Checkout Conversion

Is The Online Customer Always Right?

When it comes to payment options, online merchants would do well to heed the old adage. These days, consumers prefer to pay the way they want and, with 27 percent of all merchants adding new payment types this year alone, it seems the customer is right. Very right. The new Checkout Conversion Report™ reveals the secrets of the most successful merchants at making — and keeping — customers happy.

Most merchants would never think of consciously turning down sales, but the reality is that retailers who are not accepting myriad payment types are likely doing just that. Customers want to pay the way they want, and consumer preference, these days, is much thicker than their loyalty to businesses unwilling to adopt to ever-emerging options — especially when it comes to online shopping.

To stay in the game, especially with younger consumers, online retailers are generally accepting more payment methods to make sure the digital cha-ching keeps on cha-chinging (metaphorically, of course).

For the hot-off-the presses PYMNTS.com Checkout Conversion Report™, we took it upon ourselves to reverse-engineer the most popular retailer recipe and reflect on the overall checkout conversion trends that we’ve seen emerge from the first three issues of the Checkout Conversion Index™ from 2016. And, fortunately for consumers, our findings reveal that merchants are increasingly investing more in improving their eCommerce strategy.

For starters, just between the last three quarters, the average growth rate of total payment types accepted reached 27 percent, but it was even higher among larger merchants who saw a 36 percent average growth. Smaller merchants, on the other hand, while slower to adopt, still showed a 22 percent growth, which in itself is impressive.

Other key takeaways from the October 2016 Checkout Conversion Report™ include:

  • The top merchant categories, including Sporting Goods, Apparel & Accessories and Mass Merchant Retailers, each increased their CCI score this quarter.
  • Meanwhile, the bottom three categories, including Marketing, Subscription, Retail and Travel, each scored decreases.
  • Merchants had the largest average CCI score growth based on merchant size, with a mean increase of 6.57 percent. Medium to large merchants still saw growth but had the smallest average growth rate, with an average increase of 2.44 percent.

TO Download THE OCTOBER 2016 CHECKOUT CONVERSION REPORT™, FILL OUT THE FORM BELOW:

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About The Index

The PYMNTS Checkout Conversion Index™ provides a quarter-by-quarter look at what hurts conversion rates and creates friction in the shopping process — just how much money retailers are leaving on the table due to problems with friction and conversion and why customers are abandoning their online purchases.

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Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The PYMNTS Next-Gen AP Automation Tracker, is a monthly report that highlights the most recent accounts payable developments and automated solutions that are disrupting how businesses process invoices, track spending and earn rebates on transactions.

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