5 minute read
Cart abandonment is costing you.
Imagine that your site brings in $150,000 every month with a 0.9% conversion rate. If we increased your conversion to just 1% it would result in an additional $16,600 of revenue per month. That’s $199,200 per year. Ka-ching.
So how can we get that 0.1% lift? Let’s go through the checkout process and highlight what makes for a great experience.
Getting Browsers to Become Buyers
Let’s start just before the customer adds a product to their cart, when they are still a browser and not a buyer.
Make it obvious to shoppers how to add an item to their cart and how to checkout. Animations and other eye-catching cues will ensure shoppers know that the item has been added to their cart. Have a look at how Nike uses an animation to let shoppers know they have added an item to their cart. A full width banner is prominently displayed across the top of the page and includes links to either view the cart or jump right into the checkout.
Whether you decide to use an animation or a less expensive alternative such as a pop-up window, make sure it doesn’t go away until the user closes it themselves or clicks somewhere else. This Nike banner disappears after a few seconds but the longer it lasts, the longer that “Checkout Now” button is staring the shopper down.
Once They’re in the Checkout
Once a shopper has entered the checkout and they have moved from browser to buyer, everything should be laser focused on getting them to complete the process as quickly and easily as possible. Conversion optimization guru, Bryan Eisenberg, suggests that the goal of a checkout should be to reduce fears, build trust, and reinforce benefits.
How to Reduce Fears
You might be wondering; how does a checkout reduce fears? To answer that, it is helpful to first understand where this anxiety is coming from.
There are many different aspects of online shopping that cause customers to feel anxiety. Payment security, information privacy, and a tedious shopping experience are just a few of the things shoppers worry about. Some common ways that checkouts fail to reduce fear is by asking for sensitive information before establishing comfort, making the checkout look long and cumbersome, and asking seemingly unnecessary questions.
The problem with seemingly unnecessary questions is that they are often just that, seemingly unnecessary. The retailer may have good reason to ask a particular question, but one that isn’t readily apparent to shoppers. For example, some retailers ask for a phone number so to have method of communication in case any shipping-related issues or questions arise. A perfectly reasonable reason to ask for a phone number. But if the shopper doesn’t know this (or the retailers didn’t explicitly say it), then they may become concerned or start to wonder:
- Why do they need my phone number?
- Is somebody going to call me?
- Will they give my number away to someone else?
While some of these concerns may seem trivial, they are based in real anxieties that stem from the long history of data breaches and dubious online sellers. So don’t take these fears lightly.
Reduce Fear by Proving Legitimacy
Using trust marks can do wonders for your conversion rate. Trust marks are characteristics of a site that signal to shoppers that it is trustworthy. For example, badges from third-parties such as the Better Business Bureau or Norton are common trust signals. The reason they can do so much for your conversion rate is because many shoppers are concerned about security when shopping online:
- 2/3 of online shoppers feel retailers don’t have strong enough security for their credit card and personal information
- 1/3 of shoppers are hesitant to buy online because of data breaches
- Of those concerned with online shopping, 69% say they look for trust symbols
With trust seals you can show customers why they should trust you rather than just telling them. And proving why you are trustworthy is miles more effective than saying it. Trust me.
And this badge? All you need is Photoshop for this one.
How to Build Trust
We have written before on the value of building customer trust, and many of the same concepts can apply to your shopping cart.
Having a professional design throughout your site has a huge impact on a shopper’s perception of trust. Without getting too far into webpage design here is a short check list of design elements that help build trust:
- Professional layout and images
- Fast page load times
- User friendly navigation
- No broken links
- Customer reviews
- Easily found contact information
Another way retailers can build trust with shoppers is by accepting multiple payment methods. A study from YouGov found that 40% of shoppers feel more comfortable shopping with retailers that have several payment options. Moreover, 25% of shoppers will abandon a cart that doesn’t have their preferred payment method. So make sure you’re optimizing the whole cart, and consider how it can benefit from a streamlined payment like FuturePay.
How to Reinforce Benefits
Your checkout should reinforce the benefits of purchasing from your company. Even the little things make a difference.
The Reformation does a great job of reinforcing during the checkout. For starters, they don’t use the typical “Summary” side bar, they let you know what you’ve got “In The Bag”. This is a subtle difference in verbiage, but it creates the impression that the customer already possesses the product and impacts their perception of ownership.
Including an image of the product throughout the entire checkout ensures that shoppers don’t forget what it is they’re paying for. (Yes, shoppers like to be reminded).
Even their account registration page, a step that is normally annoying, manages to remind shoppers of the benefits of signing up. It makes “life easier… duh.”
Finally, The Reformation doesn’t stick to the boring “newsletter sign up”, they focus on the benefits. You’re not getting a newsletter when you sign up, you’re getting “top secret Ref news”.
Now that you understand more about cart abandonment, look for ways that you can reduce fears, build trust, and reinforce benefits on your own site. Get in touch with us to learn more about how FuturePay can reduce your cart abandonment and help you lift conversions.
P.S. Enjoy this post? You’ll love Optimizing Your Checkout: User Experience 101 and The Need for Speed – How Friction at Checkout is Costing You Money