06/16/2021 New Industry news
Shopping cart abandonment has become one of the main challenges for retailers these days. Despite all the convenience, flexibility, and other advantages that ecommerce offers, ‘casual browsing’ without completing purchases has still evolved as a natural way for people to engage with ecommerce sites. Research shows that about two-thirds of all potential purchases end up incomplete because users are merely scrolling around, comparing prices, saving items for later, etc. With some small changes, this is something that can easily be avoided.
With changing customer behaviors and expectations, retailers are looking for ways to improve the whole shopping experience. This article will discuss one-click checkouts as one of these ways and how MultiSafepay helps merchants to optimize their checkout with in-house developed products and solutions.
Reasons for shopping cart abandonment
A study from 2021 reveals that the main reasons for consumers to interrupt purchases are:
- Extra costs are too high (49%)
- They didn’t want to create an account (24%)
- Delivery is too slow (19%)
- Checkout is complex and long (18%)
- They didn’t trust the site with their payment details (17%)
- There weren’t enough payment methods (7%)
Just looking at these research-backed reasons, it is clear how most of them relate to the checkout page and processes. Consumers nowadays value their time spent more than ever before. The simple psychology is: The easier they perceive the purchase and checkout, the sooner they perceive their order to arrive. With especially younger audiences being highly immersed in continuous technological development, it’s becoming harder to tolerate slow shopping processes. There are simply way too many competitors out there that can outperform you. If the checkout is too complicated or takes too long, consumers might go to another online shop. Therefore, the main takeaway here is, the fewer taps and clicks required to complete a purchase, the better.
One-click checkouts: the shorter, the better
There are a couple of smart ways to boost purchases and reduce shopping cart abandonment. One of the simplest ones is the one-click checkout approach, which Amazon has successfully pioneered with their ‘One-Click’ button. With this option, customers have to enter their billing, shipping, and payment information only once and from then on, simply click one button to make a purchase.
Checkout flows are generally and naturally form-intense pages. However, an essential thing to remember when working on reducing steps for your checkout flow is the complexity that adding optional fields can cause. Comprehensive testing has shown that users are easily overwhelmed and intimidated when confronted with many form fields and selections. An ideal checkout flow should contain no more than 12 to 14 form elements, meaning a simplified UX and UI and smart form features can already reduce checkout steps and - thus, minimize the risk of consumers feeling intimidated or put off by the checkout.
Some basic yet effective ways for merchants to optimize checkout flows and reduce cart abandonment are
- one-click purchase options
- pre-filled fields accounts and payment details
- offering preferred, easy to use payment methods
- Be transparent about pricing and shipping costs throughout your website (as mentioned earlier, additional costs are the main reason for cart abandonment)
How to optimize your checkout flows with MultiSafepay
Keeping our mission to remove barriers for commerce in mind, optimizing the checkout flow for our merchants is of highest priority here at Multisafepay. Our in-house development team is constantly working to create products that help our merchants and partners to grow on the market while at the same time using the most resilient and reliable solutions.
Our whole range of our in-house developed plugins, such as our lately rewritten Magento 2 integration, allows you to tune in the checkout to your customers needs. By benefiting from features like Magento Instant Purchase and Magento Vault you can offer customers a quick and easy checkout experience while boosting your conversions. Several of our tools, such as Second Chance emails or Payment Links, allow you to reduce the cart abandonment rate for your shops, recover key profits and eventually boost the numbers of your business significantly.
Last but not least, Multisafepay offers you a mix of 30 different national and international payment methods, including options that facilitate quick, easy yet secure checkouts such as digital wallets and buy now pay later options.