Listrack estimated 77% of the shopping cart abandonment rate in the ecommerce industry. According to eWave, a long and confusing checkout process is a prime cause of cart abandonment among 27% of shoppers.

Therefore, Magento 2 has only a two-step checkout process instead of six steps in Magento 1. This is the reason LinkedIn has pointed out that OneStepCheckout extension users have observed an average 30% increase in conversion. The default Magento multi-page checkout takes about 1.40 minutes to complete, while a single-page checkout takes only 53 seconds.Many in the e-commerce industry often confuse cart abandonment and checkout abandonment.

Cart Abandonment

When a shopper adds a product to the shopping cart from any page but leaves the website or app without further accomplishing the buying process, it is termed cart abandonment. You can calculate the cart abandonment rate by dividing the number of transactions performed by the number of transactions initiated.

Checkout Abandonment

When a shopper has initiated the checkout process but doesn't complete the purchase, it's termed checkout abandonment. It means checkout abandonment occurs only on the checkout page, not on any page. You can compute the checkout abandonment rate by dividing the total orders accomplished by the total checkouts initiated.

Understanding Checkout Process

Have you noted the physical transaction process in brick-n-mortar stores? Most of the online checkout processes are nothing but simulations of the same. Therefore, we find the following main steps involved in the ecommerce checkout process everywhere.

Step-1: View Car

It's a last-minute opportunity to review products shoppers added to the shopping cart during their buying journey before making a final payment.

Step-2: Billing Information

Shoppers can provide their billing address, name, contact information, and other billing details expected by the Magento ecommerce website.

Step-3: Shipping Details

Often, billing and shipping addresses differ. So, shoppers can provide shipping addresses, shipping methods, and shipping provider details in this step.

Step-4: Order Review

Shoppers can check and confirm their entire purchase, such as product list, quantities, and prices, and they can recheck their billing and shipping info. Entering code for marketing incentives is possible at this step.

Step-5: Payment Authorization

Shoppers now will provide payment details, such as credit/debit card details, or go to the online banking module/wallet to accomplish a secure payment.

Step-6: Order Confirmation

This step confirms the order by reviewing order details, estimated delivery date, billing and shipping information, and relevant contact information.

Pain Points Associated with the Checkout Process

We have seen the main steps involved in the ecommerce checkout process. However, Magento Development Services, Shopping Cart Development Services, or Adobe Commerce Agency often ignore crucial pain points arising while designing and programming Magento Ecommerce Website.

Let's learn those. It may help Magento developers eliminate such severe mistakes during their Magento development.

Missing Progress Indicators

They help shoppers to know where they are during the buying journey and what steps remain to finish it.

Missing Guest Checkout Facility

Many shoppers avoid creating online accounts with an e-commerce platform, particularly when buying sensitive products. Guest checkout provision can facilitate them and avoid forced account creation.

Limited Payment Options

Most modern shoppers prefer payment gateways or payment methods/options, particularly regional payment gateways that support their languages, currencies, etc. If they find those missing, they can abandon the cart.

Excessive Form Fields

Shoppers avoid lengthy form filling. The phone typing also doesn't support it. So, instead of filling out unnecessary form fields, shoppers abandon the checkout process itself.

With these insights, let's explore several strategies to streamline the checkout process on the Magento ecommerce website.

Strategies to Adopt by the Shopping Cart Development Services to Streamline Checkout Process

Adopting the right checkout design strategies can eliminate the listed pain points. Let's know those strategies.

1. Design Progress Bar

A well-designed progress bar displays the present stage/step of the shopper. Thus, shoppers can know how many steps remain to finish the checkout process. In short, a progress bar can motivate and keep shoppers interested in completing the buying process.

2. Provide Guest Checkout Facility

We know many shoppers dislike forced account creation attempts by ecommerce for various reasons. So, please provide them with a guest checkout facility to accomplish the checkout process without an account or registration. It will save time and effort for the customers looking for a quick checkout.

Alternatively, you can shopper network and use an account created once on the network and used for multiple sites.

3. Offer Multiple Payment Options

Modern shoppers use their favorite payment option, and they may be

• Online bank transaction
• Different types of credit cards
• Different types of debit cards
• Phone pay through digital wallets
• Pay after delivery

Apart from different payment methods, they also prefer payment gateways of their regional or global choice. So they can make payments using their terms, currencies, and languages.

4. Reduce Form Fields

Remove unwanted form fields by limiting your temptations to collect maximum information from the shoppers. Lengthy form filling is tedious, particularly for mobile users.

5. Prefer Single-page Checkout Design

Similarly, a one-page or two-page checkout process is ideal because it simplifies and saves shoppers time and effort. Single-page checkout can eliminate the need to navigate multiple screens while confirming the details in checkout.

6. Offer Incentives

Coupon codes, free shipping, bonus items, and other incentives must apply during checkout because they motivate shoppers to buy the product and inspire them to finish the process quickly, reducing the cart abandonment rate.

7. Strengthen Security

The Magento ecommerce website always carries sensitive transaction data. Therefore, Magento merchants must take ample measures to tighten website security and display those on checkout and other pages through SSL and other certificates to build trust.

Final Thoughts

We have learned common pain points associated with the checkout process. Eliminating these pain points could be an effective strategy against the checkout abandonment rate. Experienced and expert Magento developers can design custom Magento development to address those pain points and streamline your Magento checkout process to boost customer conversion rate.

Suppose you are looking for Magento Development Services, such as Shopping Cart Development Services or Adobe Commerce Agency. In that case, Jeel Techsoft is a leading name in the Magento e-commerce design and development industry. Let's exchange a few words on your next ambitious Magento storefront design and development project.