Consumers have been buying and selling online for years, but some online merchants still have not perfected the purchasing experience. This is a substantial problem, because an inadequate checkout process can cost businesses as much as 36% of their sales.
The Checkout Conversion Index was a study of 650 websites across 14 merchant categories conducted by PYMNTS.com and BlueSnap. The businesses were rated based on 46 attributes that defined an optimal online shopping and checkout experience.
The average eCommerce site received a score of 62, which means they are converting shoppers to buyers only slightly better than average.
“That’s not exactly great news for online retailers,” said Karen Webster, CEO of PYMNTS.com. “With online sales possibly hitting $105 billion this holiday season, this means that merchants are missing out on making nearly $38 billion more.”
Consumers are happiest with retail sites that make transactions quickly. If they run into any problems or "friction" in making the transaction, then they may opt out of the purchase altogether. In fact, the best sites deliver results in just over two minutes. To be successful, businesses must optimize the checkout experience.
Other key findings include:
- Small and large companies are performing at the same level.
- 93% of the best sites use trusted security logos, which make customers feel more comfortable, because they believe their financial information will be kept safe.
- The Automotive Parts & Accessories industry performed best with a score of 91.