How to Improve the Checkout Process on Your Magento Store?
- 8 months
According to statistics, optimizing the Shopping Cart Abandonment rate is one of the biggest challenges for eCommerce businesses. On average, around 70% of all online shopping carts are left by consumers before checkout. The reason?
Maybe they found the shipping cost too high. Or maybe they got distracted. Maybe they found the checkout process on your website too slow or complex. The reason could be anything.
But, the result is low conversions and decreased sales. When consumers are in “Buy Now” mode, it is your responsibility to help them throw their money at you seamlessly. If you lose even a single chance to do so, your eCommerce business will suffer. You will lose money and customers’ trust as well.
On the other hand, if you have a robust and easy checkout process, you can:
- Attract repeat consumers who will become your loyal consumers one day
- Increase conversions by eliminating any friction in the purchasing journey
- Increase your AOV and sales while improving your bottom line
What else does an eCommerce business need? All three points mentioned above summarize what a successful online business should look like, and that’s why optimizing the checkout process on your website is important. In this blog, we will see how you can do that.
So, let’s get started.
6 Tips to Optimize the Checkout Process for Better Magento Store Management
Here are some tips that you can use to improve the checkout process on your eCommerce website and increase conversions:
1. Optimize Magento Website Speed
Site speed is the key to success in the eCommerce industry. It directly influences your search engine rankings, conversion rates, and repeat business. And with recent changes to Google’s algorithms, a fast loading speed is even more important to secure a competitive edge online.
Website load speed affects your checkout process and your entire eCommerce store experience. There are many things you can do to improve your Magento website’s speed and set up a frictionless checkout process, including:
- Compress image and asset sizes
- Remove third-party scripts and checkout modules that aren’t required
- Optimize cookies
- Set up a CDN for better speed all around the globe
2. Keep Form Fields Minimum
Modern-day consumers are time-savvy and a bit lazy. They won’t entertain your requests to fill out endless forms just to buy a product from your eCommerce websites. They have plenty of other options too.
Thus, you must only ask them for the required information to process an order. Do some research on what data you really require and ask that during the checkout. As per Baymard Institute, more than 15% of shoppers abandon shopping carts if they find the checkout process complicated and long.
Thus, save your business the hassle of losing a lead and improve your sales by designing sleek-looking checkout forms with minimum fields. Here is an example of an ideal checkout form:
Bonus Tip: Brands can enable the “Guest Checkout” option for consumers who are in the utmost hurry. Sometimes, customers indulge in impulse buying, and guest checkout options are the best way for eCommerce businesses to make the most of it.
3. Show Trust Signals
Trust issues are among the most common reasons why consumers abandon carts and do not complete checkout. With data breaches, frauds, and scams increasing daily, consumers and businesses must ensure security.
You require them to build their trust to help them add their personal data and payment details to your website. According to a survey, 17% of consumers abandon the checkout process just because they didn’t trust the website enough to add their credit card information.
Now, what can you do to make them trust you? Along with actually ensuring security on your online platform, you also need to instill a sense of security in your consumers by giving trust signals. Here are some of the trust signals that every eCommerce business must use:
- Positive customer reviews
- Trust badges
- Have and show an SSL certificate
- A clearly visible return and exchange policy
- Contact information
- Social media links
- Human faces on the About Us Page
4. Optimize Your Magento Store for Mobile Usability
Mobile commerce sales grew astonishingly during 2020, increasing by around 18% from 2019. It can be attributed to COVID-19 and an ever-increasing number of people shopping online.
According to statistics, mobile commerce sales will be more than $710 billion by 2025.
Thus, not optimizing the checkout process of your Adobe Commerce or Magento store on mobile can be a way to lose leads and potential business growth.
Having a responsive website is one thing but delivering the same level of performance on mobile as you are delivering on the web is another. Along with designing your store’s UI for mobile, you will require to do several optimizations, for example:
- Minimizing page file size
- Optimizing for the first byte
- Using HTTP/2
- Lazy loading content.
5. Provide Multiple Payment Methods
Modern consumers are very particular about the payment method they use. For security and other reasons, they do not want to try new modes of payment or switch from the ones they usually use. That’s why it is crucial to add as many payment methods as possible to your eCommerce website to ensure no one abandons the cart because of not finding their preferred mode of payment.
Bonus Tip: Offering alternative payment models can increase your eCommerce conversions by many folds. For example, you can provide a Buy Now Pay Later option to help consumers buy instantly and pay later. The more options you provide, the more likely consumers will be able to find an option they like, leading to them completing the checkout process soon.
6. Offer Promo Codes
It is important to understand the psychology of customers to improve your checkout process. They feel great when they think that they are at an advantage when closing a deal. By taking a few dollars off the amount they need to pay, you can make them expedite the checkout process and increase conversions.
There is no defined set of rules to improve your Magento checkout process. Each website has a different business model and customer persona; if a strategy works for one business doesn’t mean it will work for all.
However, you can still apply and test all the above strategies to see what works for your business and what does not. If you still need help, get in touch with eCommerce experts at Envision eCommerce and make the checkout process on your website feel like a breeze.