Makings of a successful digital business: Five ways to optimise the checkout experience
Businesses can improve the checkout process and maximise revenue with little effort by taking five important steps. Firstly, customers expect merchants to provide common payment methods in their country.
By Sarita Singh, Revenue Growth Lead, Southeast Asia, Stripe
Shopping habits have changed drastically over the past decade, with Malaysians now able to shop on-the-go with just a few taps on their mobile devices. However, many online checkouts still cause needless friction, leading to abandoned purchases.
Nearly two-thirds of consumers in the Asia Pacific region, including more than half in Malaysia, say they will abandon a purchase that takes more than two minutes to complete the checkout process, yet it takes more than three minutes to do so on most ecommerce sites.
The financial impact for retailers should not be underestimated, as the global ecommerce market is expected to reach $6.3 trillion in 2023. Stripe tested the checkout flows of 1,600 websites around the world and found that 99% of leading ecommerce sites in APAC make five or more basic errors in their checkout forms.
Businesses can improve the checkout process and maximise revenue with little effort by taking five important steps. Firstly, customers expect merchants to provide common payment methods in their country.
Digital Business
Checkout should automatically surface the right payment methods for a customer's location or device, including local card payments, bank transfers, and mobile wallets. Secondly, businesses should enable a mobile-friendly checkout experience as nearly 70% of Malaysian customers use their mobile phones to shop for products online.
Thirdly, businesses should minimize checkout friction by letting customers save and auto-fill their details and offer one-click wallet options like Apple Pay and Google Pay. Fourthly, businesses can achieve gains by upselling and cross-selling at checkout, which is an opportunity for the 44% of business websites in Malaysia that do not offer cross-selling at checkout.
Lastly, merchants can make subtle optimisations that signal their checkout is secure, such as displaying payment method icons and being transparent about additional costs or fees.
Modern Payments Infrastructure
In conclusion, consumer expectations for online checkouts are always rising, and businesses cannot afford to leave money on the table. With a modern payments infrastructure like Stripe, businesses can easily provide a local, mobile-friendly checkout experience, minimise friction, boost average order value, and build customer trust.
By taking these steps, businesses can improve the checkout process, increase conversion, and encourage repeat customers, resulting in more revenue in today's economic climate.
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