Checkout Conversion

The Checkout Features That Top-Performing eTailers Are Dropping

Checkout features like free shipping and rewards programs can help eCommerce retailers reduce cart abandonment, and get a leg up on the competition — a major factor in their growth strategies. Yet, many market leaders have been dropping those features.

Since Q1 2018, a growing share of eTailers generating more than $32 million in annual revenue have been removing checkout features like free shipping and rewards programs from their lineups. At the same time, their smaller competitors have been continuously adding these features in hopes of boosting their numbers.

So, what features should merchants keep or remove to drive checkout conversion? Moreover, how many checkout features can market leaders afford to lose before customers begin to take their business elsewhere?

In the Q1 2019 edition of the Checkout Conversion Index™, PYMNTS analyzed survey responses from 641 merchants selling goods and services on three digital channels — desktop websites, mobile websites and mobile apps — to assess the evolution of the eCommerce checkout process.

The findings revealed that it is harder to knock the best off the top than it is for smaller eTailers to go out of business. As many as 47 of the 673 merchants studied in Q2 2018 have since shut their doors, presumably relieving some of the competitive pressure from market leaders.

To learn more about the features that are driving checkout conversion, and the strategies that top-performing eTailers are pursuing, download the report.

Key findings from the May edition include:

  • 74.2 percent: Share of eCommerce merchants that offered free shipping
  • 157.2: Seconds it took to complete a checkout on a small eCommerce website
  • 59.5 percent: Share of small merchants that offer guarantee or refund policies

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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