Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
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Cart abandonment is a significant problem, with eight out of 10 customers leaving sites without making purchases. The cart abandonment rate averages from 60% to 65%. Should the rate rise above 70%, it calls for drastic actions to improve the conversion rates and stay competitive.
Usually, customers make it to the checkout page only to log out before making any online payment. Higher or unnecessary costs are one of the main reasons why most customers leave their carts without purchasing. Complicated checkout process, such as asking customers to create an account before making a purchase, also makes customers think twice before buying. Therefore, online businesses must strive to offer a smooth customer experience with transparent pricing and quick checkout for higher conversion rates.
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Improving Checkout Conversion Rates
Any business looking to improve checkout conversion rates must have an idea of some of the factors that trigger high cart abandonment rates. Below are some ways digital services businesses can encourage customers to visit the checkout page and use any online payment method to complete transactions.
1. Scrap Mandatory Signups
Enhancing the checkout experience for your digital services business is crucial in attracting and retaining customers. One effective approach is to offer the option of checkout without the requirement of creating an account. This accommodates customers who prefer not to share personal information and streamlines the purchasing process.
By providing a smooth, hassle-free checkout experience, even non-registered customers are likely to return and consider creating an account in the future. After their first purchase, consider sending follow-up emails to encourage account creation and unlock additional benefits for the customer.
2. Provide Popular Payment Methods
Nothing is worse than losing a customer because they could not complete a transaction using their preferred payment gateway. While it is impossible to integrate all the online payment methods, it is possible to add support for a good variety that would cater to a broader customer base.
Therefore, it is essential to use an excellent drop-down menu to let customers select their preferred online payment method. While new payment methods are always coming up, such as cryptocurrencies, it is essential to provide the most popular ones as it will go a long way in increasing conversion rates.
Learn how APMs can revolutionise payments for the Digital Services Business. 
3. Resort to a Single Page Checkout Process
Customers always gravitate towards sites offering shorter checkout experiences instead of being forced to fill out unnecessary forms or taken to other pages. Therefore, the best way to increase the checkout conversion rates is to ensure everything is on one page.
The final page should allow one to input the billing information, select the online payment method, and access coupon and delivery modes without being directed to another page. People are busy, and speeding up things is the best way to enhance their experience. Having a single-page checkout process can increase the conversion rate by up to 20%.
4. Show and Break Down Total Costs
Transparency is key to maintaining customer trust and satisfaction in your digital services business. Customers usually don’t like hidden charges, leading to abandoned carts and lost sales. To avoid this, it's important to clearly break down all the costs involved in their purchase, including taxes and additional charges.
This level of transparency not only helps customers make informed decisions, but also gives them the ability to opt out of optional extras like service charges or charity donations. By providing this level of control, you can help improve conversion rates and build a loyal customer base.
5. Offer Promotions and Discounts
Attracting and retaining customers in your digital services business can be greatly influenced by the promotions and discounts you offer. These incentives often play a significant role in encouraging customers to complete a transaction and choose your site over others. However, it's important to strike a balance between offering enticing deals and protecting your bottom line. Instead of offering deep discounts that could negatively impact your profits, consider offering more modest incentives like a 5% discount. This way, you can still entice customers to complete their purchase while minimizing the potential loss of revenue from abandoned carts.
6. Avoid Unnecessary Fields in Checkout
Some online businesses require customers to fill out forms or participate in surveys before checking out. Being forced to complete unnecessary fields in the checkout process can cause a customer to ditch the cart. In addition, surveys and service recommendations should be avoided for businesses struggling with low conversion rates.
A typical brief checkout process should only require a customer to add a service to the cart, input billing information, final preview and finally be allowed to make payment. Customers should be allowed to select their online payment methods and click buy once they have added their chosen services to the cart. Any other thing should come after payment is made.
7. Enable Mobile Friendly Checkout Process
In today's digital landscape, mobile devices have become a primary option for many customers. To stay ahead of the competition and meet customer demands, it's essential to optimize the mobile shopping experience for your digital services business. This can be achieved by using larger, easy-to-click buttons, simplifying form fields, and reducing the number of images to improve page load speed.
Additionally, make sure that online payment options are easily accessible on mobile devices to ensure a seamless checkout process. Neglecting the mobile experience can result in lost sales and a decrease in customer satisfaction. As more and more customers rely on mobile devices, it's critical to prioritize a mobile-friendly experience for your business.
Bottom Line
Improving checkout conversion rates is a top priority for any digital services business. To achieve this, it's essential to offer a seamless, accessible, and trustworthy checkout experience. This includes a straightforward checkout process with clear pricing, as well as incentives like discounts, and the availability of popular online payment options. Additionally, offering guest checkout capabilities can help eliminate barriers to purchase and encourage more customers to complete their transactions on your site, rather than seeking out other options. By providing a user-friendly and trustworthy service, you can increase conversions and build a loyal customer base.
Streamline payments using Xanpay by integrating alternative payment methods (APMs) into checkout. APMs offer a cost-saving alternative to credit cards. Learn how to integrate Xanpay with checkout.
Learn more about the Future of Transactions in 2023!
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.