Although, the eCommerce industry is growing at a rapid pace, especially after the COVID-19 Pandemic. But, it still faces a huge, inevitable challenge – Shopping Cart Abandonment.
Based on the latest study by Baymard Institute, the average online shopping cart abandonment rate is 69.80%.
And out of the 69.80%, 18% of online shoppers abandon their shopping cart because of the complicated or long checkout process.
Now, considering there are a total of 2.14 billion online shoppers in the world, losing 18% of potential buyers because of the complicated or long checkout process is certainly a huge opportunity loss.
That being said, if you’re also facing a high cart abandonment rate & high bounce rate in your Magento 2 store, you’ve come to the right place.
In this post, we’ve shared how you can boost conversion rate & lower cart abandonment rate in your Magento 2 store including:
- Overview of the Default Magento 2 One-Page Checkout
- Challenges of Default Magento 2 One-Page Checkout
- What is One-Step Checkout?
- Benefits of One-Step Checkout
- What is Magento 2 One-Step Checkout Extension?
- Key Features of Magento 2 One-Step Checkout Extension
That being said, let’s dive right in!
Overview of Default Magento 2 One-Page Checkout
When it comes to the default Magento 2 One-Page Checkout, the majority of people wonder why it’s called “One-Page Checkout” since it shows two steps.
In simple words, once you enter the shipping information, the default Magento 2 checkout page will instantly move you to the next step to complete review & payment information.
Now, after browsing an online store to find products to add to the cart, customers don’t want to get annoyed due to a long & complicated checkout process.
So, it is crucial for Magento 2 stores to optimize the checkout process to deliver a fast, smooth, and intuitive checkout experience.
Disadvantages of Default Magento 2 One-Page Checkout
Magento 2 is definitely one of the most powerful eCommerce platforms in the market today.
But, many of its default functionalities are not capable to provide the best experience possible and make your sales soar.
And this includes default Magento 2 One-Page Checkout as well.
Below are the main disadvantages of the default Magento 2 one-page checkout method.
Slow Page Loading Speed
The default Magento 2 one-page checkout consumes a lot of time to load the page. and customers don’t have the patience to wait for it to load & place their orders.
High-Risk of Cart Abandonment
The default Magento 2 one-page checkout requires customers to go through a two-steps process for placing an order, which can easily frustrate them and result in shopping cart abandonments more often.
Lack of Analytics
Analytics is important in the eCommerce business. However, the default Magento 2 one-page checkout doesn’t provide insights into what makes customers abandon their shopping carts.
Lack of Extra Features
The default Magento 2 one-page checkout lacks advanced features like gift wrapping, order adjustment, order comment, custom delivery date & time, and more.
Fortunately, you can certainly leverage all these features and more with the One-Step Checkout method.
Why Are Your Shopping Carts Abandoned?
A study from baymard says, a long and complicated checkout process is the third major reason people abandon online shopping carts.
When it comes to online shopping, modern customers like to complete their checkout with minimal efforts. It’s like: the more questions you ask them on checkout, the more likely they’ll leave their shopping carts abandoned.
The best example of a successful checkout is Amazon’s One click checkout, which completes the shopping process with just a few button clicks.
What is One-Step Checkout?
One-Step Checkout is an advanced version of the Magento 2 default one-page checkout. It offers a pleasant checkout experience than the default method.
In simple words, the One-Step Checkout contains all of the order information in a single step including shipping & billing information, payment methods, order total, shipping options, etc.
In Magento 2, you can easily integrate the one-step checkout with the help of a third-party Magento 2 one-step checkout extension.
What is Magento 2 One-Step Checkout Extension?
Magento 2 One-Step Checkout Extension will help you to simplify the checkout process in your store by reducing the number of steps to only ones that customers can place their order in just a single step.
This, in turn, accelerate the whole checkout process, improve online shopping experience, and boost conversion rate, and reduce shopping cart abandonment.
Let’s look at the best benefits of Magento 2 One-Step Checkout Extension and understand how it can boost conversion rate and lower cart abandonment rate in your Magento 2 store.
Benefits of Magento 2 One-Step Checkout Extension
Magento 2 One-Step Checkout Extension not only brings all the good sides of the default Magento 2 One-Page checkout but also improves its limitations to a great extent.
Below, we’ve shared the 4 best benefits of Magento 2 One-Step Checkout Extension to help you understand its significance.
1 – Faster Checkout Process
The default Magento 2 one-page checkout takes too much time to finish the checkout process. As mentioned earlier, the default one-page checkout contains two steps process.
So, customers are required to fill all information in the shipping section and then navigate to payments & reviews section and fill the required information, which is time consuming.
With Magento 2 One-Step Checkout Extension, customers experience a faster checkout process as the default two-steps process of one-page checkout is combined in a single step only.
This, as a result, saves a lot of time for customers and speed ups the entire checkout process.
2 – Responsive Layout
Mobile shopping has gained immense popularity over the last few years all over the world. Therefore, it is now critically necessary to ensure responsiveness on all type of devices to avoid losing potential sales.
Magento 2 One-Step Checkout Extension is fully responsive as everything is optimized to bring customers the best layout possible that is easy-to-use & user-friendly.
3 – Lower Cart Abandonment Rate & Increase Conversion Rate
As we mentioned earlier, 28% of online shoppers abandon their shopping carts solely because of the long or complicated checkout process.
With Magento 2 One-Step Checkout Extension, you can bring down the cart abandonment rate significantly by making the checkout process in one step & encourage customers to place their orders without hesitation.
This is, in fact, the biggest benefit of Magento 2 One-Step Checkout Extension. It basically helps Magento 2 online stores lower their cart abandonment rate, increase conversion rate, and boost overall sales & revenue.
You May Also Like: How to Configure One Step Checkout Extension to Magento 2?
Ending Thoughts…
In a nutshell, Magento 2 One-Step Checkout Extension is absolutely a must-have extension for Magento 2 stores. In fact, if you’ve not utilized the power of the one-step checkout yet, you’re most certainly missing out on a great number of potential sales everyday.
Check our Front and back-end demos to explore more exciting features of our Magento 2 One Step Checkout Extension.
Also, you can refer this Magento 2 One Step Checkout Extension’s FAQ Page for most common questions and it’s answers.
That being said, if you have any doubts or queries related to Magento 2 One-Step Checkout Extension, feel free to contact us at any time.
