When you’ve put time, effort and lots of money into quality products and slick marketing, the last thing you want is an abandoned cart. So how do you fix that?
The latest research by online payments processing platform Stripe has found that it all comes down to the checkout flow. They found that 91 per cent of Australia’s top eCommerce checkouts have at least five basic errors, causing unnecessary friction for customers.
With eight out of 10 lost sales failing on the checkout page, fixing these basic errors and reducing friction in the transaction process can result in significant increases in conversion and revenue.
In The state of checkouts in Australia 2021 report, Stripe looks at the most common checkout mistakes amongst the top 100 ecommerce businesses in Australia and how to easily fix them.
1. A poorly designed checkout form
Thirty-five per cent of Australians said they would abandon cart if the checkout process took longer than two minutes. Despite this, 65 per cent of Australian checkouts did not allow customers to save their payment information for future use and 46 per cent did not display an error message in real time when an invalid card number was entered.
Online shoppers want a quick, easy and intuitive checkout form that auto-completes, saves information and clearly highlights errors. If your checkout form is poorly designed and cumbersome, your customers might decide the purchase is not worth the hassle.
- Is my checkout form as intuitive, automated and user-friendly as it could be?
2. The experience isn’t smartphone friendly
More than 50 per cent of eCommerce traffic comes from smartphones but carts are abandoned on mobile devices at more than twice the rate of desktop computers. .If your checkout flow isn’t adaptable to a smaller screen, there’s a high chance people visiting your site from their phones won’t make a purchase from you. It might seem obvious that your checkout needs to be mobile-friendly, however 19 per cent of websites failed to surface a numeric keypad to enter card information on mobile
The key is making it as simple as possible for people to shop on their phone. That means a checkout flow that automatically adjusts to the size of the device plus the ability to buy without creating an account. If you don’t cater to these preferences, there are higher chances of you losing the sale.
- Is the checkout experience as seamless on a smartphone as it is on a desktop?
3. Customers can’t pay via their preferred method and currency
Nineteen per cent of consumers said they’ve abandoned a purchase in the last year because their preferred payment method wasn’t available.
Speaking of popular payment methods, a whopping 89 per cent of checkouts were found not to support Apple Pay or Google Pay. And despite the enormous growth of Buy Now, Pay Later services, 41 per cent of Australian sites did not support Afterpay.
Customers want the option to pay later, pay in instalments or pay with their digital wallet. If they’re purchasing from overseas, they also want the cost to be displayed in their local currency.
- Am I giving my customers enough payment options based on their preferences and location?
4. The site doesn’t look secure
Stripe found that a secure website was one of the top two factors in creating a positive shopping experience. Of the consumers surveyed, 15 per cent said that they’ve closed a website because it didn’t look secure.
At the same time, adding too many security steps can cause unnecessary friction for customers. It’s all about balance and providing checkout options like the ability to login using an existing account.
- Am I reducing fraud and improving security in a seamless way during checkout?
5. Poor practice for subscriptions
Australians love a digital subscription with consumers Down Under paying for more than three active subscriptions – the highest among global consumers surveyed.
However, Stripe found that majority of these subscription-based businesses make basic checkout errors like not offering a free trial and not offering popular non-card payment methods, like mobile wallets or direct debit.
Like businesses that offer one-time payments, subscription services need to optimise their checkout process through implementing clearer design, flow, localisation and security.
- Am I following best practice subscription guidelines by offering incentives and payment options that go beyond credit and debit cards?
If you answered ‘No’ to one or more of the questions above, don’t stress. They’re common mistakes that can be easily fixed. The state of checkouts in Australia 2021 report includes simple checklists and detailed strategies that you can use to improve your checkout flow and increase online sales.
The report is full of fascinating insights into the buying preferences of Australian consumers and best practice guidelines. From guest checkout options to localising payment methods, you’ll find out how to create a fast, intuitive and user-friendly checkout form. Download the free report and give yourself the best chance of securing that sale.
This article is brought to you by Kochie’s Business Builders in partnership with Stripe.
Feature image: AdobeStock