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Six Ways to Drive Conversion and Increase Revenue at Checkout

Conversion

Sales can only cross the finish line with an ideal checkout procedure, no matter how important marketing, inventory management, and people are to a firm. An astonishingly large amount of online shoppers make it to the checkout page before abandoning their carts. Studies vary slightly, but it occurs approximately 70% of the time. How much extra money would your company generate if you could reduce it even by half?

PayPal discovered that a typical large ecommerce site could raise conversion rates by 35% with a better checkout design worth $260 billion in the United States and Europe. This is a wonderful opportunity for you to assist in raising sales by simply enhancing one aspect of your store. Let’s take a look at six techniques to improve revenue and sales by streamlining your online checkout experience.

6 Ways to Drive Conversion and Increase Revenue

1. Offer One-Click Checkout

Shoppers abandon their carts for a variety of reasons. One cause is that the procedure is too time-consuming or intricate. Remove unnecessary steps. Remove the requirement to create an account during the checkout process. Reduce any unnecessary fields. One-click checkout is feasible if you use a payment processor that supports it. The free PayPal Checkout plugin is an excellent alternative.

2. Optimize the Mobile Shopping Experience

Mobile Shopping Experience

The same study stated previously discovered that, while mobile devices account for half of all web browsing, mobile conversion rates are significantly lower than those on desktops or tablets. Why? It’s not simply the small screens that make it difficult to browse, compare, and navigate pages. Slower page load times, too many fields, restricted payment alternatives. Most importantly, security concerns all contribute to decreased mobile conversion rates. 42% of consumers are dissatisfied with mobile checkout experiences, owing to a mismatch between what customers want on checkout screens and merchant functionality.

Merchants struggle with checkout abandonment owing to poor customer experiences. So, how can you improve your mobile purchasing experience? Accept multiple payment methods. Reduce the number of advertising, plugins, and images to speed up loading. PayPal can speed up the checkout process by auto-filling address and payment information, which is typically difficult to enter on mobile devices. People may be less concerned about security if the procedure is streamlined and no physical credit card is required.

3. Offer and Promote “Buy Now, Pay Later” as Payment Options

Payment Options

Customers want options. They prefer flexibility. And they want the ability to acquire what they need while staying within their budget. Customers may be more likely to complete their purchase if you provide them with this level of choice during the checkout process.

Offering the option to buy now and pay later is an excellent method to provide financial flexibility.

Fortunately, PayPal Checkout offers PayPal pay later choices at no additional cost:

  • Pay later is a short-term financing option that allows customers to pay for products in interest-free instalments while businesses receive cash upfront.
  • PayPal Credit5 (US only) provides special financing for larger purchases. Customers can pay over time, while businesses receive payment upfront.

Businesses that featured PayPal Credit on their website experienced a 21% increase in sales over those that did not.6

Have you ever considered how your checkout procedure could achieve a marketing goal, such as raising the average purchase size? By including messaging about PayPal’s pay later choices. The PayPal Checkout extension enables you to incorporate dynamic messaging on your store, which changes to display the appropriate offer dependent on the goods viewed either PayPal Pay Later or PayPal Credit.

Businesses that used PayPal Credit messaging on their website reported a 56% increase in the overall average PayPal order size.7 That is massive!

4. Offer Subscription and Recurring Payment Services

In 2020, subscription ecommerce sales in the United States alone totalled approximately $20 billion, with revenues predicted to exceed $30 billion by 2024. Finding a means to include a subscription or membership option in your business is a wise decision. You may easily set this up using WooCommerce Subscriptions and PayPal Checkout.

Three different subscription models. Choose the option that makes the most sense for your business:

  • Replenishment entails selling commodities such as razors and dog food.
  • Curation entails providing members with a wide range of options. This works well in fashion, beauty, and food.
  • Access – establish an exclusive club or offer exclusive benefits and discounts.

In terms of marketing, supply taps into the practically universal “save time and money” position. The collection attracts people who enjoy being surprised and pleased by a wide range of unique objects. Access caters to the urge to feel exceptional.

5. Offer Upsells and Add-Ons

Including relevant product suggestions, gift ideas, accessories, and other timely offers on the checkout page is an excellent method to complete the transaction and potentially boost the order amount. This technique can be implemented in several ways, including special delivery incentives. WooCommerce has some amazing plugins for upsells and add-ons, like Product Add-Ons and Product Recommendations.

6. Improve Trust and Security

Improve Trust and Security

When it comes to making an online or mobile purchase, 82% of customers believe that payment information security is critical.

That means you should choose your words carefully. “Secure checkout” is better than simply “checkout.” You “verify” your email address rather than “re-enter” it. Trust seals, badges, return policies, and guarantees can all help you win customers’ trust and give them confidence in the security of your website’s checkout procedure.

Making It Easy to Upgrade Your Checkout Process

PayPal’s free PayPal Checkout plugin can help you improve your checkout experience. PayPal Checkout combines PayPal, Venmo, and purchase now, pay later choices, as well as major debit cards, credit cards, and local payment methods, into a single checkout experience for your customers.

It allows customers to pay with a single click without leaving your website and supports 26 different currencies. It also contains pay later options such as PayPal Pay Later and PayPal Credit. Using PayPal can improve the shopping experience and reduce cart abandonment, which leads to increased sales. This article’s material is intended solely for informational purposes. You should always seek independent commercial, tax, financial, and legal advice before making any business decisions.

US Retail ECommerce Performance Metrics, Salesforce Commerce Cloud, eMarketer Insider Intelligence, July 2020. Forrester Consulting conducted a commissioned study on behalf of PayPal in September 2020. About Pay Later (Pay in 4 in the United States): A customer’s late fee may apply for missed payments, which varies by state of residence. Loans to California residents are made or arranged under a California Finance Lenders Law License. PayPal, Inc.

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The Final Conclusion

To summarize, improving conversion and increasing revenue at checkout is critical for the success of any ecommerce website. Implementing these six strategies streamlining the checkout process, providing multiple payment options, providing clear and transparent pricing, using scarcity and urgency tactics, providing personalized recommendations, and making robust security measures will significantly improve the customer experience and increase sales.

Each of these strategies addresses typical pain points while using psychological factors that influence purchasing decisions. By consistently tweaking and refining your checkout process in response to customer feedback and data analysis, you can build a frictionless and appealing final step in the buyer’s journey, resulting in improved conversion and revenue.