Some common checkout optimization strategies for Magento include enabling guest checkout allows users to complete purchases without creating an account. You should also simplify the checkout flow by minimizing steps and form fields to prevent drop-offs. Offering multiple payment options like credit cards and digital wallets accommodates user preferences. Display progress indicators to show shoppers where they are in the process. Plus, add trust signals like security badges, testimonials, and clear return policies to boost confidence and reduce cart abandonment.