Magento Checkout: The Top 10 Strategies for Increasing Magento Checkout Conversions

March 23, 2022

The Bolt Team

conversion funnel for magento checkout

It can be hard to get your customers to convert. Even if you get them to your website and convince them to put things into their cart, 70% will abandon the purchase. It’s not that your products aren’t amazing; there are just a plethora of distractions and setbacks that can prevent customers from taking that final step to complete a purchase. 

While completed purchases confirm what you’re doing right, it’s also essential to look at customers who abandoned their carts to glean insight from their experiences. 

The bad news: you’re missing out because of basic friction

Ultimately, we find that while the specific reasons people don’t complete checkout vary, they all have one underlying element in common: basic friction. Something made the checkout process too difficult. With everyone constantly busy and easily distracted, even a tiny barrier to finishing a purchase is enough to make people bounce.  

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The good news: you can win customers back with an optimized Magento Checkout experience

However, any customer that is lost to basic friction is one you can win back. The key is to optimize your Magento checkout process to streamline the experience and get customers to convert. Here are ten ways you can improve your Magento checkout:

  1. Speed up the process by doing what you can to reduce webpage load times across your Magento checkout process. Every additional page slows things down, and many people will simply leave a site if it doesn’t load quickly. 
  2. Prioritize mobile ease-of-use to ensure you don’t lose a customer simply because a button was too hard to click. Customers can shop anytime, anywhere—and you don’t want to miss out on a single one.  
  3. Implement one-click checkout to streamline checkout as much as possible and eliminate extraneous steps that trigger cart abandonment.
  4. Join a shopper network, which allows shoppers to create an account once and use the same account for purchases across the network. By joining a leading shopper network, you can unlock returning customer benefits, even for shoppers who are new to your site.
  5. Responsibly collect data that inform your personalized marketing efforts. Creating custom experiences increases conversion rates, but you can only build those by first collecting detailed customer information. 
  6. Offer promo codes because shoppers love to feel like they’re getting a deal—especially if they’ve already experienced sticker shock on your website. Taking even a few dollars off at just the right moment in the Magento checkout process can be the deciding factor for completing a purchase. 
  7. Offer alternative payment models, particularly those that offer a buy now, pay later (BNPL) option like Klarna. The more options you offer, the more likely customers will see a payment option they like, encouraging them to complete the Magento checkout process. 
  8. Use trust symbols to reassure customers about your brand. As an SMB, you may still be building brand recognition, so creating a sense of trust with your customer is vital. Trust symbols like social proof, reviews, and verified badges help reinforce that your brand is legitimate and your products are worth it.
  9. Enable fraud detection to prevent negative impacts on your bottom line. Advanced fraud detection reduces false positives and ensures more legitimate orders go through, which increases revenue that you can invest back into your business. 
  10. Pay attention to your analytics so you can determine what works and what doesn’t within your Magento checkout process, then take action to improve it. 

The even better news: you can instantly optimize Magento Checkout with Bolt

This may feel like a long list, but Bolt makes it easy for Magento users to implement all 10 of these checkout optimization strategies. 

What Is Bolt?

Bolt is a checkout experience platform that helps make every online surface shoppable. For Magento customers, this means providing the backbone to add one-click checkout and treat every customer as a known shopper. Bolt leverages the power of the Bolt Network to autonomously link shopping accounts and create a universal shopper profile. This profile brings together all of a customer’s payment methods, shipping addresses, and preferences to thousands of merchants. 

Bolt is a checkout experience platform that makes it easy for Magento users to instantly switch on a variety of features that optimize checkout.

Bolt for Magento Checkout

The Bolt and Magento integration provides:

  • Checkout experiences built for speed
  • Storefronts designed for mobile
  • Powerful fraud detection
  • Optimization for repeat business
  • Increased average order value (AOV)
  • Bank-level security and new payment processing options
  • Data protection for merchants, shoppers, and customers

It’s time for a better Magento Checkout

You don’t have to be a huge business with a giant IT department and web development team to drive better Magento checkout results. By partnering with Bolt, businesses of all sizes can take advantage of critical checkout optimizations like one-click checkout and fraud protection. Streamlining checkout for your customers means you can compete with more prominent brands, increase conversions, and ultimately perfect the checkout experience. 

ThinkShop by Bolt does not constitute professional tax or financial advice. Contact your own tax or financial professional to discuss your situation.