The checkout abandonment problem
Cart abandonment is a significant issue, with an average rate of 72%. Out of 100 customers who add products to their cart, only 28 complete their purchase, leading to over $6.5 trillion in abandoned merchandise annually.
Cart abandonment is measured by the number of orders placed divided by the number of carts created. This part of the shopper journey involves two key steps: adding items to the cart and completing the order on the checkout page. According to the data, more than half of the shoppers who create carts proceed to the checkout. These shoppers have a higher intent to purchase than those who abandon their carts. Thus, the problem is better described as “checkout abandonment” rather than “cart abandonment.
So what happens at checkout? According to data around 53% of shoppers that get to the checkout abandon it, leaving the checkout completion rate at 47%. This number varies by device type, with checkout from mobile converting at 42.4% rate and from desktop at 52.5% rate.
Frictionless checkout with Fastlane by PayPal
Fastlane by PayPal eliminates friction from the checkout process by leveraging the network effect of over 400 million existing PayPal customers. This service provides a seamless checkout experience by pre-filling all payment and shipping information with available data, ensuring a smooth and efficient transaction for shoppers.
According to PayPal’s internal data, Fastlane users convert at nearly 80%, which is almost double the industry average checkout conversion rate of 47%. Importantly, there are no trade-offs for brands using Fastlane. If a shopper is not part of the PayPal network, they can still pay by credit card or any other appropriate payment method. This flexibility makes Fastlane a win-win solution for both shoppers and brands.
Leveling up your store’s checkout
Brands and retailers can focus on checkout experience enhancement as one of the primary ways they can impact the conversion of their website. By adding tools to make guest checkouts more frictionless, you can ensure you convert first time customers, and then work to keep them as customers in the future.
Bemeir offers robust Magento development service packages for both Adobe Commerce and Magento Open-Source merchants. Work with us to level up your checkout in short order.
The Fastest way to get Fastlane for your Magento checkout
The quickest way to implement Fastlane on your Magento platform is by using the Bold extension for Magento checkout. This extension seamlessly integrates with your existing Magento checkout, allowing you to retain all your current customizations without any disruption.
Key features of the Bold extension include:
- Compatibility: It works with any Magento version for Magento 2, and support for Magento 1 is coming soon.
- Quick Installation: The installation process is incredibly fast, taking less than half an hour to complete.
- Cost-Effective: There are no additional costs for using the Bold extension. You only pay your regular transaction rates and fees for using PayPal as your payment provider.
