Cart abandonment is the biggest barrier to online sales conversion
At BigHat we strongly believe that reducing cart abandonment is the single most effective change we can make to improve your Magento store’s sales conversion.
Indeed, a consensus of studies show that the average cart abandonment rate is around 70%. That means that only 3 out of 10 visitors to online stores place an order and become customers. If we can drive an additional visitor to place an order, that’s already a 30% increase in transactions.
Although the main reason is around “ I’m not ready to buy” and is not straightforward to address, once shoppers place an item to cart and go to checkout, there is a lot than can be actioned to increase checkout conversion.
The top drivers for checkout abandonment can be addressed
According to Baymard Institute 2017 survey, the top barriers to completing checkout can be categorized as follows:
- Bad Surprises: not showing all information upfront including shipping cost and time, tax, payment methods etc...
- Friction in the checkout process: i.e. too many fields to fill out including forcing to create an account
- Speed: page loading, page crashing etc…
We know that online sales conversion varies based on your industry, category, region as shoppers with different demographics show different behaviours.
However, based on all the knowledge and experience we’ve gained building and optimizing online stores, we know that implementing a simple technical change to your Magento checkout can solve all the above. By simplifying checkout and removing friction in the user experience, your checkout conversion will increase significantly.
State-of-the-art checkout for your Magento store
The checkout of choice for your Magento store not only addresses all the pain points below i.e:
- No surprises: show all Payment and Shipping options upfront with dynamic calculation of all the costs in the order total
- No friction: only the bare minimum number of fields and the option to create an account or not make it easy for online shoppers to complete checkout
- Speed: by reducing the process from many pages to just one page, you minimize the chance of losing your customer, especially on mobile devices
The checkout of choice is also built by a reputable company whose business model is to solely focus on that one single product so as to provide unmatched expertise, legendary support and innovate to follow the rapid evolution of the market and the Magento ecosystem.
At BigHat we’ve been working with OneStepCheckout who are the absolute expert in checkout for Magento since 2010 and recommend it as a cost effective solution to have the best checkout experience for your online business.