Surprise costs related to shipping and taxes and a long, complicated checkout process are listed among the top reasons for shopping cart abandonment, and the problem only grows on smaller, mobile devices. So, how can consumer and B2B retailers reduce cart abandonment? Provide a simple, transparent checkout process that meets customers’ expectations without any unpleasant surprises.
Enable Faster Payment Gateways
I don’t know about you, but when I’m finishing up an online order, I always scan the payment gateway options for names like PayPal, Amazon Pay, and Google Pay. If any of these are an option, I always use them. It’s just so much quicker and easier than tracking down my credit card and entering it in manually. Many customers look for shortcuts like this in the checkout process.
Integrating with payment gateways like these can go a long way in speeding up your checkout process, especially on mobile devices. These types of integrations also allow your customers to customize their ordering experience and, if they’re buying from you for the first time, can provide extra confidence in their purchase.
Offer Flexible Pay-Later Options
Choosing a Global Software Development Partner to Accelerate Your Digital Strategy
To be successful and outpace the competition, you need a software development partner that excels in exactly the type of digital projects you are now faced with accelerating, and in the most cost effective and optimized way possible.
In addition to flexible payment methods like the ones mentioned above, providing customers with multiple options for payment timing can also help reduce cart abandonment rates. If a customer is wavering between clicking “Checkout” and walking away from their cart, a pay-later or pay-in-installments option might make it easier for them to commit to the purchase. Options like these improve conversion by giving the customer more power over how and when they make payments.
Provide Accurate Tax Estimates
You’ll also want to make sure you’re not pulling the rug out from under your customers with unexpected taxes during the checkout process. This can be done by integrating a tax solution with your eCommerce platform. This is an advantage for merchants because it takes away the burden of tracking tax changes, maintaining tax tables, and managing product taxability status. That is all handled by the integrated tax solution, which ensures that the tax estimates you present to your customers will be accurate.
Our solution partner Magento has been making strides to improve the customer experience and reduce cart abandonment rates for its retailers by enabling each of these capabilities in its eCommerce platform. Shortly after the Magento Imagine 2018, Magento released their latest version of Magento Commerce, 2.2.4. The features and capabilities added to the platform in this release work toward delivering a better shopping experience.
The Magento Commerce 2.2.4 release highlights include:
Amazon Pay & Klarna Pay Later
Using Amazon Pay on Magento sites, end users can check out using the payment and address information stored in their Amazon accounts. This makes the checkout process simple and quick, thus improving cart abandonment rates. Magento has also introduced flexible payment options from Klarna, which offers a pay later option, giving customers up to 30 days after delivery to make payments. Klarna also offers an installment option called “Slice It.”
Vertex’s Real-Time Tax Calculations
Using the in-built Vertex tax solution, Magento merchants will be able to provide real-time and accurate tax calculations and avoid any tax surprises to the end customer.
Besides these additions, Magento Commerce 2.2.4 also includes:
- Enhancements to Magento Shipping such as a pickup option for shipping and returns processing right from Magento Admin
- Optimized performance
- Deeper integration with Dotmailer, making it possible to follow up via email with customers who have abandoned carts
As Magento Solution Partners, we are excited about the new release and the benefits it will provide to both retailers and their end customers. You can learn more about the features available in the 2.2.4 release by visiting the Magento blog.
If you’re thinking of upgrading your commerce experience to Magento 2, download our guide, The Ultimate Magento 2 Upgrade Checklist.