mobile devices. According to a recent study by Statista, smartphones constituted around 77% of retail site traffic globally, and a clunky mobile checkout can deter conversions.
#9 Trust Signals: Display trust badges, security certifications, and customer reviews near the checkout button to reassure customers about the safety and reliability of their purchase.
#10 Post-Purchase Communication: Follow up with clear order confirmation emails and shipping updates to keep customers informed and engaged.
Conclusion
Optimising your e-commerce checkout flow is not just about convenience—it’s a strategic move to boost your conversion rates and improve customer satisfaction. By implementing these tips, you can create a frictionless experience that encourages customers to complete their purchases and return for future transactions. Remember, every improvement in your checkout flow can have a direct impact on your bottom line, making it a worthwhile investment in your e-commerce success.
A Word on Float: As Africa’s 1st card-linked instalment platform, Float offers shoppers a smarter way to use their credit cards by splitting their payments over up to 24 interest-free, fee-free monthly instalments using the available limit on their credit card. For shoppers, Float’s checkout flow is as quick and easy as a regular credit card transaction. Because Float works within the available limit on their credit card, there are no applications, credit checks or app downloads. This means a frictionless checkout process for shoppers and increased conversions for merchants. Interested in learning how Float can lift your business? Fill out a merchant sign up form here or email grow@float.co.za, today.