How To Master Checkout Psychology & Optimization
Did you know that shopping cart abandonment is around the 70% mark? Your visitors may appreciate your well-designed eCommerce store and products and services. They may even add to your cart and be prepared to pay. Then, at the very last minute, they abandon it.
They take the time out to shop online on your store only to bail out and the end. Why? Well, there are a few contributing factors to this. But, one main problem is the dissatisfaction with the check-out page. Your check-out page is the most crucial in your sales funnel.
So, how do you fix it? It’s all about using a little psychology and optimization hacks.
Here’s what you need to know.
Reduce Their Risk
Buying anything online always comes with a little risk. After all, people don’t want to lose their hard-earned money or jeopardize their most sensitive information. You need to make them feel super safe and secure. It’s your job to tell them that you have eliminated all the risks. For instance, if you sell physical goods, be clear about your refund and return policy. If you’re selling virtual services, offer a money-back guarantee.
Providing free shipping is also another way you can reduce the risk. In fact, 93% of shoppers would be more willing to buy if free shipping was available. That’s a huge statistic. Here’s the thing, many people don’t trust their own judgement when it comes to buying products online. Maybe they’ve been duped before, or it’s by nature. Regardless, when you make the process transparent for them, they will no longer question their judgement.
Simplify The Process
It’s quite shocking how difficult some merchants make the check-out process. And that’s another major reason why people tend to abandon their cart. This is the part where they are willing to hand over their money, so why make it complicated? You want your customer to make the transaction as quickly as possible. Adding landing pages, pop-ups, and asking for too much information is a surefire way to get customers to abandon your cart.
If your customer feels overwhelmed, they will click off; it’s that simple. Take out everything that will distract them from filling out their payment details. When people buy a new product, they tend to be excited about it. Don’t take that excitement away.
Avoid Surprise Costs At All Costs
How many times have you been shopping online, found a product you liked only to go to the check-out and find out that there are additional costs? Annoying isn’t it? Surprise costs are a major contributing factor to why people abandon a shopping cart. Understandably, consumers don’t like to be tricked when it comes to handing over their money.
Be upfront about everything from the very beginning.
Offer Consumer Financing
If you aren’t offering consumer financing, Buy Now Pay Later, you need to start doing so ASAP. Many consumers actively look for this option when shopping online. It’s a massive part of their buying decision. And if your target audience happens to be millennials and Gen Zers, this is their most preferred payment method. Plus, they are the fastest-growing consumer group of all time. Buy Now Pay Later from reputable companies like ChargeAfter come with many benefits. It grows your customer base, increases your conversions and repeats purchases.
Not only that, but shoppers tend to buy more products, and spend more money when they are given the BNPL option. Many merchants saw a 68% increase in basket size when they offered the option of BNPL.
Empathy Goes A Long Way
When you are looking to improve your check-out rates, empathy can go a long way. When you are empathetic, it helps you filter out specific points in the check-out process that may make customers feel uncertain. Uncertainty is a conversion rate killer. One great way to do this is to have a progress bar. It tells the shopper exactly how many steps there are, what information is needed, and a sense of completion at each stage. By doing so, you are eliminating the uncertainty of not knowing how long the check-out time will be, and the consumer will feel more comfortable.
The Bottom Line
Psychology has a significant influence on the decisions we make. As an eCommerce store owner, you can take full advantage of that. If you can master checkout psychology and optimization, your conversions will no doubt take-off.
Keep it simple, be honest, have empathy and enjoy your profit.