With trillions of dollars being spent online by consumers around the world and hundreds of billions being spent in the United States, it is hard to imagine that retailers are leaving money on the table. And yet, according to the PYMNTS Checkout Conversion Index, that is exactly what is happening all around the world: Retailers are getting consumers right to the brink of converting and making that purchase only to choke and lose the sale.
So what’s the problem? Blindness mostly. Retailers don’t realize the friction involved in their checkout experience and don’t know how to use the piles of data at their disposal to improve the situation.
So what are the numbers to watch?
$2.05 Trillion | The total estimated dollar value of global eCommerce sales in 2016.
$399 Billion | The total estimated value of U.S. eCommerce sales in 2016.
$162 Billion | The total value of sales left on the table through carts abandoned at checkout.
40.7% | The total annual percentage of retail sales some merchants are losing to cart abandonment.
146 | The number of seconds it takes to checkout on a top 30 eCommerce site, about 30 percent faster than the average speed.