Cart abandonment is a headache for all online retailers. Another is seeing high website traffic without the sales to match. It’s great to get noticed, but it’s not so wonderful when that attention doesn’t help bolster the bottom line. If that is the case, it means your conversion rate – or the number of leads who convert into paying customers – is low. Though you might attract strong leads, something on your site (or several different things) prevents potential customers from completing their purchase.
If this is you, then you’re not alone. In fact, research shows that almost 80% of online shopping orders were abandoned in just one month last year. And in the automotive industry, that figure rose to nearly 90%. It’s no surprise that businesses spend so much time refining their conversion strategies – whether with discounts, website redesigns or by using personalised ecommerce.
At Mollie, we’ve seen first-hand how making small changes can help deliver exceptional customer experiences that make shoppers confident to buy. So, how can you optimise your conversion rate?
Five tips to optimise ecommerce conversion rate
1. Merchandise your store
Brick-and-mortar stores have always had visual merchandisers to ensure shoppers feel compelled to buy, but not all online retailers do the same. Digital stores can massively benefit from merchandising to ensure potential customers see the products that interest them. Cost-effective data and machine learning tools are now more accessible to all retailers. Use these to automate what shoppers see – personalising their experience when they visit your store. To find out more about this, see our personalised ecommerce guide.
2. Display honest and transparent pricing
Getting a big shipping or tax bill when they checkout is a big no-no for consumers. In fact, a Baymard Institute study found that extra costs are the main reason shoppers abandon their cart. Displaying shipping costs or estimated taxes early to visitors can significantly improve your conversion rate. And, if you offer free shipping, it’s a great way to incentivise a shopper to complete a purchase.
3. Simplify the checkout experience
A complex checkout is another common reason shoppers abandon a payment. With each added step, consumers become more unsure about their decision to buy. An easy-to-read, single-page checkout can help display the entire process clearly. If you offer a multi-page checkout, use a visual guide to show the customer where they are in the process. The best payment service providers can transform your checkout into a professional, on-brand experience that inspires trust to help boost conversions.
4. Offer the right payment options
Offering multiple payment methods is essential to instilling the confidence to buy. After all, every shopper has a favourite way to pay. And it’s no surprise they’ll often drop out of a sale when they can’t use the method they prefer. So, it’s best to include all major payment methods, such as credit card, bank transfer, and PayPal. Remember to include popular new payment methods, such as Apple Pay. Additionally, research locally preferred payment methods in your markets and add them to your site. By offering more payment methods, you also give international shoppers more options to pay. This can help to boost cross-border sales if you’re set up to ship internationally.
5. Use data to understand what’s working (and what isn’t)
Having a plan is a good thing. Understanding whether it’s actually working is just as important. Use data and analytics tools to track what’s happening on your site. This way, you can take a deep dive into each stage of the customer journey to understand any blockers causing people to drop out of your site. You can also see the effect of these changes, and even A/B test to refine your offering. These reports can help you merchandise your store, inform what payment methods you offer, and understand whether your checkout is optimised for conversion.
Why higher conversion is critical in ecommerce
If there’s one goal shared across the ecommerce industry, it’s increasing conversion. The average conversion rate per industry might vary, but the results of higher rates are always the same – more sales. And more shoppers who feel confident to buy means more customers that like what you do.
So, whether it’s merchandising your store, implementing an effortless payment process, or offering the correct payment methods, it’s vital to analyse and refine your online business to increase sales and power long-term success. Want to know more? See our comprehensive checkout conversion guide.
At Mollie, we aim to help businesses to grow. We do that with an effortless payment product that offers a custom-branded checkout and multiple payment methods to boost conversion. Easily integrate Mollie with your website and onboard quickly with no minimum costs, no lock-in contracts, and no hidden fees. Find out more about payments with Mollie.