Going too slow these days is a costly error to make, as consumers don’t have the patience to wait for their merchants to catch up. If a purchase takes too long to complete, customers will migrate to another site where things move more smoothly, according to this month’s Checkout Conversion Index. And while it’s an exaggeration to state that customers are all turning to Amazon, the eCommerce giant’s latest earnings release indicates a lot of them are. The need for speed is seen in more places than just checkout: Faster payments are quickly becoming a core competency as gig work is gaining popularity. And finding ways to enter the previously excluded mainstream financial system is becoming an imperative, particularly for Mastercard.
$236 billion: Total sales revenue foregone due to friction in the checkout process.
$51.04 billion: Amazon’s Q1 2018 sales.
$4.2 billion: Whole Foods’ Q1 2018 sales.
160 million: The number of Americans who have a low credit score or nothing at all.
23.1 clicks: The average number of clicks it took consumers to complete online and mobile purchases in Q1 2018.