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E-commerce platforms put in a lot of time & effort to get traffic on their website and acquire customers. However, most online shopping platforms struggle with high cart abandonment which leads to user drop offs and impacts revenue.
What is shopping cart abandonment?
Shopping cart abandonment is when a potential customer starts a check out process for an online order but drops out of the process before completing the purchase. Shopping cart abandonment is an important metric and it is carefully tracked by online retailers because it directly affects the revenue.
The challenge
India’s e-commerce industry is grappling with the challenge of high cart abandonment rates. As per reports, the average cart abandonment rate on leading e-commerce platforms is as high as 60-70%. Long, complicated checkout flow and unavailability of customer’s preferred payment options are some of the major reasons for cart abandonment. Cart abandonment rate can be reduced significantly by offering a seamless checkout experience and offering a wide range of payment methods to customers.
How can Cashfree Payments help your business in reducing cart abandonment rate?
Cashfree Payments has partnered with Xpresslane , a universal one-click checkout platform that helps over 200+ D2C brands reduce cart abandonment by offering a seamless and fast checkout experience.
With this partnership, E-commerce & D2C platforms can provide a seamless one-click checkout experience with Xpresslane’s easy to use plugin and allow customers to pay in their preferred payment option by accepting online payments through 120+ modes with Cashfree Payment Gateway.
Benefits of integrating your Cashfree Payments account with Xpresslane
- Provide a seamless & fast one-click checkout experience to your customers and reduce cart abandonment rate
- Increase pre-paid orders and reduce Return To Origin (RTO) rate
- Accept online payments seamlessly through 120+ modes including Credit Cards, Debit Cards, Net Banking, Buy Now Pay Later (BNPL) and a lot more using Cashfree Payment Gateway
Interested in getting started? Signup with Cashfree Payments now.
In case you are looking to create multiple sources of income for your business, you can scale your revenues with ease by earning commission on every transaction your referred merchants make by offering your customers a complete payments solution with Cashfree Payments Partner Program.
