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Buy Now, Pay Later For Ecommerce: What To Consider

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How To Improve Ecommerce Conversion Rates

This report has exclusive data on the top reasons customers don't complete online purchases, plus ways your store can stop abandoned carts.

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<p>Businesses of all sizes can benefit from improving conversion rates by implementing some simple techniques. Even those without a programming team can benefit. From offering promo codes to optimizing for mobile–improving conversion doesn’t have to be a huge lift.</p><p>The good news is, the customers you lose because of friction in the checkout process are ones you can win back. You need to optimize the checkout process on your site. Many of the best ways to do so aren’t that difficult or expensive.</p>

<h2>Offer Alternative Payment Methods (APMs)</h2><p>Offer alternate payment options like Affirm, Afterpay, Klarna, and PayPal that allow shoppers to use an account that already has their payment information saved, leading to faster checkout. According to <a href="https://www.bolt.com/thinkshop/cyber-week-data-shows-alternative-payment-methods-gaining-in-popularity">research by Bolt</a>, the total number of Bolt merchant transactions that used an APM increased by 28% on Black Friday in 2021 when compared with numbers from 2020.&nbsp;</p><p>Buy Now Pay Later (BNPL) APMs give shoppers the option of paying for their purchase installment with zero interest. By offering flexibility to customers in how they pay, merchants can increase conversion and appeal to a younger demographic of shoppers. Considering that almost half of people abandon checkout because extra costs like shipping, tax, and fees are higher than expected, providing an option that improves affordability can help overcome their concerns.</p><h2>Offer promo codes</h2><p>People love a good deal. A <a href="https://intelligence.valassis.com/rs/275-QRU-089/images/valassis-consumer-intel-report.pdf">recent study</a> found that 72% of consumers want to use coupons and discounts to save money, and 54% credit a promotion with helping spur an impulse buy. For the value-minded consumer, a few dollars off can be the deciding factor in whether to complete that purchase or click away at the last moment.&nbsp;</p><p>An attractive offer can also help counteract the sticker shock some customers feel when looking at the total price in the cart when shipping and fees are added. Offering the right promotion at the right moment can make a difference.</p><h2>Prioritize mobile ease of use&nbsp;</h2><p>Mobile devices now account for <a href="https://www.statista.com/statistics/806336/mobile-retail-commerce-share-worldwide/">72% of all ecommerce sales worldwide</a>. A notable share of your audience is visiting your website on a small screen. Even though ecommerce businesses <i>know</i> that, many still don’t provide a good mobile experience. And it matters—mobile conversion rates lag far behind desktop ones.</p><p>If your website doesn’t work well on a mobile device, and especially if your mobile checkout process isn’t user friendly, you’ll lose sales. Make sure the purchasing flow on a mobile device is intuitive and easy.</p><h2>Ensure a fast checkout</h2><p>All of the other features you offer to improve checkout conversion could be wasted if the process is slowed due to issues on the back end. People are impatient, and they don’t like to wait on slow loading times.&nbsp;<br>This is true for every step of the online shopping process—and even more evident for mobile visitors. Most people won’t stay on a site if it takes more than a few seconds to load.</p><p>You should always be working to improve your checkout process. Optimize using best practices for fast checkout design to streamline and speed up your checkout. You can implement <a href="https://www.bolt.com/businesses">Bolt One-Click Checkout</a> to improve conversion, reduce the steps customers must take to complete purchases and decrease abandoned carts.</p><h2>Pay attention to your analytics</h2><p>Most of these checkout conversion tips are about making the checkout process easier on your visitors at the moment they’re ready to buy. And that moment matters—a lot. But even if you’ve implemented all the ecommerce conversion best practices you’ve heard about, you never want to get complacent.</p><p>General best practices can teach you a lot, but <i>your</i> website and <i>your</i> customers are unique. To make sure you truly understand what works best in driving more conversions for your business, you’ll need to turn to your own analytics.&nbsp;</p><p>Studying your analytics allows you to thoroughly understand your customers’ typical checkout journeys. You can identify the steps in the process where people most frequently drop off, then use that insight to make updates to your ecommerce store that keep more of those customers on the path to a purchase.<br><br>Some common questions you can answer with your analytics are:&nbsp;</p><ul><li>What forms of payment are most popular on my site? Maybe you’re finding that your customers convert at a faster rate when you offer APMs. You may want to consider adding more ways for shoppers to pay.&nbsp;</li><li>When are my shoppers dropping off? Analytics can tell you where shoppers are ending their journey without a purchase. From there, you can investigate deeper and try to make adjustments accordingly. For example, if there’s a high drop-off rate between adding to cart and finishing the conversion, improving the checkout process may be the key to unlocking more purchases.&nbsp;</li></ul><p>For more tips on how to increase your online store’s conversion rate, check out this comprehensive guide on <a href="https://www.bolt.com/thinkshop/72-tips-to-master-ecommerce-conversion-rate-optimization-for-your-store">conversion rate optimization</a>.</p>