The Checkout Abandonment Problem
Cart abandonment is a significant issue, with an average rate of 72%. Out of 100 customers who add products to their cart, only 28 complete their purchase, leading to over $6.5 trillion in abandoned merchandise annually.
Cart abandonment is measured by the number of orders placed divided by the number of carts created. This part of the shopper journey involves two key steps: adding items to the cart and completing the order on the checkout page. According to the data, more than half of the shoppers who create carts proceed to the checkout. These shoppers have a higher intent to purchase than those who abandon their carts. Thus, the problem is better described as “checkout abandonment” rather than “cart abandonment.”
So what happens at checkout? According to data around 53% of shoppers that get to the checkout abandon it, leaving the checkout completion rate at 47%. This number varies by device type, with checkout from mobile converting at 42.4% rate and from desktop at 52.5% rate.
Frictionless Checkout with Fastlane by PayPal
Fastlane by PayPal eliminates friction from the checkout process by leveraging the network effect of over 400 million existing PayPal customers. This service provides a seamless checkout experience by pre-filling all payment and shipping information with available data, ensuring a smooth and efficient transaction for shoppers.
According to PayPal’s internal data, Fastlane users convert at nearly 80%, which is almost double the industry average checkout conversion rate of 47%. Importantly, there are no trade-offs for brands using Fastlane. If a shopper is not part of the PayPal network, they can still pay by credit card or any other appropriate payment method. This flexibility makes Fastlane a win-win solution for both shoppers and brands.
Uplevelling Your Checkout Game with Rave Digital
In the competitive eCommerce landscape, optimizing your checkout process is crucial for reducing abandonment rates and increasing conversions. Rave Digital, a Magento Certified Solution Partner, specializes in providing comprehensive Magento solutions that enhance the checkout experience.
Rave Digital offers a suite of services tailored to improve your Magento checkout:
- Fastlane Integration Services: Rave Digital’s Magento expert team will seamlessly integrate Fastlane by PayPal into your Magento checkout process. This includes configuring and optimizing Fastlane to work with your existing system, ensuring that all payment and shipping information is pre-filled for a smooth and efficient transaction. The integration is designed to be seamless, preserving all your current customizations and functionalities while enhancing the checkout experience with Fastlane’s capabilities.
- Performance Optimization: By optimizing your Magento platform’s performance, Rave Digital ensures fast load times, supporting the efficient functionality of Fastlane and reducing the likelihood of checkout abandonment.
- Security Enhancements: Rave Digital ensures that every Magento store they manage has all security patches up to date and is running the latest version of Magento. This proactive approach protects your store from vulnerabilities and ensures a secure checkout experience for your customers.
With Rave Digital’s expertise, you can transform your Magento checkout into a streamlined, efficient, and secure experience, ultimately boosting your conversion rates and customer satisfaction.
Fastest Way to Get Fastlane for Your Magento Checkout
The quickest way to implement Fastlane on your Magento platform is by using the Bold extension for Magento checkout. This extension seamlessly integrates with your existing Magento checkout, allowing you to retain all your current customizations without any disruption.
Key features of the Bold extension include:
- Compatibility: It works with any Magento version for Magento 2, and support for Magento 1 is coming soon.
- Quick Installation: The installation process is incredibly fast, taking less than half an hour to complete.
- Cost-Effective: There are no additional costs for using the Bold extension. You only pay your regular transaction rates and fees for using PayPal as your payment provider.
