For eCommerce store owners, abandoned shopping carts forever remain a mystery and something that silently eats up potential revenue.
On average, online retailers experience 60% to 80% of cart abandonment every year.
And when you drill down the research, you realize that 70% of your customers abandon carts just before they checkout.
Although the primary reasons for cart abandonment are usually pricing and high shipping costs, the fact is that you can’t really reduce the prices below a point.
So what can you do? From working with our eCommerce customers, we’ve found that the best way to address the cart abandonment problem is – Fixing your checkout page!
It’s not easy to prove that your checkout page may have frustrated your customers. But when customers find a checkout page that seems unending, confusing, and requires unnecessary information, they can get suspicious, frustrated and don’t think twice about abandoning their cart.
Just look at your Google Analytics – You’ll see a huge drop-off at your checkout page.
Having worked with several SMBs and large eCommerce businesses, we have dealt with different scenarios that affected our customers’ checkout pages. And here are the three possible checkout solutions that worked for them.
One-page checkout includes all the standard information on a single page: shopping contents, billing, shipping address, payment information and more.
One-page checkout intends to simplify the checkout process with reduced pages and clicks.
What is One-Click Checkout?
One-click checkout is a more revolutionized version of one-page checkout. It enables shoppers to checkout in a single click, leveraging convenience.
The customer’s payment information is saved to the account in one-click checkout. This reduces checkout time.
Most online retailers are of the opinion that a single-page checkout is a holy grail to their cart abandonment problems. But that’s not how it works.
Although most studies and researches favor single-page checkouts when its single page vs. multi-step checkout, we recommend that you optimize your existing checkout page before jumping to a conclusion on what works the best for you.
Christian Holst, one of the researchers at Baymard, rightly says, “There do exist some A/B cases where one-page checkouts outperform multi-step checkouts significantly. However, these cases often compare a non-optimized multi-step checkout with a new optimized one-page checkout.”
Customers don’t have to wait for successive pages to load before they make their payments. This way, one-page checkouts save a lot of time.
As the billing, shipment, order review and confirmation details are all on the same page; it’s easy for them to complete their checkout without much distraction.
Customers who make repeat purchases, shop for inexpensive products and prefer mobile shopping will definitely love a one-page checkout, as it’s ideal for them.
One of our clients, Low Cost Medical, was facing many website-related problems, and they were having difficulty driving traffic and making conversions. After analyzing their site and proposing solutions and feedback, we realized they needed something more to impact conversions.
They had a complex, multipage checkout, causing customers to abandon their cart quickly.
We worked on this and replaced their multipage checkout with a single page. We also analyzed all the form fields and optimized their fields, making the process better. Because of this, our client saw a 10% increase in their conversion rate. It boosted their website performance and eventually increased traffic.
Hence, providing a hassle-free checkout can be a suitable option when you want instant results in traffic and conversions.
Here are some optimization tips for one-page checkouts that can balance your multipage checkouts.
Multiple page checkout has the checkout process spread to several pages.
In this type, customers enter required details manually every time they checkout. This may take more time and effort.
However, some online shoppers prefer this checkout method better. It allows shoppers to confirm order details. It will enable customers to think carefully and provide the necessary information.
Multipage checkout mostly works for customers who want to make complex and expensive purchases and don’t really mind spending time to make sure everything’s perfect.
Despite the number of success stories of one-page checkouts, multipage checkouts have their own reasons to be preferred by many top eCommerce businesses. Because,
Highlights Of Multiple page Checkouts:
Guest Checkout: Most customers do not want to create an account to make a purchase. You can offer such customers a guest checkout option through multiple-page checkout.
Acquire more customer information: By dividing the checkout process into multiple steps and pages, customer information is collected easily. Customer’s email address is the first to be collected. So, even if the customer abandons his cart, the email address will be available to reach him by email.
Scannable Layout: You can elaborate on the checkout. With the checkout process spread across pages, the fields display clearly with enough spacing. The fields are easy to fill and visible. Also, possible to double-check the cart, add gifts and other customized offers.
Analytics: Study customer dropouts in detail using various analytics. Having multiple pages for checkout makes it easy to track on which stage the customer exists on the checkout page. With this, you can leverage the power of Google Analytics to find exactly where you are missing out.
Others: Multiple page checkouts give merchants enough time to engage with the customers. You can encourage cross-selling and upselling before they make their final purchase. It also Integrates different payment gateways.
Cons of multiple page checkout:
Time consuming: Multiple checkout pages consumes a lot of time as every field is entered manually. This may contribute largely to cart abandonment.
Tedious process: Checkouts of more than 1 or 2 pages can frustrate customers. Multiple page checkouts may seem lengthy and tiring, making customers lose interest in the purchase.
Tips For Seamless Checkout:
Single page vs. multi-step checkout, both have their own pros and cons. To select the right checkout option, analyze your eCommerce requirements.
There are pros and cons to both types of checkouts. Picking the right one for you can be a difficult task.
As mentioned earlier, one-page checkouts are easy to optimize and simple to execute. With the huge spike in mobile shopping, there’s no better solution than one-page checkout, as it’s faster, saves time and convenient. You can considerably increase repeat purchases through one page check out, thereby improving customer retention.
But before that, we strongly recommend that you A/B test all your strategies and optimize your pages to find out what actually works. This is because what works for one may not work for another.