How to Optimize Your Ecommerce Value Proposition
By Tom Wintaugh
Find out why checkout quotes are an important part of great ecommerce—especially if you sell B2B.
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Checkout quotes are an often overlooked conversion driver that can make a significant impact on the success of B2B ecommerce businesses. In particular, B2B pricing quotes are an essential part of great online wholesale selling. In this blog post, we'll explore what checkout quotes are, why they are essential for a next-level B2B purchasing experience, and how they can help drive more conversions. We'll also discuss what types of B2B customers need checkout quotes and why.
Checkout quotes are estimated costs that are provided to customers during the checkout process on ecommerce websites. They typically include estimated shipping costs and tax rates, which can be calculated based on the customer's location and the items in their cart. These estimates can help customers make informed purchasing decisions and inspire more completed transactions by offering transparency around total order costs before purchases are finalized.
Checkout quotes can significantly improve the shopping experience for customers and drive more conversions. Here are some of the ways checkout quotes can help:1. The Trust Factor
Checkout quotes provide customers with transparency and help them understand the total cost of their order, including any additional fees, such as shipping and taxes. This avoids the “gotcha effect” and helps build trust with the customer, encouraging them to complete their purchase.2. Lower Cart Abandonment
Customers are more likely to abandon their cart if they are unsure of the total cost of their order, or suspect there will be add-on charges levied after the fact. Providing checkout quotes during the checkout process can reduce cart abandonment rates.3. A+ Customer Experience
Honesty and clear information in the checkout process is crucial for leaving customers feeling well looked-after at your store. Checkout quotes provide customers with a positive experience because they can see exactly how much they will be charged for shipping and taxes. This helps to reduce any confusion, giving customers the impression of a smooth shopping process at the end of the transaction.4. More Sales
Quite simply, providing checkout quotes can increase sales because customers are more likely to complete their purchase when they have a clear understanding of the total cost of their order. No one will complete a transaction without knowing the final bill.
B2B customers often have unique needs when it comes to shopping online. For example, some B2B customers require bulk orders or customized products, which can impact shipping and tax rates. Other B2B customers may need to provide quotes to their own customers, and accurate checkout quotes are essential for building their own price estimates. Additionally, B2B customers often have specific shipping requirements, such as expedited shipping or the use of a particular carrier. Providing accurate checkout quotes can help ensure that all of these needs are met, improving the overall B2B shopping experience.
Any practice which makes the B2B buyer’s own workflow more efficient and effective will garner trust and repeat business for your brand.
Many ecommerce businesses overlook the upsides of integrating a quoting system into their stores. Some merchants may not think they need to provide quotes because their products don’t have the kind of variable pricing one might find on negotiated goods, such as cars or real estate. However, even products with fixed rates can vary in final consumer price due to factors like tax or shipping costs. For this reason, every transaction can benefit by incorporating a quote for all costs before the final checkout page.
Learning how to optimize an ecommerce store to use checkout effectively involves several strategies that can improve the overall shopping experience for customers and drive more conversions. Here are some ways to optimize your ecommerce store to use checkout quotes effectively:
• Provide clear and accurate checkout quotes:
This should be obvious. Ensure that your checkout quotes are clear, accurate, and transparent. Use real-time shipping and tax rate integration to provide up-to-date information to customers, and display the estimated costs prominently to help customers understand the total cost of their order. Some sellers integrate final cost estimators into product pages, allowing shoppers to see full pricing long before checkout.
• Use APIs to provide real-time quotes:
Use APIs to provide real-time shipping and tax rate estimates. By integrating your ecommerce store with shipping partners, you can ensure that customers receive the most accurate quotes possible. This is another way to build trust with your customers—building trust on your website is always an excellent way to increase the likelihood of completed purchases.
• Customize quotes for B2B customers:
For B2B customers, provide customized quotes that reflect their specific needs, including pre-negotiated rates, bulk rates, location data, or any other account-specific data which applies. Use tools like “request a quote” features to allow customers to ask for dialed-in pricing for their very specific requirements. This kind of feature can also create more direct communication with a sales team and open up more possibilities for future sales.
• Integrate a payment provider’s quotes:
Consider integrating an ecommerce payment provider’s services to generate customized invoices, with line items that include shipping costs and tax rates. This will help customers understand the total cost of their order when paying with a specific payment provider, and if they already have a positive relationship with that payment brand, this can further promote completed purchases.
• Provide customer support:
Provide customer support to help customers understand checkout quotes and resolve any issues that may arise. This support might come in the form of live chat, form fills, or even an AI chatbot.
Checkout quotes are an essential component of ecommerce sales that can help drive conversions, improve the customer experience, and increase completed transactions. By providing accurate shipping and tax estimates during the checkout process, you can build trust with your customers by being upfront about all costs before they finish a purchase, eliminating any fear of hidden charges that customers may be wary of.
B2B customers in particular have unique needs that make accurate checkout quotes even more important to make their shopping experience efficient and successful—transparent pricing is key. By implementing checkout quotes on your ecommerce site, you can improve the checkout experience for all of your customers—that’s a powerful tool for growing a business that lasts.
Miva offers a flexible and adaptable ecommerce platform that evolves with businesses and allows them to drive sales, maximize average order value, cut overhead costs, and increase revenue. Miva has been helping businesses realize their ecommerce potential for over 20 years and empowering retail, wholesale, and direct-to-consumer sellers across all industries to transform their business through ecommerce.