According to Baymard, 68.55% of customers abandon their shopping cart, which results in $4 trillion of lost sale for ecommerce websites. One of the main reasons driving potential customers away lies in the complexity of checkout processes, with 11% of people surveyed has difficulties navigating through checkout pages (Ritholtz, 2012). As a result, one-step checkout becomes the new norms, replacing the obsolete multi-step checkout. In a research conducted by Get Elastic with 606 sampling transactions, one-step checkout flatly outperforms multi-step checkout by 21.8%. Now, let’s step into the word of checkout pages and find out why it is better to use one-step checkout.
One-step checkout improves customers’ interactivity
In 2005, Ajax first appeared, describing the technology behind asynchronous Web applications. Imagine yourself filling a full page of long and complicated information such as your email, password, reconfirmation of your email and password, etc. in the checkout page. Now you mistype something. Without Ajax, you would have to fill out the entire form over again step by step, which is extremely frustrating and possibly discourage you from purchasing your desired products. Ajax updates customers’ information in real time so you don’t have to reload the entire page over again. With Ajax, the website also increases customers’ satisfaction and in turn, sales and revenue.
One-step checkout saves time
In the experiment by IWD Agency, the average time to complete a multi-step checkout is 1 minutes and 40 seconds. Meanwhile, it takes only 53 seconds to complete the purchase with the innovated checkout. The reason for a whooping 50% improvement in checkout time is that it is relatively faster to navigate and fill out fields in one page rather than having to continuously click “Continue” button and wait for the next pages to appear.
One vital problem to multi-step checkout is that the customers are usually unsure of the process. They don’t know how long the checkout is going to last and this has a negative impact on customers’ psychology. For all they know, the checkout can go on and on, making them unsure if they are working with a retailer or a surveyor. A clear one-step checkout brings the benefits of a clear-order navigation, with information appropriately distributed from top to bottom.
Recommendation for your Magento E-commerce Websites
If you are operating an e-commerce website in Magento platform, it is possible that you are using the default Magento checkout extensions. However, this may be your checkout solution only if you do not care about increasing conversion rate as well as revenue. There are many options in Magento Connect, but Magestore’s One Step Checkout is the one with the best customers’ services, including free lifetime support and full refund after 30 days.