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I've approached this problem myself for an ecommerce platform. In certain use-cases, less pages/steps doesn't always mean more conversions.

For this instance, the large photo background of Obama in action evokes more emotion than the formal portrait. Also, it's a very simple and clear call to action. In this case, the donation amounts are their add to cart.

It's also very important to understand how users got to the donation page. From the article, it would appear that most of the "sell" was done via other media (social, email, traditional links). After their A/B tests, I could assume that they are leaving the sell of "why" up to the users. This allows the designers to focus on conversions.

Lastly, the four steps aren't traditional "checkout" steps. Each step focuses on very specific information, eliminating clutter and keeping the user's attention. Too many elements on one page can be a bad thing.



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