The checkout abandonment problem
Cart abandonment is a significant issue, with an average rate of 72%. Out of 100 customers who add products to their cart, only 28 complete their purchase, leading to over $6.5 trillion in abandoned merchandise annually.
Cart abandonment is measured by the number of orders placed divided by the number of carts created. This part of the shopper journey involves two key steps: adding items to the cart and completing the order on the checkout page. According to the data, more than half of the shoppers who create carts proceed to the checkout. These shoppers have a higher intent to purchase than those who abandon their carts. Thus, the problem is better described as "checkout abandonment" rather than "cart abandonment."
Frictionless checkout with Fastlane by PayPal
Fastlane by PayPal eliminates friction from the checkout process by leveraging the network effect of over 400 million existing PayPal customers. This service provides a seamless checkout experience by pre-filling all payment and shipping information with available data, ensuring a smooth and efficient transaction for shoppers.
According to PayPal's internal data, Fastlane users convert at nearly 80%, which is almost double the industry average checkout conversion rate of 47%. Importantly, there are no trade-offs for brands using Fastlane. If a shopper is not part of the PayPal network, they can still pay by credit card or any other appropriate payment method. This flexibility makes Fastlane a win-win solution for both shoppers and brands.
Uplevelling your Checkout Game
Fastlane streamlines the payment process by storing a shopper’s preferred payment and shipping information, allowing them to complete their purchase with a single click.
One-click checkout isn't just a convenience—it's also a powerful tool to boost registration and user engagement on your site.
In 2024, mobile users are more critical than ever. They're often on the move, have specific items in mind, and are dealing with the constraints of a small screen. The key to a successful mobile checkout experience is simplicity. Imagine the impact on your business if you could boost mobile conversion rates by just 1%. With streamlined, user-friendly checkout processes, it’s not only possible—it's essential.
This is why Guidance has always been focused on creating the best customer experiences for the industry’s top brands on Adobe Commerce for over 12 years including Drybar, Anastasia Beverly Hills, Kate Somerville, and more.
We rely on audits, user/stakeholder interviews, analytics reviews, heatmaps, and competitive analyses to gain deep insight into a client’s brand, business strategy, and objectives.
Our goal is to transform your site experience using our discovery process to propose improvements for page structure, navigation and hierarchy of functionality through a series of site mapping and wireframing activities.
Fastest way to get Fastlane for your Adobe Commerce checkout
The quickest way to implement Fastlane on your Adobe Commerce platform is by using the Bold extension for checkout. This extension seamlessly integrates with your store’s existing checkout, allowing you to retain all your current customizations without any disruption.
Key features of the Bold extension include:
- Compatibility: It works with any M2 version for Adobe Commerce, and support for M1 is coming soon.
- Quick Installation: The installation process is incredibly fast, taking less than half an hour to complete.
- Cost-Effective: There are no additional costs for using the Bold extension. You only pay your regular transaction rates and fees for using PayPal as your payment provider.
Should you be interested in getting Fastlane for your Adobe Commerce store, Guidance will guide you through the installation process to ensure the smooth launch of this exciting offering.
