Stripe wrote a report on the state of North American checkouts in 2022. They looked at the top 200 ecommerce businesses and their checkout flows.
Stripe has ~ $350B in revenue flowing through their platform of which about a third is Shopify revenue.
The reports focuses on checkout flow basic elements that can be controlled and improved to grow conversion and AOV.
Speed: 52% of customers give up on a purchase after two minutes, which is bad news since the average checkout takes three minutes
Security: the top reason customers would perceive a business negatively is if its website didn’t feel secure or trustworthy. Add secure payment badges and customer reviews to instill trust.
Convenience: Save customer payment details for future use to reduce friction once they make it to the checkout. Add upsells and cross-sells to improve the order and grow AOV. Configure abandoned cart emails to make it easy for customer to pick up where they left off. The common theme is ‘easy’, make it simple to take the action that will benefit you and the customer.
Offering customer’s preferred payment methods will instill trust that it’ll be easy to complete their purchase. Different countries have different payment methods, some like BNPL, others pay by bank transfer. It’s helpful to understand your customer and offer a method that’s familiar in the region you’re selling in.
Additionally, localizing the checkout with the right language and currency became easy with Shopify Markets. The UpsellPlus app integrates with Markets, so customers see the upsells in their language and currency.
About half of customers buy on mobile. 1-click checkouts reign supreme here. There’s less space and customers need an easy way to complete their purchase. Typing in your details on a small screen is cumbersome.
"Three-quarters of customers (75%) are more likely to complete a purchase if a site offers one-click checkout options, such as Apple Pay or Google Pay"
"73% of North American customers have had a negative experience with subscriptions—with the top reason being that it takes too many steps to cancel a subscription"
Remove friction to sign up, but also to opt out. The main errors that happened with subscriptions are not confirming the card type and not automatically verifying the card number. This leads to dropoff and lost revenue, which is easily prevented.
Now let’s see how your checkout measures up! Go to your checkout.
Do you have security badges/customer reviews?
Do you have upsells?
Do you offer localized currency and payment methods?
Do you offer Express one-click payment methods on mobile?
If you had to conclude 'no' to any of those questions, let's get to work!
We customize checkouts with apps and custom code. We're partnering with Shopify for their new Checkout Extensibility to give you the best Shopify Plus checkout possible. Check out shopifypluscheckout.com to see some work we’ve done.
The Report: https://tinyurl.com/bdfs3cz7