Shopping cart abandonment: among all the different problems that e-commerce businesses suffer from today, this is one of the biggest concerns that come up more often.
Whether you’re selling food products or services, you may have continuously suffered losses of potential profit because of this same problem. The issue of shopping cart abandonment has become widespread that it continues to cause businesses more difficulty in forecasting growth, which hinders progress.
While it may seem like a hurdle that continues to grow, the truth about cart abandonment is that it doesn’t require drastic measures when remedying the problem. Even though many business owners lean towards exaggerating the issue and calling it a “regular aspect of e-commerce business,” it isn’t as inevitable as one may think long as the right tools are used.
Among all the different ways you can lessen or eliminate the possibility of having your customers leave, nothing gets the job done better than an optimized payment process.
Beating cart abandonment with payment process optimization
As complicated as it may sound, optimizing your e-commerce website’s payment process is a straightforward effort that requires achieving a full integration by working in parts. When talking about “working in parts,” we’re alluding to tweaking various aspects of your payment page and injecting solutions one-by-one to achieve a more “holistic” effect.
The main reason many customers end up dropping off right before they check out is due to the presence of a sub-optimal payment process that’s complicated or slow. By taking the time to solve this problem, you can effectively overturn the situation and drastically reduce cart abandonment rates by optimizing your entire process!
If you’re looking for an answer to your shopping cart abandonment problem, here are three key factors that can help optimize your payment process:
Factor #1: Enabling guest checkouts on your website
One of the most common reasons consumers are far more likely to leave their shopping carts right before checkout is the lack of a guest checkout option.
No matter how valuable it may seem to collect customer information and keep potential repeat customers in the loop, the truth is that many don’t have the patience to go through a separate process of creating an account. By cutting out the “account prerequisite” and improving the way that your website maintains consumer convenience, you can speed up the whole process and lower your bounce rates, which leads to less abandonment!
Factor #2: Having a more extensive range of payment options for customers to use
If there’s anything that’s bound to help lower your cart abandonment rates, it’s bound to be offering a variety of payment options beyond the two or three that you had initially.
It may seem like a minor detail, yet preparing several payment options for your customers to use will significantly affect their final purchase decision as it improves their convenience. Aside from PayPal, Visa, MasterCard, and American Express, there are other payment options like Stripe that should be on your list of supported payments. Fortunately, Payment Page’s stripe-integrated checkout page builder makes it far easier to integrate various payments with a few clicks so that you can accept payments worldwide!
Factor #3: Incorporating security badges into the checkout page design
Another effective form of payment process optimization that can prevent your customers from abandoning their shopping carts is by using security badges to your advantage.
For most first-time customers, buying from an unfamiliar website can be a challenging effort because of the prevalence of credit card fraud, scamming, and phishing. Adding security badges to your checkout page’s design will provide more reasons for customers to trust your website enough to make a payment!
Dealing with shopping cart abandonment is never a pleasurable experience because of all the potential profit that ends up going down the drain. Nevertheless, optimizing your payment process in various ways can alleviate the problem. With the help of the three factors mentioned above, you’ll optimize your website’s payment process well enough to facilitate profits and minimize the presence of abandoned shopping carts!
Are you looking for an easier way to accept payments from all over the world while minimizing your website’s cart abandonment rates? Payment Page offers an easier payment process optimization experience by using our WordPress plugin to create a hosted payment page!