In a context where online sales exceeded € 129 billion in 2021 (an increase of 15.1% over the year), leaving the shopping cart or even website traffic without proper sales is a real headache for online retailers. According to a study published by Statista last December on online shopping in March 2021, almost 80% of online shopping has been abandoned.
In the automotive industry, this number rises to almost 90%. This phenomenon encourages many companies to spend time perfecting their conversion strategies, through discounts, website redesign or the use of personalized e-commerce. What are the most relevant strategies for optimizing your online conversion rate?
Highlight your business
Physical stores have always relied on merchandising to attract customers to shop, but not all e-retailers do the same. However, merchandising ensures that potential customers see the products that interest them; a process that can be automated for a personalized online shopping experience. Profitable data and machine learning tools are now more accessible to all traders.
Show fair and transparent prices
Apply very high shipping or tax costs when the consumer confirms that his basket represents a brake. According to a Baymard Institute study, extra costs are the number one reason why customers leave their cart. Displaying shipping costs or estimated taxes earlier on the purchase path can significantly improve your conversion rate. Also, offering free shipping is a great way to entice a customer to make a purchase.
Simplify your payment experience
The complexity of the billing process is another common reason why customers give up shopping. One easy-to-read billing page can help clarify the whole process. If the merchant offers payment on several pages, a note must be available to the customer so that he can see where he is in the process. The best payment service providers can turn the payment phase into a professional brand experience that instills confidence and helps increase conversions.
Offer the right payment options
Making multiple payment methods available is key to building trust in the act of buying. Every customer has the desired method of payment and it is not surprising that they often give up the sale when they cannot use it. Therefore, it is best to offer all major payment methods, such as credit card, bank transfer and PayPal. Remember to include popular new payment methods, such as Apple Pay. In addition, an e-merchant can search for preferred payment methods locally in different markets and integrate them into their online store. In the same vein, a merchant can offer multiple payment methods, especially to international customers. This can increase cross-border sales if the trade model allows for international delivery.
Use the data to figure out what works (and what doesn’t)
Having a strategy is a good thing. Understanding whether it really works is just as important. Using data allows us to analyze and monitor what is happening on the site. In this way, the brand can dive deep into each phase of the customer’s journey to understand the obstacles that cause consumers to give up the shopping journey. This approach allows you to see the effect of these changes and even set an A / B test to refine the offer. These reports can be used to present an online store, learn about payment methods offered, and understand whether the billing phase is optimized for conversion.
So, whether it’s adding value to your online store, implementing a smooth billing process, or offering the right payment methods, analyzing and fine-tuning your online business is key to increasing sales and fostering long-term success.