Blog series - Klarna & The Pixel: we've invited payment solution provider Klarna to take us through their top tips to Get Online Right for Magento merchants.
The past decade has fundamentally changed the way the UK shops, with the boom in the internet and smartphones turning shopping into a 24/7/365 activity.
While the ‘always on’ nature of e-tail is a lucrative opportunity for many retailers - who can reach a wider customer base and benefit from reduced overhead costs - it is not without its challenges. Today’s consumers have come to expect an optimised user experience as a basic requirement. With the explosion of consumer choice, they will simply go elsewhere if a retailer’s online shopping journey fails to measure up.
'Our research revealed that a huge 68% (almost 7 in 10) of British shoppers have abandoned their baskets online'
At Klarna, we turned to consumers to find out more about the reasons behind one of the major problems plaguing online retailers: dropped baskets. Our research revealed that a huge 68% (almost 7 in 10) of British shoppers have abandoned their baskets online - to an average value of £120.80 per dropped basket.
As consumers demand a swift and smooth shopping experience, merchants must make sure every stage of the online journey is built with the customer in mind.
'13% said they dropped out because the process simply took too long'
Our research indicated that the payments process is a crucial element that can directly impact revenues. After all, while it’s important to pique consumer interest in a product, closing the deal is crucial. One in five consumers, for example, revealed they’ve abandoned a basket because they didn’t have their personal details to hand, while 13% said they dropped out because the process simply took too long. Merchants looking to stay relevant in today’s increasingly competitive market must make sure that their user experience is simple and positive.
To get online right, here are 3 things to keep in mind:
1. Retailer steps during checkout
Lengthy sign ups should be replaced with straightforward payment processes. Easy, one-click payment options - if appropriate - will be even more appealing to online shoppers. Offering shoppers a streamlined experience will allow them to focus on what actually matters: choosing their favourite items when shopping online, rather than growing frustrated at point of purchase.
2.Think mobile first
Providing the right functionality for shoppers, whichever device they’re browsing on, is essential. Clunky mobile design is now a guaranteed turn off for many consumers - and it’s unlikely, for example, that a customer shopping on a mobile will checkout if they need to input their card details in public. To combat this, retailers must make sure their processes are as smooth and simple as the rest of the browsing experience, across every channel.
3. Provide flexible payment options
Retailers will also reap the benefits by offering multiple payment methods. Checkout services which allow shoppers to pay for an item after delivery – giving them the opportunity to ‘try before they buy’, or to spread the cost of purchases over several months – are a way to help secure customer trust and loyalty.
Ultimately, the key to success lies in simplifying the user experience to provide shoppers with a seamless online experience which fits easily into their day-to-day lives - from browsing to point of purchase. Retailers who get online right will be sure to boost revenue and conversion rates in 2018.