After all the time we’ve spent in and out of lockdowns in the past two year, there’s one thing we know for sure – online browsing (the digital replacement for window shopping) has become a national sport.
But what might be a harmless activity for the browser can be a frustrating challenge for businesses because the prospect of healthy sales can quickly turn into an abandoned cart problem. So what’s the best way to encourage your customers to complete their purchase?
The latest research by online payments processing platform Stripe has found that it all comes down to checkout flow. In fact, eight out of 10 lost sales fail on the checkout page.
In The state of checkouts in Australia 2021 report, Stripe looks at the most common checkout mistakes and how to prevent them.
They found that 91 per cent of Australia’s top eCommerce checkouts have at least five basic errors.
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 highlight 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.
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, you might lose 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. While Buy Now, Pay Later services have increased in popularity, 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.
- Is my site secure without asking customers to jump through too many hoops?
5. The subscription service lacks options
Australians love a digital subscription with consumers Down Under paying for more than three active subscriptions – the highest among global consumers surveyed.
Like businesses that offer one-time payments, subscription-based businesses need to optimise their checkout process through better 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 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 Startup Daily in partnership with Stripe.
Feature image: AdobeStock