You want to sell more and grow your business, and optimizing the checkout process is a great way to achieve those goals. It’s surprising how even small changes can significantly impact your bottom line.
That’s why we’re excited to introduce Performance Checkout. It will help turn more of your leads into customers, reduce customer drop off and increase customer spend. Read on to learn how Performance Checkout is different from the two-step checkout, and how the changes made will benefit your business.
How Performance Checkout will help you Sell More:
1. A faster checkout experience on a single page: The new checkout is consolidated onto a single page instead of two pages, moving your prospects through the buying process more quickly. Learn more.
2. Less customer drop off: On top of bringing the whole experience onto a single page, we’ve also reduced the information required down to the absolute essentials.
For instance, customers are no longer required to create an account before payment is taken. You’ll see account creation and other custom fields are now completed after payment is taken. That means you still have the opportunity to collect more information that’s important to the student’s learning journey, like city, country, telephone number, student number, date of birth, etc, but it won’t interrupt conversion in the checkout.
3. A better experience for returning customers: You can now auto-fill customer card details, making it easier for your returning students to purchase a product without having to get their wallet out and refill their details. If your returning customer wants to use a different card, they can also easily edit their card on file.
4. Best in class security: Performance Checkout continues the same top notch security as the standard two-step checkout. Both checkouts use 128-bit TLS encrypted connections, meaning that any confidential information being transferred (including credit card information) is completely safe.
5. Performance means an always improving checkout: Performance Checkout is a big priority for us at Thinkific, since we know that selling and driving more revenue is a crucial area of your business. In fact, we have an entire team dedicated to testing and improving the experience. Over the next year we’ll release continued conversion improvements, as well as new tools to help you sell more.
Now that you understand how Performance Checkout differs from the standard two-step checkout, let’s review why optimizing the checkout experience is so essential for driving more sales and business growth.
Unlock Performance Checkout for free—all you have to do is turn it on.
Why it’s important to optimize your checkout:
In order to understand how important checkout is to your business, we can do some simple math. If you have 10,000 prospects in a year and you improve your checkout by just 2%, that’s 200 more customers per year (2,200 instead of 2,000). If you improve the checkout by 5% that’s 500 more customers per year.
- 10,000 X 20% = 2,000 customers
- 10,000 X 22% = 2,200 customers
- 10,000 X 25% = 2,500 customers
- 10,000 X 30% = 3,000 customers
If your average LTV per customer is $120, that equates to $24,000 extra dollars in your bank account when you improve the checkout by just 2%. That’s HUGE! And this was all achieved without having to lift a finger or spend additional time and money on marketing.
While we can’t guarantee you will experience a 5% or 10% lift in conversion right away, since it will depend on your unique business model, our Creators are already seeing fantastic results. In fact, you can learn more about how Creator Stefano from 10baggerstocks improved his checkout conversion rate by 58% with Performance Checkout.
It’s also been proven time and time again that more friction and steps in the checkout increases the likelihood that your customers will get fatigued and abandon their cart. This is especially true for areas of the checkout that might cause confusion, like mandatory account creation and other custom fields. In fact, research from the Baymard Institute found that “mandatory account creation” and a “too long/complicated checkout process” are among the top 4 reasons for cart abandonment.
In summary, we often think that getting more customers means more social media posts, cold calls and marketing campaigns, but it’s also important to think about your entire funnel. By making small tweaks to your checkout you can significantly improve your bottom line. Let’s get started!
Start selling more with Performance Checkout!