How to Increase Conversions by Decreasing Abandoned Carts
While marketing strategies have many different goals, the ultimate goal that most are building up to is for conversions in the form of sales. With so many e-commerce businesses online it can be challenging to stand out, but having the right systems in place can increase your conversions significantly.
One of those systems needs to be a flawless checkout process. Abandoned carts are a huge loss of potential revenue for e-commerce businesses, and having a difficult or even just a too-long checkout process is enough to get users to jump ship.
When looking at why users are abandoning checkouts, there are two reasons that stand out as significant. The first is that 35% of users abandon a cart because they are asked to create a site account. The second is that 27% of users abandon a cart because they feel that the checkout process is too long or too complicated.
Easier digital wallet payment options can solve both of these problems. GooglePay, Apple Pay, and PayPal are all examples of payment options that are quick, easy, highly secure, and trusted by users.
These convenient and secure payment options are becoming the preferred method of payment for large percentages of customers. In the webinar, Andrey mentioned a real-life case of Hotel Tonight, a hotel booking service: 65% of their customers completed booking with Google Pay rather than traditional credit card payments. As they didn’t need to enter extensive credit card and billing information into a website’s account to purchase, let alone multiple sites’ accounts, they were more likely to get to the final stage and finish booking.