For many online businessmen, the end of the year holiday is no surprise, the largest and most competitive period of the year.
Discover WooCommerce During this period, 57% of merchants usually see a significant increase in sales, while 73% attribute these sales to more than 20% of their annual revenue. from Black Friday to Cyber Monday Last year, Stripe processed $465 million in transactions, totaling more than $31 billion.
With such data, it is obvious that companies cannot let these conversion opportunities pass.
Whether you are preparing your website to inspire traffic or fine-tuning for last-minute shoppers, perfecting your online checkout experience is key.
Thankfully, this usually doesn’t require any major or significant changes – a simple upgrade will do it. Stripe’s optimized checkout suite makes the checkout process smoother than ever.
Here are four verification tips to convert more customers during the holidays.
It’s half the win when customers visit your website; the real celebration is when they make a purchase. All your marketing efforts should lead to this moment.
The benchmark for conversion rate benchmarks will vary from business to business, but there are some numbers to keep in mind when determining what yours should be:
- The global average conversion rate is 3.68% (although this may depend on the industry).
- Newer businesses tend to see lower interest rates between 1% and 2%.
If your store’s current interest rate is below 3.5%, you may miss opportunities and areas of improvement during the checkout process.
At first glance, the slight increase in conversion rates doesn’t seem impressive. However, after a closer look, you will find that this usually translates into a massive increase in revenue. Even an increase of 0.5% can result in thousands of additional sales without increasing traffic.
How to determine the checkout conversion rate
Analytics dashboards in Stripe, WooCommerce, or Google Analytics can help you find conversions.
You can also use this formula to calculate it manually:
Checkout conversion rate = (Completed purchase ÷ Checkout meeting) × 100
For example, suppose 1,500 people initiated the checkout process, and 50 customers completed the purchase:
(50÷1,500)×100 = 3.33%
So for every 100 people who initiate checkout, about three completed the order.
It is important to note that checkout conversion should not be confused with site conversion. The formula above measures the performance at the bottom of the funnel, or the last step before generating revenue and conversion.
The way customers expect to pay for them always. If something unexpected happens before they pay, they are more likely to get off the car and cannot complete the purchase.
Striped Global Payment Research The conversion rate of businesses that provide Apple’s salary was found to increase by 22.3%. Overall, when businesses add at least one related (local or regular) payment method, they see an average increase in revenue by 12% and a 7.4% increase in conversion rate.
With Stripe’s optimized checkout suite, you don’t need to figure out which payment method to display. Stripe’s AI models are trained on billions of transactions to automatically display the most relevant payment methods based on their location, equipment, cart size, and more.
Stripe’s model analyzes global consumer habits and behavior trends Create personalized experiences For each individual session, common best practices are beyond common best practices.
Last holiday, Stripe Merchants now offers a purchase, future payment (BNPL) approach that increased conversion by 30% and average order value (AOV) by 40%. When a customer may choose the BNPL method, the optimized checkout suite can automatically display it, ensuring you provide the preferred option for everyone.
When customers enter checkout, their trust and perception can easily close sales. Confusing interface, unfamiliar payment methods or anything that causes delays are enough to trigger a cart abandonment. This is especially true during peak holidays when customers are usually under greater stress and are less patient.
To effectively reduce friction and build customer confidence, follow these three best practices:
- Stay clean and focused: Avoid overwhelming clients with unnecessary distractions. Adhere to the basic areas and simplify their payment path.
- Show security clues: Strengthen trust with card network logo, SSL certificate and secure payment badge. Professional, secure checkouts will inspire confidence.
- Familiar payment methods are available: Common and familiar payment methods make customers more comfortable. Mobile wallets like Apple Pay, Google Pay, and Link – Stripe’s secure, one-click checkout option provides return customers with dramatically faster checkout times and fewer drop-offs.
Mobile customers dominate during peak shopping and are also the fastest decline in traffic. With autofill, mobile wallets and mobile-friendly layouts will reduce friction and keep them moving.
Checkout optimization is not to add more options; it prioritizes the most useful stuff and removes the rest. The focus of the seamless checkout experience is clarity, speed, performance and familiarity.
Not sure which checkout changes will have the biggest impact? this No code A/B testing tool In Stripe’s Optimized Checkout Suite, you can try and test how different changes will affect your revenue and conversion rates without having to write custom scripts or engage in developers.
When you use an optimized checkout suite, you can access and benefit from smart features such as mobile wallet priorities, country-specific payment methods and Stripe’s real-time optimized access and benefit from smart features such as mobile wallet priorities, country-specific payment methods) and Stripe’s real-time optimization Payment Intelligence Kit.
While relying on these default features will simplify your checkout process, running A/B tests can take you a step further, helping you customize your checkout experience for your only customer base.
You can test the following changes:
- Add or delete specific payment methods.
- Local and global method priorities.
- The impact of a wallet and card on a specific location or device.
Stripe’s test tools evenly allocate checkout traffic for different configurations, tracking conversions to show you which version performs better. You can view these insights in the Stripe dashboard and quickly turn them into future best practices.
Stripe’s infrastructure is designed to handle the chaos of the holidays.
On last year’s BFCM weekend, the stripes:
- Process 137,000 transactions per minute.
- Maintain 99.9999% uptime.
- The total payment volume processed was $31 billion.
- Save nearly a million minutes of shoppers at checkout with Link.
- Revenues of $917 million from potential fraud radars.
Stripe is designed to handle and accelerate fake shopping and in an optimized checkout suite, your business will be.
If you are using WooCommerce with Stripe Expansion (version 9.8 or later), you already have access to the optimized checkout suite. If not, the upgrade is free and takes only a few minutes.
When enabled, the optimized checkout suite will automatically activate valuable features such as links, mobile wallets and their dynamic payment methods display.
Maximize your potential income with the number of checkouts per time during the holidays.
Install or upgrade to an optimized checkout suite to make your holiday better.
Colleen is WooCommerce’s cooperative marketing team. She is located in South Africa.
