{"id":7078,"date":"2021-12-07T18:17:18","date_gmt":"2021-12-07T12:47:18","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=7078"},"modified":"2024-12-16T13:41:05","modified_gmt":"2024-12-16T08:11:05","slug":"unlock-growth-with-razorpay-magic-checkout","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/unlock-growth-with-razorpay-magic-checkout\/","title":{"rendered":"Unlock Business Growth with Razorpay Magic Checkout"},"content":{"rendered":"

The global E-Commerce space has witnessed exponential growth. For E-commerce merchants, small businesses, and online businesses, this has meant many promising opportunities for business growth.<\/span><\/p>\n

India, in particular, has witnessed a double-digit year-on-year growth since 2014, with $64 billion collected through online sales. The number is <\/span>predicted<\/span><\/a> to reach $99 billion by 2024! <\/span><\/p>\n

Despite this splendid growth, one of the most challenging problems that business owners face is boosting conversion rates that have been consistently declining, especially in India. <\/span>One of the prime reasons for this is the fact that the online shopping experience remains far from perfect despite exciting technological disruptions. This leaves room for prospects to drop out of the funnel. This is said to <\/span>cost<\/span><\/a> over $18 billion in terms of revenue for E-commerce businesses.<\/span><\/p>\n

How poor checkout experience hampers growth<\/h2>\n

Businesses globally are<\/span> losing<\/span><\/a> around 70% of customers to cart abandonment<\/a>, which happens between the cart stage and order fulfillment<\/a>.<\/span> This is the case even after spending over 30%-40% of their budget on customer acquisition. Furthermore, when businesses employ a variety of checkout tools and plugins to reduce cart abandonment<\/a>, things get excessively complicated, time-consuming, and have a negligible, small return on investment.<\/span><\/p>\n

Here are some of the most impactful reasons why users abandon their cart:<\/span><\/p>\n

1. Repetitive fields<\/h3>\n

Your customers expect convenience and instant results. Requiring them to create a new user account, re-enter personal information, billing addresses, card numbers\/UPI IDs, and shipping information can cost your customers a lot of time and effort.\u00a0<\/span><\/p>\n

This may lead to frustration and cart abandonment. The importance of a good UX cannot be over-emphasized, especially during the checkout process.\u00a0<\/span><\/p>\n

2. Complicated checkout<\/h3>\n

Customers expect that the checkout process will be seamless, without distractions and unnecessary details and forms. Poor UX can lead to unease and be a significant source of friction and interrupt the checkout flow.<\/span><\/p>\n

3. Lack of coupons<\/h3>\n

Studies<\/span><\/a> show that 46% of shoppers abandon their cart because they can’t locate a coupon code or if the coupon code does not work. These customers then prefer to wait until a discount coupon appears and inevitably find a better bargain elsewhere.<\/span><\/p>\n

4. Lack of COD option<\/h3>\n

Despite the digital payment revolution, Indian customers are still wary of making online purchases. This is because of the convenience that COD offers. Customers can cancel anytime, inspect and review the product and then pay for it with cash.<\/span><\/p>\n

As <\/span>data<\/span><\/a> shows, over 65% of online shopping is done via Cash on Delivery, thus proving the undisputed fact that Cash is king. However, 50% of businesses do not offer COD due to challenges such as:<\/span><\/p>\n