[webinar november 2012] checkout process optimization: 11 steps to increasing revenue
DESCRIPTION
Averaging 60-70% cart abandonment rates, it’s no wonder online businesses are concerned with their checkout process. At a high level, building a successful checkout comes down to a clear and easy user experience, as well as maximizing buyer confidence. But most online retailers are not effectively addressing either issue. View this partnership webinar with Groove Commerce and buySAFE to explore the top strategies to increase customer satisfaction, boost average order values and generate more revenue.TRANSCRIPT
Evolving eCommerce: The Magento eCommerce ForumCHECKOUT PROCESS OPTIMIZATION:
11 STEPS TO INCREASING REVENUE NOVEMBER 2012
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Ethan Giffin CEO
Groove Commerce Speaker
Mack McGee VP Sales & Marketing
Groove Commerce Host
Webinar | Magento SEO Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Shane Lundy VP, Sales & Business
Development buySAFE Speaker
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Our goal is to bridge the gap between marketing and technology and deliver a user-friendly, high converting product to each one of our clients.
Services include: • Website Design • Magento Development & Integration • Inbound Marketing Services
• Social Media Marketing • Pay Per Click Management • Search Engine Optimization
• Email Marketing • Site Analysis • Conversion Consulting
www.groovecommerce.com 800.564.9826 @GrooveCommerce
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
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buySAFE enables online merchants to provide a third-party Guaranteed Shopping program which increases confidence and buyer satisfaction. Merchants use buySAFE Guaranteed to increase:
• Website Conversion • Order Value • Repeat Buyers • Website Sales (20x ROI GUARANTEED)
www.buysafe.com 888.926.6333
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
• Why Your Checkout Process Matters • 11 Checkout Optimization Steps • Importance of Customer Assurance • BONUS Step • Q&A
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Why Magento?
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POLL #1
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The average checkout consists of 5.08 steps…
24% require account registration
50% asks for the same information twice
Why Magento?
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POLL #2
Why Magento?
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STEP #1 ENSURE PAGES LOAD QUICKLY
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Walmart.com: Converted shoppers received pages that loaded 2X faster than non-converted shoppers…
http://groov.co/UHmDDq
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1. Turn on compression
2. Remove unneeded code & files
3. CDN hosting
4. Use Google jQuery scripts
5. Full-page caching
6. Track server errors & performance (New Relic)
Why Magento?
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STEP #2 OFFER GUEST CHECKOUT WITHOUT
REGISTRATION
• 8 of the 10 top US eTailers offer it • 25.6% of online consumers would abandon
a purchase if forced to register [econsultancy]
• Average cart abandonment is 65% • Why risk it?
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Why Magento?
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STEP #3 KEEP FORMS SHORT
• Don’t Ask if You Don’t Need • Don’t Ask for Answers You Already Have • Pre-Populate Fields if You Can • Maintain Form Data if Errors Happen • Especially Important for mCommerce
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Why Magento?
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STEP #4 PROVIDE CLEAR PROGRESS INDICATORS
Examples include: • 25% done
• Step 1 of 3
• Billing à Shipping à Payment à Summary
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Why Magento?
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STEP #5 PROVIDE SHIPPING COSTS
EARLY AND OFTEN
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• Show the final price before checkout • Confirm availability • Removes customer concerns • Set expectations • Reassurances if anything goes wrong
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Why Magento?
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STEP #6 PROVIDE CLEAR CALLS TO ACTION
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• Differentiate checkout/continue shopping button colors
• Make next step button obvious >> • Customers should be clear on how to
proceed to the next step in the checkout
• Enable backtracking without losing form data
• Test color & font options
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Why Magento?
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STEP #7 MINIMIZE OTHER NAVIGATION
• Remove anything not needed • No distractions • Use jQuery popups for assurances
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Why Magento?
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STEP #8 PROVIDE A GUARANTEED
SHOPPING EXPERIENCE
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• Provide reassurances of personal information security
• Merchant is reliable and underwritten by 3rd party
• Customer is getting the best price
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The structure of the Internet creates a disconnected purchase experience and shopper concerns:
73% of consumers say that shopping online is RISKIER than shopping offline. - Visa/CyberSource
98% of consumers will bounce from the site and make the purchase elsewhere.
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• High hassle factor with problem resolution • Heavy reliance on merchant performance • Plethora of choice equals price
uncertainty • More perceived risks to personal
information security & privacy
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1. Will my personal information (identity) be kept safe & secure?
2. Will the product be authentic, arrive on time and if there is a problem, will the merchant provide great customer service?
3. Am I getting the best price?
“64% of identity theft originates online” - US Federal Trade Commission
“83% of online users worry about their identity being stolen from an online purchase”- VeriSign
“92% of shoppers have concerns when shopping on new and unknown websites“ - McAfee Security
“61% of all complaints are for merchant non-performance” - National Consumers League
“45% of shoppers view price as most important”- BizRate Research
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
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Prevention
Resolution
Information Security
Merchant Reliability Price
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Why Magento?
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STEP #9 PROVIDE HELP OPTIONS
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• Make phone easy to Find
• Extend customer service for peak holiday times
• Don’t make users leave cart to live chat
• Proactive chat with your best customers
• Cart-based rules for chat (Velaro)
Why Magento?
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STEP #10 MULTIPLE PAYMENT OPTIONS
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• Different payment methods help appeal to as many potential customers as possible
• Leads to increased sales & revenue
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Why Magento?
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STEP #11 PROVIDE A FINAL SUMMARY
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• Provide a full summary before final submission so customers can ensure they entered everything properly
• Include order number • Contact information
• Social icons
Why Magento?
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POLL #3
Why Magento?
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BONUS: STEP #12 CONSISTENTLY REVIEW DATA
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• Review funnel tracking data • Refine & test top exit areas • 2 types of testing & analytics
• Single page • Site-wide
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue
Why Magento?
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POLL #4
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www.groovecommerce.com/webinar
Questions? Contact Us [email protected] | (888) 924-1951
Webinar | Checkout Process Optimization: 11 Steps to Increasing Revenue