The Psyche Behind the One-Step Checkout
8/12/2016 11:33 AM Posted in News By Alex Hoff
With nearly 70 percent of customers abandoning their shopping carts, it has become a top priority for all eCommerce site owners to figure out the best ways to increase conversions and boost their revenue stream. One effective way to reduce shopping cart abandonment and speed up the checkout process is by giving customers a one-step checkout process.
When you take a closer look at the psyche behind this process, it makes sense why the majority of customers prefer one-step checkout to traditional checkout methods.
Reasons Behind Shopping Cart Abandonment
There are many reasons for customers abandoning their carts. According to Statistia, the following are the top reasons why customers bounce from your site before making a purchase:
- Presented with unexpected costs
- I was just browsing
- Found a better price elsewhere
- Decided against buying
- Website navigation was too complicated
- Website crashed
- Process was taking too long
While some of these reasons can’t be helped, others can be addressed by eCommerce merchants. For example, complex navigation and an overly-long checkout process can both be solved by offering a one-step checkout process.
Why Consumers Prefer One-Step Checkout
Consumers today are busy people who expect everything to be fast—including the checkout process. Filling out redundant information or waiting for a slow-to-load website is one of the quickest ways to scare off a potential customer these days. With a Magento one-step checkout extension, online merchants are giving their customers exactly what they want: a streamlined checkout process that solves their most aggravating problems.
When consumers don’t know exactly how long the checkout process will be, it can often seem like a daunting task that may not be worth the tradeoff in the end. For all they know, the checkout process could be more than five steps, and one that requires more information than they are willing to give. With a one-step checkout option, the payoff seems more easily obtainable because navigating the site has been simplified.
Saves Consumers Time
Many consumers are purchasing an item online not simply because it can only be found online, but because of the convenience that it offers them. Rather than drive down to the nearest brick-and-mortar store, customers can simply order from the comfort of their own home. However, an overly-long and complex checkout process takes away an eCommerce store’s advantage.
Many online retailers know that keeping their transaction process no more than five steps long is key to reducing shopping cart abandonment. You can help save consumers even more time by giving them a one-step purchase, allowing customers to bypass tedious checkout steps and saving them time in the process. As a result, consumers will be more likely to purchase from you again.
There are many eCommerce websites out there that ask customers for the same information multiple times during the checkout process. This is frustrating enough on a desktop computer, but imagine having to repeatedly enter your email address, billing and shipping information, name, and address, all on a small mobile device. With most digital buyers expected to make their purchases from mobile devices by 2017, it is essential that eCommerce site owners provide consumers with a one-step checkout option.
Reduces Common Checkout Problems
Customers do not like surprises in the form of hidden fees, high shipping costs, or finding out that the online store won’t accept their preferred payment method—especially after taking the time to fill out multiple pages of checkout forms. A one-step checkout option makes it easy for customers to see these details upfront, allowing them to decide whether or not they want to continue with the purchase without wasting time through all of the checkout steps.
While this reasoning may not result in a sale, it can help merchants by narrowing down the potential list of motives for abandoning the shopping cart. For instance, you could certainly rule out reasons such as an overly-long checkout process or trouble with navigating the website.
Improve Your Magento Site with One-Step Checkout
Every day, online merchants lose staggering amounts of potential revenue by not simplifying the checkout process for their customers. In order to combat this problem, it is critical that merchants add a one-step checkout Magento extension that will make checkout faster and easier for their customers. By doing so, eCommerce store owners can expect to increase their conversions and make their customers happier in the process.