SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
Optimize Your Checkout Process Online and Close More Sales
The items are in their cart. Now, for the final stretch. Your purchase flow is about to be put to the test. Is this where you tend to hold your breath? Or are you pretty confident that your new customer will follow through with his purchase?
Do you know your cart abandonment rate? It’s surprising how many online retailers don’t know this number off the top of their head. If you don’t, go check. We will wait….
Is it higher than you expected? About the same? Would you consider this key metric important enough to focus some of your energy on to reduce?
There are two easy and quick solutions to help you right off the bat.
- Simplify your navigation tool
- Keep the process short and sweet
According to Statista, 25% of shoppers who abandon their cart left because the navigation was too complicated, and 21% felt the process took too long. Conclusion: keep the checkout process simple (preferably on one page). You already collect basic data to process the purchase anyway, so refrain from asking for extra personal information. You can pull this initial data into your customer relationship management (CRM) tool to use for email campaigns and further promotions, without requiring their birthday, favorite color, or name of their firstborn up front (I’m exaggerating of course, but you get the idea). You can get other information later through campaigns, promotions, and other marketing opportunities. For now, just focus on making your sale.
Another important tip is to maintain your branding throughout your checkout process. Too many online retailers opt for a standard, generic solution provided by website platforms such as Wix or Shopify. Subtle shifts away from branding will be noticed by your shoppers. It doesn’t take much to upgrade these solutions to maintain the look and feel of your brand from start to finish. Make the investment.
Finally, focus on how a customer actually pays for their items. Affordability is an interesting concept. Someone may be able to afford their purchase, but maybe they can’t justify spending that much money in one go. Offering alternative payment solutions can change the game, particularly for younger consumers.
However, Statista data also found 17% of consumers were concerned about security. It is important to be aware what an alternative payment company requires from your consumers. It could hinder, rather than help, your sales. Make sure that your site is not only secure, but also that these third parties do not require extra sensitive personal information in their application process, such as social security numbers. (Splitit is a good example of a third-party payment solution that doesn’t require an application, credit check, or fees. It runs on a consumer’s existing credit card. Learn more here.)