The online marketplace is growing. According to Forrester, the eCommerce marketplace grew 16% last year. However, many companies aren’t feeling the benefits. 70% of customers are abandoning their shopping carts because of a long or confusing checkout process. Some of the biggest reasons for checkout abandonment include high extra costs and fees, forced account creation, and a complicated process.
By changing your check out strategy into a seamless transaction, you can convert casual shoppers into loyal customers
Capture and Verify Email Addresses
The more information you require from a customer at checkout, the more irritated they can become. However, it is essential to capture their email address. Their email address allows you to converse with the customer about their package, send them updates, and send marketing emails in the future.
Currently, the easiest way to capture an email address is to have the customer type it in while filling out their personal information (name, phone number, ect.). Then, you can use software like PCA Predict to verify the email is correct. The free extension for Magento websites includes email, phone, and address validation, to ensure your customer gives you the right information the first time.
Improve Data Security by Reducing Chargebacks and Fraud
When operating an eCommerce business, you must be hypervigilant about customer data security. As we’ve seen with giant retailers like Target, a small flaw in the security system can cause thousands of customers’ personal information to be compromised. Improve data security and reduce chargebacks and fraud.
The best way to prevent fraud without falsely declining a card is to authenticate the customer’s identity. There are a few ways to authenticate customers’ identities, including a light registration, a single sign-on, or a one-time password. If your customers are using mobile devices, they can also use a touch ID or Facial recognition. These small steps are important, because if you accept a fraudulent charge you will face expensive chargebacks.
Provide Accurate Tax Rates and Rules to Ensure Tax Compliance
As stated earlier, additional fees are the top reason people abandon their carts; this includes hefty tax rates. The United States has over 11,000 different tax jurisdictions, so it can be difficult for customers to predetermine how much taxes will cost. By keeping your own books up to date, you will provide accurate rates for customers. If you provide this information before checkout, the customer will not face sticker shock.
Offer Immediate Customer Payment & Options to Pay for Purchases Over Time
A efficient check out is important for customers, but speed isn’t the only factor they keep in mind. 19% of shoppers have admitted to abandoning their cart because they don’t trust the website with their payment. You can work around this fear by installing multiple payment options. Instead of only allowing consumers to pay with their credit card, give them the option to pay with PayPal.
If your website sells high-priced goods, you may want to give customers the option to pay over time. By offering options such as pay by invoice or instant financing, customers may feel more comfortable dropping hundreds or thousands of dollars on your website.
Deliver Inspiring Innovation & Scalability with a Model eCommerce Platform
If you want to turn leads into conversions, you must have a fast website that can handle a large influx of customers without slowing down. To create a scalable experience, many companies are turning to the cloud for help. Unlike dedicated servers, the cloud can give your company as much room as it needs to scale for a growing customer base. Furthermore, the cloud allows you to access cutting-edge innovation. On the cloud, you can gain easy access to innovative services like content delivery and image optimization.
When your website can grow seamlessly, you can create meaningful shopping experiences that will not slow down, regardless of how many customers are on your website.
Accept Secure Payments for Online and Mobile Payments
As stated previously, security is key for any eCommerce company, especially when it comes time for checkout. The Federal Trade Commission has compiled over 13 million complaints over the last 4 years of credit card fraud. This is causing consumers be become more wary about where they are spending their money. To ensure your customers do not fall victim to a scam, you should ensure a secure payment transaction both on the web and via mobile devices. Magento offers a Secure Payment Bridge that helps merchants meet PCI compliance. All credit card data collective via the Bridge are stored and encrypted, which guarantees the security of customer’s credit card data.
The eCommerce marketplace is growing worldwide. If you want to bite off a piece of the success, you must prove to customers you are worth trusting. By providing a seamless checkout that is both safe and secure, customers will feel comfortable shopping with you. Visit us at Wagento.com for more help creating a smoother, smarter business model.