BlueSnap is tackling one of e-commerce’s biggest problems – shopping cart abandonment.
The payment gateway and e-commerce solutions provider has unveiled a new tool called the Checkout Conversion Calculator to help retailers identify the points of friction that result in lost sales on their websites. The calculator is a 12-step tool that breaks down the challenges that contribute to checkout abandonment, such as friction, lack of consumer confidence and payment declines. What’s more, merchants can leverage BlueSnap’s Powered Buy Platform to solve the checkout conversion problems that the calculator identifies.
It is important to note that the Checkout Conversion Calculator follows the methodology introduced in the PYMNTS.com Checkout Conversion Index (CCI), which is based on an analysis of 650 U.S. retailers that represent nearly 75 percent of all U.S. e-commerce spending. The report shows that retailers are losing as much as 42 percent of sales due to checkout friction, which means as much as $150 billion in sales is being lost to retailers where checkout is optimized, like Amazon.
“People buy from Amazon because they have a simple, one-click checkout process. Every retailer needs to provide that same experience or risk losing out. That’s the inspiration behind the Checkout Conversion Calculator – to help merchants discover and zero in on the things they must do to maximize their checkout, payments and sales conversions,” said Ralph Dangelmaier, CEO of BlueSnap.