The ecommerce industry is one of the fastest-growing industries. Although it is a rather new addition to the world of retail, experts predict the industry will be worth over $4 trillion in sales by 2020.
The year 2019 was a particularly strong year for ecommerce, as it marked a period where about 80% of all internet users made an online purchase. However, despite the exponential growth of ecommerce, it still accounts for less than the total retail sales worldwide.
Part of the reason why online sales figures are not higher than expected is that checkout abandonment is quite common. Primarily, it refers to the behavior where customers would fill up their cart with orders but never get around to completing the checkout process.
Aside from extra costs, a long and complicated checkout process is one of the primary reasons why people opt out of orders in the middle of a purchase. So, it is essential to mitigate the cart abandonment issue by upgrading your business’ checkout services.
You can do so by choosing one that benefits both you and your customers. Here are some key features to look out for when shopping for the best checkout system:
Checkouts can be a complicated mess for many customers. Although many who shop online are well-versed with the ecommerce system, not everyone has the same level of experience.
As such, particular features, such as four-page checkouts, prove to be too complicated for many. In that regard, no customer wants to filter through too many pages and hundreds of fields to order a sweatshirt.
In the age of user-friendly UI, an outdated checkout system will make customers turn away from the page. That way, you can lose a large percentage of prospective revenue. About $260 billion is lost every year due to lousy checkout design. By streamlining the system for a quicker and more efficient one, you will lose less customers and convert more of them to frequent your site.
One notable feature that improves customers’ quality of life is inputting as little fields as possible. By only gathering pertinent information, customers are also less likely to opt out due to the fear of sharing too much personal information.
The redirect feature is also a huge culprit that contributes to checkout abandonment. If ‘clicking next’ opens to a new page, then some people will assume that it is an ad or a spam site. Having no redirects and faster load time will make people more likely to complete checkouts.
About 70% of people in the US use smartphones, 79% of which have made purchases with a smartphone. Despite those numbers, most online stores do not have smartphone and tablet optimization, which means that checkouts are challenging to maneuver, slow, and more likely to cause complications.
Double charges and missed orders are things that customers do not want to go through, but are common with checkouts designed for desktop use. As customers complete a large number of online orders using smart devices, it is crucial to employ a checkout system that caters to mobility. This involves an intelligent syncing with money applications or a no-scroll design for easy viewing.
An optimized checkout system will ultimately reduce cases of abandonment and save your company from plenty of lost revenue. Aside from that, checkout services offer plenty of other robust features, such as fraud protection for both you and the customers. Not upgrading your company’s system to fit into the modern demand is detrimental in the fast-growing ecommerce industry. Consequently, adjusting to the times is the first step to staying relevant amidst the competition.