In this digital world, almost every one of you must have gone through a confusing and hated process called ‘Checkout’, won’t you love if you can buy anything without the checkout process or without even paying.
Sorry, that is not likely if you buy online though it is possible in retail stores through NFC or Apple pay, one thing that is very much possible is faster and simpler checkout process for our ease and security.
Cart Abandonment due to lack of Faster Checkout in Mobile app:
One of the biggest and most frustrating problems faced by online retailers in E-Commerce industry is cart abandonment. A customer goes through all the processes and reaches the end of the conversion funnel but something obstructs him, he abandons the cart and the checkout process is never completed and a potential customer is lost.
If you’re confused about the term “Checkout Abandonment Rate” it refers to the number of people you lose in their very last step before purchasing and finishing the checkout process.
We found that the average checkout abandonment rate in e-commerce was at 25%. If you have a rate of 13% or lower, you’re among the industry’s top performers.
Various studies show that some of the contributing factors that lead to checkout abandonment are lack of trust, overly complex checkout forms and lengthy time-consuming info inputting and absence of established payment channel logos.
In 2012 a study of checkout forms by Baymard Institute, users reported that 61 of the top 100 e-commerce sites were asking for “seemingly unnecessary” information.
The information asked during checkout should have a valid reason attached to it, for example asking for Customer’s phone number, email or any personal information during checkout should be well explained.
A 2010 report from England’s Office of Fair Trading found that 1 in 7 people experienced a problem with shopping online while other 2/3rd of shoppers were worried about unauthorized access to their personal information.
Few factors that help in building trust during checkout:
1. Trusted brands.
2. Trusted Certificates and Logos.
3. Clear Shipping terms and conditions.
4. Review and rating of products.
5. Faster Page Navigation and Loading.
6. Contact Us section at checkout.
7. Faster Checkout.
The preference towards a mobile app is not a surprise anymore. Apps are more convenient and easy to use without any trouble of recording any URL or going through the login process.
According to research by Criteo, mobile app users are twice as likely to return to your store within 30 days compared to shoppers who access your website in a mobile browser.
Mobile applications provide a greater sense of security, especially during checkout. Because of the mobile app is more secure, personal and faster conversion rates are three times higher than for mobile websites and one-and-a-half times higher than for desktop sites plus the average order value in apps is 140% and 130% higher than on mobile sites and desktop sites respectively.
Mobile Apps also account for lower cart abandonment rates because of the simplified checkout process. Shipping and payment information is stored within the system, which allows users to complete purchases with one click. This enables customers to go through checkout faster without unnecessary distractions. The average shopping cart abandonment rate for Desktops is 68% whereas it is only 20% for Mobile apps.
Faster Checkout effect on Average Order Value:
The average order value on a mobile app is way more than a desktop mainly because of the faster checkout option and one-click order purchasing. Customers do not like waiting and going through a lot of processes for example if a customer is using credit or debit card for payment, avoid them from filling the same information for every single purchase instead save the repeating details and add a fast checkout option.
Speed plays a major role in decreasing the cart abandonment rate and boosting the average order value. Below are some important factors :
1. The checkout pages should be Thumb-friendly with dedicated buttons.
2. Break the process into smaller fields with minimum input from the user.
3. A clear “Next” button and progress indicator.
4. Keep the page-load time under 3 seconds.
5. Graphic intense objects and carousels can be avoided.
6. Auto-detect/Autofill support.
7. Wide End to End CTA(Call To Action) buttons.
8. Single Click payment options.
Mobile Applications are better with the whole shopping process because of the screen size and smaller aspect ratio as compared to Desktop. Customers want Faster Checkouts and do not want to handle a lot of information and fill long forms. As we all know building a mobile app with faster checkout is not easy but with the right planning and acquisition of that plan, you can achieve great heights in that field and MageNative helps you in building your own customized app with almost no hassle.