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2023’s Black Friday/Cyber Monday (BFCM) is gearing up to be the biggest one yet! Just last year alone, this shopping extravaganza season raked in sales reaching £12.3 billion, marking an impressive 8.3% increase from the previous year.
Now, you might wonder why people are splurging when the cost of living is on the rise. Well, today’s savvy shoppers understand the art of seizing those limited-time deals and discounts that BFCM is famous for. They know that these extra savings are needed, especially as they get ready for wallet-draining occasions like Christmas. So, now more than ever, it’s crucial to understand what your customers expect and how to entice them to choose you over your competitors during BFCM.
So, how exactly can your business make the most of this year’s BFCM? Well, we’re here to help you out with the part that matters the most! No matter the marketing, flash sales and cross-selling, at the end of the day it all comes down to that final click. It’s important not to the forget this! All your previous hard work makes no difference unless a conversion is made.
However, during last year’s UK Black Friday sales, the average cart abandonment rate rose to about 80% a day! While some cart abandonment is an unavoidable part of any shopping experience, these stats clearly show there’s still room for improvement when trying to boost conversions this BFCM.
Let’s start by diving into the top, most recent reasons for cart abandonment. The Baymard Institute lists the following five main reasons UK customers abandon their carts:
In the grand scheme of things, many of the factors that might send your customers packing happen right at the checkout page. But there’s no need to break a sweat just yet! The remedy? Invest some effort in making sure your e-commerce website boasts a checkout process so smooth and effortless that customers won't even have a moment to contemplate abandoning their carts.
Still feeling overwhelmed? Don’t worry! All you have to do is follow the checklist below, and you'll see your cart abandonment rates plummet while your conversions soar:
It’s no secret that traditional credit card payments are no longer the sole option that consumers rely on. Nowadays, your customers seek diversity in payment choices, from mobile wallets like Apple Pay and Google Pay to buy-now-pay-later services such as Klarna and Afterpay.
By integrating these APMs into your checkout process, you’ll accommodate a broader audience, making it much easier for customers to complete their transactions. Say a customer is browsing your Black Friday deals, only to hesitate at the checkout due to limited payment options. With APMs in place, you eliminate this hurdle, boosting your chances of conversion!
Let’s take a look at another scenario. A shopper from halfway across the globe stumbles upon your Black Friday deals, excited to snag some incredible bargains. But when they reach your checkout page, they're greeted with a foreign language and an unfamiliar currency. This sudden roadblock can be disheartening and might just be the reason they abandon their cart. That's where the magic of catering to your customers' preferences comes into play. By displaying prices in their preferred currency and presenting information in their language of choice, you're not just simplifying their shopping experience; you're also creating a sense of connection and trust that will keep them coming back long after Black Friday. Your customer will feel like you've gone the extra mile to make their experience tailored to their needs.
In this modern age, friction is no longer tolerated. When customers are relying on a limited-time, discounted Black Friday purchase, the last thing they want is to encounter a seemingly endless series of form fields, demanding every detail from their first name to their grandmother's shoe size. Frustration sets in, and the temptation to click away becomes all too real.
To prevent this common checkout hurdle, optimising your process is key. Start by trimming down the unnecessary fields and asking for only the essential information. Utilise smart auto-fill options and save customer details for future purchases, reducing the need for repetitive data entry.
Here's the deal: PCI-DSS (Payment Card Industry Data Security Standard) compliance, is non-negotiable when handling customer payments. It's a set of stringent security standards that ensure the protection of sensitive payment information. If your checkout page isn't compliant, you risk exposing your customers' financial data to potential breaches and, worse, facing legal and financial repercussions. As you gear up for Black Friday and the holiday shopping period, make PCI-DSS compliance a top priority. It's not just a technicality; it's a vital safeguard for your customers and your business that should never be overlooked.
Why does transparency matter? It’s the cornerstone of trust in e-commerce. Customers want to know exactly what they're paying for, including any additional fees or charges. Failing to be upfront can lead to frustration, cart abandonment and erode trust in your brand. So, before the holiday rush hits, double-check that you clearly outline all costs, shipping fees and any taxes. Ensure that your return and refund policies are easily accessible and understandable. Transparency isn't just a buzzword; it's a commitment that pays dividends in customer loyalty and satisfaction.
Black Friday is no longer confined to the United States; it's a global event, with many countries eagerly joining the frenzy. Shoppers worldwide are on the lookout for great deals, and they're increasingly turning to online stores for their purchases. One powerful tool at your disposal is selling internationally. By incorporating pay by links into your checkout process, you make it easier for customers from around the world to partake in your Black Friday offers.
Pay by links accommodate various currencies and payment methods, eliminating the complexities of cross-border transactions. It's a strategic move that can boost your sales, diversify your customer base and take your online store to new heights on a global scale.
Want to stand out from competitors? Consider integrating open banking into your checkout process. This modern development allows your customers to make payments directly from their bank accounts, bypassing the need for credit cards or traditional payment gateways. This not only simplifies the payment process but also provides an added layer of security and trust which is particularly beneficial for BFCM, where shoppers seek convenience and security while making quick purchasing decisions.
In the era of smartphones and on-the-go shopping, one indispensable strategy is optimising your website for mobile. Why is this imperative?
Mobile optimisation ensures that your online store provides an exceptional shopping experience to customers using smartphones and tablets. If your checkout page is not optimised for mobile, you risk losing potential customers due to frustrating navigation, slow loading times or unresponsive design.
And we’re back to the friction talk. Didn’t I say it’s important? It’s that important we’ve got a second tip for you! Implementing a one-page checkout helps simplify the entire purchase process for your customers by condensing it onto a single page. Instead of forcing consumers through multiple steps and forms, you streamline their journey, making it quick, efficient and frustration-free. Plus, it's especially convenient for mobile shoppers, making it easier for them to complete their transactions on smaller screens. Trust us, it will make a whole load of difference to your cart abandonment rates!
In the ever-changing world of e-commerce, knowledge is your greatest ally, especially as you gear up for BFCM: Access to in-depth reporting and analytics is the key that will provide you with invaluable insights into your customers' behaviours and preferences. They help you understand what's working, what isn't and where you can make improvements. When Black Friday is in full swing, and customers are flooding your online store, you’ll have the capabilities to instantly track which products are the hottest items, pinpoint any bottlenecks in the checkout process and assess the success of your marketing strategies. But this isn't just about Black Friday. Having access to this data year-round empowers you to make informed decisions, refine your checkout page and adapt to changing trends and customer preferences
Like so many things, this is all easier said than done. Right? Wrong! All you need is a trusted payments partner by your side to guide, support and provide you with all the tools you need to have your checkout page ready for Black Friday and beyond. Just like us here at Total Processing! Sit back and relax while we ensure your checkout page functions flawlessly year-round. Have a chat with one of our experts to get started!
