3 Ways a Quick Checkout Can Increase Your Conversion Rates
5 min read
The money and effort you put into your business for its success is extensive. However, when a customer leaves checkout without completing a purchase, it represents a missed opportunity. Many businesses face the challenge of checkout abandonment resulting from complex checkout processes. Over 69% of checkout abandonment is caused due to unexpected costs, limited payment options, and tedious form-filling requirements, among others. There’s a simple solution to combat this: a Quick Checkout option.
How Does Checkout Abandonment Affect Businesses?
Checkout abandonment occurs when your buyer drops off after showing high intent to purchase.
Let’s take a look at this funnel;
The funnel represents stages a visitor might go through while going through a website and purchasing a product. It’s at the bottom of the funnel where the checkout abandonment takes place.
Losing these high-intent customers, who check out the product/service and leave, can impact your business’s potential sales and revenue.
As an online business, you can simplify the checkout process to retain customers and boost conversions. To achieve this, you can enable a quick checkout feature for your customers.
What is a Quick Checkout (QC)?
A quick checkout simplifies the purchasing process, allowing customers to complete transactions without leaving the website or app. This appears as a unique half-pay page within the checkout interface.
Quick Checkout auto-selects the most preferred payment method for an easy checkout experience.
For example, PhonePe Payment Gateway’s QC Lite feature allows your customers to make the payment without exiting your website or app.
Why is a Quick Checkout Important?
Imagine this: A customer finds an intriguing product or service, adds it to their cart with interest, and abandons the checkout due to friction in the process. This results in customer loss and therefore impacts revenue.
If your customer is in the buying mode, it means they intend to purchase the product or service.
Let’s take a look at why Quick Checkout is important:
Improved User Experience: A quick checkout can help reduce buyer fatigue and save time for customers during the payment process. By offering this option, businesses can enhance customer satisfaction and loyalty.
Increased Conversions: You can boost conversion rates by reducing friction that often lead to drop-offs. Implementing a quick checkout process can help reduce time and effort required for your customers to complete their purchases.
Customer Retention: A smooth checkout process plays a crucial role in customer retention, by encouraging them to repeat purchases. This leaves them with a positive impression of your brand and overall shopping experience. Incorporating customer-centric practices can foster trust and loyalty, ultimately aiding in customer retention and increasing sales.
3 Ways a Quick Checkout Helps in Boosting Conversions
Reduces Checkout Abandonment: Checkout abandonment is a persistent challenge that online businesses face. To reduce this, implementing QC can help customers reduce the time spent at the checkout. For instance, PhonePe Payment Gateway’s QC Lite lets your users make payments without leaving the application by auto-selecting the most preferred payment option.
Helps in Increasing Conversions: When the checkout process is quick and efficient, customers are more inclined to finalize their purchase, leading to a higher conversion rate. This benefits your business by increasing sales & revenue.
Minimises Friction Points: Streamlining your checkout process can reduce friction points that may lead to abandoned carts. By simplifying checkout steps and eliminating unnecessary barriers, customers can complete transactions with ease, resulting in higher conversion rates.
Did you know that 90% of consumers feel that the post-purchase experience is equally important as the quality of the product? Customers want to keep in touch with the brand after they make a purchase. Make sure you send them the delivery status, provide customer support, and send out surveys to know how their experience was. This will build the customer-business relationship, ultimately aiding in customer retention.
How Can Businesses Optimize the Checkout Experience?
Providing Guest Checkout Option: Offering a Guest Checkout option can help customers complete their purchase without the need to create an account. They simply have to enter the required details such as name, address, and phone number to complete the purchase.
Checkout Flow Optimization: Optimize the checkout flow by prioritizing a user-friendly experience, improving the speed of the checkout page, implementing advanced security measures, and shortening the whole checkout process for a seamless experience.
Offering Various Payment Options: Offer your customers various payment options such as UPI, credit and debit cards, and net banking to provide them the flexibility to choose the payment.
Optimizing for Mobile-Friendly: In India, around 83% of consumers use their smartphones for online shopping. With the increasing number of online shoppers, it’s crucial to optimize the checkout process to be mobile-friendly. Ensure that the checkout page is responsive, easy to navigate, and functions smoothly on smartphones and tablets.
Feature Security & Sales Badges: To build trust and confidence among your customers, display the security seals and badges on the checkout page. This can encourage customers to complete their purchase.
The checkout is the last stage, where a prospect becomes a customer. As mentioned earlier, if a customer clicks ‘buy now’ or ‘checkout’, they are likely to buy the product or service. Aim to maintain a single checkout page with simple information requirements for customers’ convenience. This can help your business to increase conversions and sales revenue.
