Though the eCommerce industry is growing at a rapid pace, especially in this COVID-19 pandemic season, it still faces the biggest challenge – Cart Abandonment.
According to the Baymard Institute study, the percentage of cart abandonment rate rose to a whopping 69.57% in 2019.
To put it simply, 3 out of 4 shoppers leave the online stores without completing their purchase.
In 2020 as well, eCommerce stores continue to battle the cart abandonment problem.
Fortunately, there are many solutions available in the market to combat cart abandonment today.
And in this post, we’re going to talk about one step checkout, which is one of the most effective solutions to reduce cart abandonment for Magento-powered online stores.
But first, let’s understand why the checkout process is so much important.
Why the Checkout Process is So Important in eCommerce Business?
In any eCommerce business, the most important part of a customer journey is the checkout process.
According to research, you can increase the conversion rate of your eCommerce store to as high as 35% with a better checkout process.
In fact, the Baymard Institute study also revealed that 26% of online shoppers who abandon their shopping carts did so because the checkout process was either too complicated or too long.
These data clearly prove that providing a seamless experience at the checkout process is extremely crucial for eCommerce businesses.
Now, if you run a Magento-powered online store, then chances are you might be using its default multi-step checkout process.
While there is nothing wrong with using the Magento 2 default multi-step checkout, but if you really want to improve your conversion rate, then you should really think about adopting the one-step checkout process.
One-Step Checkout Vs. Magento 2 Default Multi-Step Checkout
In the old Magento 1, the checkout process was extremely long, complex, and frustrating. It involved a 6-step process with lots of tasks like forms to fill, fields to check, items to select from dropdown lists, etc., which really annoyed customers.
Thankfully, Magento devs realized this problem and made it simpler in Magento 2.
Right now, Magento 2 has only a 2-step checkout process – Shipping & Review and Payment.
While this is a significant improvement from the Magento 1 checkout process, this 2-step process is still complicated for the majority of customers.
And it’s for this reason, switching to a one-step checkout process is recommended.
What is One-Step Checkout Process?
A one-step checkout is basically an approach used in eCommerce websites in which the entire checkout process is reduced and completed in a single form on one page.
The main purpose of using One-Step Checkout is to simplify the checkout process in order to get more customers to complete their purchase and increase sales.
That being said, here are the top 5 outstanding features of One-Step Checkout that will make you want to implement it right away.
5 Outstanding Features of One-Step Checkout for Magento 2 Stores
The whole point of implementing the one-step checkout process is to fit all the mandatory options and fields in a single step to make the checkout process in your Magento 2 store streamlined, efficient, and user-friendly.
And with the following features, the one-step checkout achieves all these goals effortlessly.
1 – Guest Checkout
Many online shoppers prefer not to sign up on online stores.
And brands that make account registration compulsory lose many of their prospective customers, which ultimately affects their conversion rate.
With One-Step Checkout, however, you can offer a guest checkout option using which customers who prefer not creating accounts can still make purchases on your Magento store.
The One-Step Checkout allows users to place their orders without needing to register an account and only requires to provide necessary information such as name, address, and payment details to make a purchase.
This has proven to be quite effective for attracting more customers and increasing revenue.
2 – Prioritize Mandatory Checkout Fields
In addition to guest checkout, one-step checkout also allows store owners to arrange checkout fields according to their priority. This means you can place any field wherever you want through the drag and drop functionality.
Plus, one-step checkout also gives you the ability to mark certain checkout fields as both, mandatory and optional.
For example, if you want to capture some important information such as the email address of the customers, then you can mark that field as mandatory.
3 – Compact Responsive Design
One-Step checkout is 100% responsive, meaning it will look and work seamlessly on all screen sizes as well as devices. This is extremely helpful as mobile transactions make the bigger portion of the pie of all eCommerce transactions worldwide.
Apart from this, since the one-step checkout process starts and ends in one place, thanks to compact design, it makes customers feel more comfortable and confident while placing their orders.
4 – Email autodetect
With One-Step Checkout, your Magento store will have the ability to recognize if an email address belongs to one of your existing customers.
This will ultimately make the checkout process a bit faster and drive more customers to complete their purchases.
5 – Multiple Shipping & Payment Options
Nowadays, it is sort of mandatory to provide as much flexibility as possible to customers if you want to survive in the eCommerce market.
Thanks to One-Step Checkout, you can offer multiple shipping as well as payment options on your Magento 2 store to truly optimize the checkout process.
How to Implement One-Step Checkout in Magento 2 Store
So, now that you know all the outstanding features of One-Step Checkout for Magento 2 that makes it worth your while, let’s finally get to the point and discuss how you can implement one-step checkout in your own Magento 2 store.
Now, the easiest way to implement the one-step checkout process is to simply use a third-party One-Step Checkout extension for Magento 2.
Third-party extensions such as this one make it very easy for non-technical people to implement the one-step checkout process.
The extension comes with all kinds of customization features that you can use to make the checkout page on your Magento 2 store user-friendly, personalized, and informative.
On the other hand, if you try to code the one-step checkout functionality with the help of developers, not only will it cost you way more than the extension, but the time-to-market functionality will also drastically increase.
Therefore, it is always advised to avoid building custom one-step checkout process functionality and simply use the third-party One-Step Checkout extension.
And as far as integration & configuration is concerned, our certified Magento 2 developers are fully equipped and ready to help you enable the one-step checkout process.
You May Also Like: How to Configure One Step Checkout Extension to Magento 2?
Final Thoughts…
If your customers are often distracted, annoyed, or frustrated, especially during the checkout process, on your online store, then you’re most likely to lose a lot of them.
But with One-Step Checkout, you can make the customer experience much smoother and enjoyable by simplifying everything, from logging in and adding items to cart to reviewing products and placing the order on a single page and much fewer steps.
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, we hope you now fully understand the importance of the one-step checkout process in this modern age, and in case you still have any questions, you can always consult with our certified Magento 2 experts.
