Online sales are growing by leaps and bounds -- is your virtual store experiencing the same growth? If the answer is "No," it's time to implement practices that can optimize your conversion rate.
Your conversion may be low for any number of reasons, and Let's look at five ways to improve your month-over-month sales and keep profits growing.
1. Simplify the Checkout Process
One of the biggest reasons customers abandon their carts is because they're frustrated by complicated and lengthy checkout processes. Consumers are often in a hurry, and if they can't complete a transaction quickly, they'll give up and either turn to a competitor or completely forget about the transaction. In either case, you're out that sale and the lifetime value of the customer. Make the checkout process as frictionless as possible by eliminating unnecessary steps and data requests.
2. Offer a Variety of Payment Options
Customers like options when it comes to their products and payment options. If merchants offer just one payment method and the customer's transaction is declined, that customer will likely find another merchant to shop with in the future. So consider offering a variety of payment methods, like PayPal, Apple Pay and Visa Checkout.
3. Minimize Waiting Time
No customer likes to wait, whether it's in a brick-and-mortar store or at an online retailer. Speed up the checkout process by offering guest checkout options that don't require creating a customer account.
4. Avoid Last-Minute Cart Abandonment
By the time customers get to the final checkout steps, they're ready to buy. Don't dissuade them by waiting until the last checkout screen to display shipping costs, taxes and any additional fees. Let customers preview their carts and the final cost of the transaction at any time during the shopping process.
Consider advertising discount codes, free shipping offers and storewide sales as an incentive for customers to complete their purchase.
5. Implement a Fraud Protection Solution
It's easy to think that smaller e-commerce merchants aren't susceptible to fraud, but they're often one of the easier targets. But because any e-commerce retailer who accepts credit cards is vulnerable to savvy fraudsters, it's important to protect businesses -- and customers -- every step of the way.
Costly chargebacks can also devastate growing businesses. Whether they're caused by friendly fraud, true fraud or legitimate customer complaints, chargebacks result in expensive fees and penalties. They can even cost retailers their merchant accounts, leaving them unable to process credit cards at all. Luckily, some fraud prevention solutions also offer chargeback insurance that relieves merchants of this financial burden.
Partner With a Fraud Protection Specialist
Wary merchants might think the best approach to fraud protection is to apply strict filters that reject every suspicious order. While this strategy might indeed decline fraudulent transactions, it will also reject a larger number of legitimate transactions, negatively affecting customer satisfaction and a merchant's reputation.
Instead, consider implementing a hybrid approach to fraud protection: One that combines expert human analytics with the advanced artificial intelligence. The result? Fewer fraudulent transactions get by the screening process and false declines decrease -- a win-win situation for merchants.
When you're ready to leave fraud protection to the experts and sell without the fear of becoming a victim of fraudsters, contact ClearSale. Our robust solution gives you the peace of mind you need to refocus your efforts away from fraud protection and back on your core business.