How to Curb Abandoned Carts with Multiple Payment Options

 

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Abandoned carts are an unavoidable facet of the ecommerce world. Based on several reports, cart abandonment ranges from 50-80%. That high number doesn’t make it any less difficult to swallow, though. Nothing stings more than knowing customers are visiting that beautiful store you designed and adding your top-of-the-line products to the cart, but are ultimately bouncing out before or during checkout.

There are a number of reasons for cart abandonment, including the costs of your products and variable shipping fees. These all need to be addressed and should be top priorities as you head into the holiday season. However, re-pricing your products and streamlining your shipping options don’t happen overnight. Careful consideration, testing and solid delivery are key. We’re confident you’re more than capable of accomplishing these goals and we’re here to help you through them. What we want to focus on today, though, is a quick win. What can you do right now with little effort to decrease abandoned carts? The answer to that is more payment options. Below are three reasons why you should turn on PayPal Express Checkout and Amazon Payments ASAP.

1. Easy setup

Volusion has integrations to Amazon Payments and PayPal Express Checkout built into the platform. This means that enabling these options at checkout requires no development on your part. All that is required is signing up for an account and plugging in your credentials on the Volusion admin. As far as fees go, neither Amazon nor PayPal charge a monthly fee, so you won’t pay a dime until a shopper chooses one of these payments at checkout. Currently, both charge 2.9% + $.30 a transaction. As if that wasn’t simple enough, we’ve spelled out all the details in our knowledge base:

How to Use Amazon Payments With Volusion 

How to Accept Payments With PayPal Express

2. Build trust

As a business owner, you understand the value of your customer trusting your brand. This is especially true online, where every shopper has heard nightmare stories about identity theft and fraud. By adding payment solutions from brands like Amazon and PayPal, you’re adding the confidence millions of customers have in these brands to your checkout. For instance, PayPal Express Checkout has an 87.5% checkout rate. Compare that to the average rate of 50-20% stated above. Both integrations feature branded buttons at checkout, so it’s clear to the shopper they’re paying via their Amazon or PayPal account.

3. Streamline your checkout

The standard checkout process can introduce a number of hurdles to customers. They need to enter in billing and shipping addresses, choose a shipping method, enter in credit card data and more. While Volusion offers you the ability to allow your customers to store this information in their account for future use, that’s only effective for return customers. Payment options like Amazon and PayPal solve this issue for new customers. All that information is already stored in their Amazon and PayPal account, so when new customers shop on your store, they skip manually entering in this information and check out with just a few clicks.

Speaking of clicks: Amazon Payments cuts down 83% of clicks compared to the standard credit card checkout. This is especially advantageous for mobile commerce. Entering in information such as credit cards and addresses is not ideal on mobile devices. It’s why abandoned cart rates for mobile commerce are significantly higher. Regardless of this, mobile commerce is on track to be 50% of all digital commerce revenue in 2017so it behooves you to offer better options for mobile checkout.

Abandoned carts can be daunting, but there are steps you can take to curb them. While the above tackles only one cause, it’s definitely something you can address today. This should be of value to you given Black Friday and Cyber Monday are just around the corner.

 

Tony Loya

Tony Loya manages technology partnerships at Volusion. Having been previously in support and sales, his extensive experience listening to the customer voice brings a unique perspective to the Business Development team. While his passion for ecommerce abounds, Tony does find personal time for nerding out on indie board games, spending too much money on hiking supplies and tedious comparison shopping for gadgets he doesn't need.