Here’s what we covered at our inaugural #YieldifyBreakfast
On January 24th we welcomed a packed room of e-commerce experts to our London HQ to discuss defeating checkout abandonment. Read on to get all our insights from the morning as we recap the long-term strategies and quick wins that will help you get set for success in 2018.
Defeat checkout abandonment: the long game
Checkout abandonment is a game of two halves and first up our Director of Customer Success, Ky Ismet, covered 8 different long-term strategies to counter checkout abandonment.
Here are three insights into the reasons behind abandonment that resonated with our audience:
Perhaps unsurprisingly customers aren’t fans of unexpected charges. In fact, 41% cite hidden charges revealed at checkout as a reason to go elsewhere. Transparency is the solution, displaying a subtotal within the shopping cart offers reassurance by making charges obvious. The same goes for shipping costs, if you offer free delivery then make it clear, front and centre, or if not then don’t leave it to the last minute to let your potential customers know.
A whopping 92% of consumers say visuals are the biggest factor influencing a purchase decision. But while e-commerce brands put a lot of effort into how content looks for those browsing the site, it can fall by the wayside when it comes to the final hurdle. Making the most of your checkout page real estate by adding visuals is an easy way to make sure customers are clear on what’s in their basket, or even offer recommendations on what else they might like to add.
Trust is key
Visuals aren’t just important when it comes to products, they are essential when it comes to communicating site security. According to the Baymard Institute, most visitors don’t even think about the security of a website until they’re about to enter their payment details, so the window to communicate this effectively is extremely tight. This is where Trust seals can prove invaluable, with Norton Secured rated especially highly by consumers.
Defeat checkout abandonment: the quick wins
While implementing these more long-term fixes address the reasons why customers abandon checkout, there are still quick wins to be had. Gaining an understanding of the behaviours that might indicate potential abandonment will allow you to react with greater agility and where possible stop it before it happens. Here are a few examples of behaviours to look out for and how to solve them, as shared by William Swan-Bell, Managing Consultant at Yieldify.
The comparison shopper
To spot if someone is comparing price options there are a few behaviours to consider, for example starting to exit on the total price is a good indicator. To solve this problem retailers need to dispel the notion that there’s a better offer out there. Do this directly with an overlay shown to users exhibiting this behaviour highlighting your USP, such as a price guarantee, or induce some FOMO by using social proof or a countdown timer.
The undecided shopper
You can infer that someone might need a second opinion by looking at behaviours such as extended dwell-time or multiple views of the cart summary page. To avoid abandonment, make these shoppers aware of their options by highlighting your returns policy. Or if they’re really not ready, collect their email address so you can send them a reminder at a later date.
The confused shopper
Sometimes shoppers just need a little extra help to complete their purchase. Look for behaviours like extended dwell-time on pages with forms, or on a particular field. This can be especially prevalent on sites that require specific information, such as financial services. Help these shoppers out by offering support via another channel, such as live chat, and make sure the progress call to action is clear.
These are just a few of the tactics and longer-term strategies we discussed over coffee and croissants at our first e-commerce event of 2018, but there’s a whole host of reasons that customers abandon, and not just at checkout. If you’d like to learn more then read our in-depth guide here and keep your eyes peeled for the next Yieldify Breakfast, as we may be coming to a city near you!