For online retailers, reducing cart abandonment is a priority all year long, especially as we approach the holiday season.
Cart abandonment is a consumer phenomenon that’s uniquely frustrating: customers found your website, shopped, selected items… and then they left, just shy of completing their transaction. “Cart abandonment leads to a direct loss of sales or revenue for merchants,” says Ritesh Someni, principal product manager for Adobe Commerce. “It has a magnifying impact during the holiday rush because retailers are often running promotions and investing acquisition dollars into attracting shoppers and counting on a high volume of sales dollars.”
For retailers, even a small reduction in cart abandonment can yield big results. Seventy-seven percent of shoppers abandon carts, leading to $1.972 trillion in lost revenue.1 If you want to get more sales over the finish line, Quick Checkout for Adobe Commerce powered by Bolt can help by improving your shopper experience —and that can lead to more customers completing more transactions.
A perennial problem
While cart abandonment is a frustrating problem, it’s not a new one. Retailers have been struggling with cart abandonment since the beginning of online shopping. There are multiple reasons why shoppers abandon their carts. There will always be a percentage of shoppers who are modern-day window shoppers: they’re simply browsing with no intention of making a purchase.
But Chelsea Gomatam, Bolt’s associate director of product marketing, says that there’s also a large percentage of shoppers who don’t complete their transactions because a poor customer experience turned them off. “Many merchants don’t realize that not investing in better experiences for customers with accounts impacts cart abandonment,” Gomatam says. Some of the most common reasons for cart abandonment include a website that:
- Is slow or unresponsive
- Is not optimized for mobile users
- Lacks transaction security
- Doesn’t accept preferred payment methods
- Asks customers to re-enter shipping and billing information
- Requires shoppers to remember and sign in with login and password credentials
“If a merchant isn’t focusing on some or all of these areas, especially when it comes to creating a frictionless checkout process, they can quickly lose a lot of revenue to cart abandonment,” Someni says. Features that make it easier for customers to check out, like automatic shopper recognition and pre-filled shipping and billing information, increase the likelihood of cart items turning into purchases.
The Quick Checkout difference
Quick Checkout helps Adobe Commerce and Magento Open Source merchants simplify the transaction process and improve the overall experience for online shoppers. This includes the growing number of mobile consumers; In fact, 79% of mobile phone owners made at least one online purchase on their device.2
Quick Checkout is an accelerated checkout solution that delivers a secure, passwordless login experience for shoppers. Shoppers who already have a Bolt Account simply enter a one-time password (OTP) during checkout to log in and access their saved information. Then, they can check out with just one click. “The result is higher checkout conversion from shoppers with Bolt Accounts—reducing cart abandonment rates for merchants,” Gomatam says.
On the merchant side, Someni adds that Quick Checkout makes it possible to offer multi-factor authentication and quicker checkout without a significant technology investment or a complex integration. “That’s a big win,” he says.
Another benefit? Shoppers don’t have to store their personal and financial information on new or unfamiliar websites. Instead, merchants using Quick Checkout leverage the updated login and payment information across the entire network of Bolt account holders.
“All of this ensures that merchants see a much higher conversion rate than they’re used to, leading to increased revenue,” Someni adds.
Move toward more transactions
The case for Quick Checkout is clear: The fewer steps required of a shopper, the more likely they are to complete their purchase. Quick Checkout gives Adobe Commerce and Magento merchants the ability to offer shoppers one-click checkout, passwordless login and mobile shopping options with one easy integration.
Cart abandonment may be a common problem, but it doesn’t have to be your problem. Increase completed transactions and you’ll give your revenue a boost—and gain more loyal customers in the process.
Interested in learning more about how Quick Checkout provides better checkout and transaction experiences for your customers? Connect with Adobe today.
2. https://www.outerboxdesign.com/web-design-articles/mobile-ecommerce-statistics#:~:text=Over%20270%20million%20U.S.%20consumers,were%20made%20on%20a%20smartphone
