Checkout Conversion

NEW DATA: Solving Retail’s $236B Mobile Checkout Conundrum

Winning the hearts (and wallets) of digital shoppers takes more than just offering an online store. With just a few clicks, consumers expect to be able to shop for products they like – not just online, but right from their mobile phones.

And in that stride, eTailers are working to cut checkout times and keep their buyers from jumping to another store.

Research inside the newest issue of the Checkout Conversion IndexTM reveals how eTailers are upping their game with easy-to-navigate desktop and mobile sites, and mobile apps that drive engagement with customers old and new.

As of Q1 2018, 71.9 percent of online merchants have undergone mobile optimization. Furthermore, checkout times for small and medium firms fell to 14.2 seconds, and the number of clicks needed to make a purchase on a desktop website fell by 1.28 fewer clicks.

For many companies, boosting web sales often required more than just streamlining features – they were also handicapped by their inability to support more payment options. In Q1 2018, top-performing merchants kept their customers happy by allowing them to choose from an average of more than eight different methods for payment, but others turned customers away by offering fewer than five.

 

Other key takeaways from the Q1 2018 Checkout Conversion Index™ include:

  • 82.4 out of 100: average Index score of top 30 merchant websites
  • 51.0 out of 100: average Index score of merchants
  • $236 billion: total sales revenue forgone due to friction in the checkout process
  • 2 minutes 39 seconds: average time it took consumers to check out from eCommerce sites in Q1 2018
  • 23.1 clicks: average number of clicks it took consumers to complete online and mobile purchases in Q1 2018

To find out more, take a look at the latest Index.

About the Index

The Checkout Conversion IndexTM delivers a detailed examination into the shopping habits of the modern online consumer, into what makes them buy what they do, where they do, and into what companies can do to convince them to make that one, final click to get what they want.

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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. In the December 2019 Mobile Card App Adoption Study, PYMNTS surveyed 2,000 U.S. consumers for a reveal of the four most compelling features apps must have to engage users and drive greater adoption.

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