Shopping cart abandonment is the most costly issue for eCommerce sites today. Internet Retailer, an eCommerce magazine, published that 75 percent of shoppers are abandoning their carts. We believe this is true because people don’t trust eCommerce transactions and the process is usually long or erroneous.
By simplifying the order process & increasing customer confidence, companies will retain more customers. Here are some ways that Imagine IT has helped its clients accomplish this goal:
Shorter Checkout Process
There are now fewer steps involved in the check-out process. Previous versions of shopping carts were cumbersome and involved too many procedures. This caused many customers to become frustrated with the process and “drop-out” before completing the transaction. By minimizing the number of pages required to visit to complete the process, the number of customers who finished with the checkout have increased exponentially.
In fact, in a June 2004 Entrepreneur article, writer Melissa Campanelli quoted Steven McKean, CEO and cofounder of BuyTelco.com, as saying that prior to the streamlining of his checkout process, his completion of sales were less than one percent. After analysis on his procedures was completed, and the process condensed, his sales completion more than quadrupled.
Increased SecurityBuild and maintain a secure network
Protect cardholder data
Maintain a vulnerability management program
Implement strong access control measures
Regularly monitor and test networks
Maintain an information security policy
Furthermore, security measures have been addressed by Imagine IT while streamlining the checkout process. One way this is accomplished is through PCI compliance, which is the Payment Card Industry’s data security standard. There are very strict guidelines to achieve this rating for companies that process payments via a payment card. A few of these are:
Above and beyond the PCI compliance, Imagine IT has taken security one step further. They also adhere to Visa’s CISP, which is the Cardholder Information Security Program. Visa’s requirements expand upon the PCI protocol. Visa mandates PCI compliance on the first level of security, then implements annual on-site security audits, annual self-assessments, and quarterly network scans.
Credit Card Trust
In addition, credit card fraud is an issue of importance for most online shoppers. With the growing number of people frequenting e-tailers for purchases, many users have become concerned with the privacy of their credit card account information. Imagine IT saw this and addressed the issue. Now along with a streamlined, more secure transaction, users must input the three-digit security number on the back of their physical credit card. This prevents hackers from being able to use the account fraudulently because they don’t possess the credit card, only the account number. Without entering the security number from the card, the account is not usable. This eliminates the need for the consumer to remember another password for security and also makes it possible for the credit card companies to automatically identify potential fraud and notify the customer immediately, thus creating a virtually foolproof security system.
In closing, there are plenty of additional methods to retain online customers through the shopping cart checkout process, but based on client needs in recent years, ease-of-use, security issues, and credit protection are the most sought after. For more information, please visit http://www.imagineit.com/products_ecommerce.asp or call Imagine IT at 818-364-2604.