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Scale Payments Volume for Your Business by Learning How To Optimize Your Checkout Flow

Scale Payments Volume for Your Business by Learning How To Optimize Your Checkout Flow

So, your website is set up and optimized, your inventory is loaded, and your marketing is on point. This is all done with one goal in mind, getting your customers to make a purchase.

And you’re not alone. Many, if not all online businesses do these things with the same goal. Yet, despite all the time and effort that go into building brand awareness, driving website traffic, and optimizing product pages, many business neglect a vital part of the sales journey: the checkout flow.

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But what are these businesses doing wrong and how can they improve? Stripe’s The State if European Checkouts in 2020 report delves into these questions in more detail and provides some answers.

Common Checkout Issues

After analyzing the top 450 e-commerce websites across the UK, France, Germany, the Netherlands, Spain, Italy, and Sweden, Stripe found that 58% of checkouts had at least three basic errors. These errors complicate the checkout process and creates unnecessary friction for customers.

Checkout Form Design

New call-to-actionMore than one third of e-commerce retailers added unnecessary friction to their checkout process by not having an optimized checkout form. This includes 42% of forms that did not automatically verify the card number, 39% that let customers pay with an expired card date, 19% that did not allow card numbers to be entered without spaces, and 45% that didn’t confirm card type.

Customers want clicking “pay” to be the final step in the purchase journey and don’t want to go through a form twice to fix errors. Also, they want checkout forms that adapt to their preferences. So, a poorly designed checkout form puts an unnecessary burden on customers. And when there’s a long or complicated checkout process, sales are lost.

Mobile Optimization

According to the report, 96% of checkouts were designed to adapt to mobile screens, but only 12% supported mobile wallets. In addition, 29% failed to show a numeric keypad to enter credit card information.

Because more than 50% of e-commerce traffic comes from mobile devices, it’s vital that the experienced is optimized for those devices. For example, if the checkout form doesn’t automatically adjust to the size of the screen, customers will more than likely abandon the purchase. Likewise, not offering convenient mobile payment methods will lead to fewer sales and lost revenue.

Localization

Of all the retailers surveyed, the majority of checkouts were not translated into other languages and did not offer the most relevant payment methods for international customers. Here, 74% of checkouts were not translated into local languages and 81% didn’t offer local payment methods.

It’s obvious that this could pose a problem. In fact, not translating the checkout into a local language and not offering local payment methods, eliminates entire countries from a business’s potential customer base. This, like the other mistakes, reduces sales and revenue significantly.

Final Thoughts

It’s of little use if every part of your sales journey is optimized for a great customer experience, but the checkout process falls flat. It’s thus a good idea to look out for these mistakes when you consider making your checkout form the best it can be.

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