Every sale counts: maximising conversions in a slow market

afr.com:

This content is produced in commercial partnership with Shopify

Online shopping in Australia has grown at an annualised 18.1 per cent over the past five years — including an estimated 6.6 per cent surge in 2022-23. However, with cost of living pressures and changing consumer behaviours placing downward pressure on discretionary spending, retailers may feel that they have to work harder than ever to close sales.

In some ways, this may be true.

But it can also be straightforward — to convert as many online shoppers as possible, retailers should prioritise two things: simplicity and speed.

A straightforward online shopping experience is key to maximising sales. 

In terms of simplicity, at a minimum, customers should be able to easily find what they want, pay using their preferred method, and choose a shipping method that suits their needs.

According to Shopify’s Australian Retail Report 2023, 46 per cent of customers expect online stores to accept debit and credit cards, with about a quarter (27 per cent) expecting digital payment options like Apple Pay and Shop Pay, and one in five (21 per cent) expecting buy now pay later options. For comparison’s sake, only 6 per cent expect to be able to pay using crypto.

In fact, providing customers with a variety of fast and convenient payment options has a substantial influence on whether they follow through with a purchase. This is validated by recent BCG research which confirmed that the presence of accelerated payment methods such as Meta Pay, Amazon Pay, PayPal, Shop Pay, Apple Pay, and Google Pay can increase conversion rates by upwards of 50 per cent.

James Johnson, director of technology services & enterprise (APAC) at Shopify. 

It’s also wise to consider autofill features